PolarLake has today launched the worldâs first Reference Data Distribution solution, with the release of PolarLakeÂ® RDD, to help organisations overcome the complexities and expense associated with implementing a centralised Enterprise Data Management (EDM). PolarLakeÂ® RDD is designed to meet the specific requirements of the distribution of Reference Data in sell side, buy side, custodians and fund administration firms.
The key benefits to financial institutions of adopting PolarLake RDD to centralize their Reference Data are:
Faster Time to delivery â 75% faster than traditional methods
Purpose built to tackle the complexity of reference data distribution
Support for 3rd party and industry interfaces (GoldenSource, LatentZero, Charles River, Swift, FpML)
80% less resource requirement reduces risk. Allows team to concentrate on the business problem, not the technology
Lower maintenance and support cost â business user controlled
PolarLake RDD has already been deployed at a global Asset Manager enabling the distribution of golden copy Reference Data to multiple downstream systems in 75% less time, utilising 80% less resources than traditional data integration solutions, which require lots of custom coding, complex line drawing and increased business risk.
Commenting on the customer implementation, PolarLake CEO John Randles said, âAccording to Tower Group, one third of a typical Reference Data management project is spent on data distribution. Our experience with PolarLake RDD was that less than 5% of the overall project time was spent on data distribution. This has helped our client to deliver at lower cost and risk, with faster time to marketâ
Matthew Nelson, Senior Analyst with TowerGroup said, âTowerGroup collected survey data in late 2005 which noted participantsâ opinion that roughly one-third of the effort of a data management project was associated with the distribution of that data, however we believe that number may be too low. Failure to understand and prepare for the data needs of downstream applications will doom a data management project from the start.â
Larry Tabb of the Tabb Group said, âWhile studies continually point towards increased EDM adoption, reality does not seem to reflect demand. A major reason behind this, we believe, is the complexity and cost of integrating firms' downstream technologies. More efficient and effective data distribution tools would place EDM within reach for a wider array of firms helping them finally benefit from consistent and clean enterprise data at a cost-effective price.â
âTime-to-market is a critical element in sustaining the support of senior management and business users for any IT project,â comments Tim Lind, SVP at GoldenSource Corporation. âWhile we are experts in managing data quality, we look for skilled partners to manage the transformation and distribution of content into the unique set of business applications found within our customers. There is no question that this âlast mileâ of integration is a key component in the time necessary to deploy an EDM solution.â
According to Mike Gilpin, VP Research Director at Forrester Research, âthe PolarLake product is an especially good fit for financial services companies with complex service data distribution needs. PolarLake's Data Distribution Suite has been used as a reference data hub feeding data from multiple incompatible sources to dozens of downstream systems, each one needing a different data format."