Asset Control, the financial data management solutions, has announced key findings in a data management report completed by TowerGroup, a financial services research and advisory services firm.
The Asset Control-sponsored report, Managing Data: Extract, Transform, Load (ETL) vs. Data Warehouse Solutions, reviews the strengths and limitations of the traditional strategies used by financial institutions to turn increasing volumes of data into a strategic competitive asset while reducing the cost of data management operations. It also presents a call to action to find a fresh approach that addresses the limitations of existing solutions and the effective consumption of data throughout the business.
Finding a solution that addresses, for example, the high costs of maintenance and the audit trail weaknesses of the ETL approach and the lack of flexibility and upgrade difficulties of the warehouse approach requires a new, innovative way of thinking, says Dayle Scher, research director at TowerGroup and author of the report. It is time to envision an integrated, consumption-based solution that addresses fragmented data sources and disparate data requirements while containing long-term cost of ownership.
Asset Control also published a response to the TowerGroup report in a white paper, The Third Way of Managing Data in Financial Services. The paper further demonstrates that a new guiding principle for data management is needed to match an increasing focus on the different ways in which data is consumed within the business, and presents Asset Controls perspective for a new, adaptive approach that responds to the entire data management lifecycle.
D.C.