Data as a Service (DaaS) can be used to provide a single source of authoritative (or golden) data for use in a firm’s critical applications. Here, a logical layer of the data (often in-memory for quick access) can serve up data that has been verified, defined, and described with metadata from source systems. This provides data that is readily understood and has unique and unambiguous meaning with the context in which these data is known and used.
Source systems can be tapped in real time to ensure that all changes are accurately and immediately represented in the data service. This source system can be internal or external to the firm, depending on the need by the receiving party.
The authoritative data can then be served up to multiple users at the same time, delivered in a format that they prefer (e.g., file transfer, online access, download into other systems or spreadsheets), giving them quicker access to information in a format that they can readily use.
By cleaning the data, describing it and distributing it from a central logical location to users and applications, data quality checks can be performed and efficiencies gained. Given that ‘all eyes’ are on the same data, any data quality issues are quickly identified and resolved.
DaaS offers the flexibility to provide access to both internal and external data in an easily consumable form. Access to a multitude of authoritative data in a consistent format can be extremely useful in timely delivery of new applications or reporting, including regulatory reports, and will be quicker than waiting for a single physical source for this data to be built.
This is particularly useful when data are needed by multiple parties and when data is ‘siloed’ in an organization. How many versions are there? How many platforms? Don’t forget, data generation has vast potential.
The more complex your data needs, the more likely that a DaaS solution will benefit you.
Dessa Glasser is a Principal with the Financial Risk Group, and an independent board member of Oppenheimer & Company, who assists Virtual Clarity, Ltd. on data solutions as an Associate.
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