One wrong move can have significant impact!
Data Notification and Usage Management
Financial Services firms use Refinitiv DataScope to deliver reference data, corporate actions and pricing data to drive business applications. These applications provide significant value when pricing mutual funds, risk positions and portfolio management. As there are changes to the data driving these applications, DataScope updates their content to support those changes. This requires the downstream applications to update content requests and potentially have a business analyst manage any cost or contract impact.
DataScope is delivered through a packaged bulk file or on demand service to meet the client’s business and delivery requirements. Usage of this content is very difficult to identify since the data is delivered as a flat file which is then imported into one or more applications. Not having visibility into usage patterns / metrics creates risk to the firm. Changes to the data (removals, additions, updates, commercial) currently leaves the firm blind as to the business impact. The only way applications are notified that there is a change is when the business has been impacted.
West Highland Data Notification Manager (DNM) for DataScope provides the ability to capture usage data of downstream applications and identify what is exactly used, by who, when, etc. DNM automatically assesses the usage data and identifies which Data Notifications will have impact to the business. DNM proactively identifies what needs to be managed to ensure the Business is not left without service or with sudden increases in market data fees.
Data Notification Manager for DataScope has a complete audit trail of all application requests and usage data enabling clients to create an accurate billing methodology to their end users. This is the first time that detailed transparency is available to the business, administrators and to the firm.
DNM is deployed on premise, in the cloud or in a hybrid premise/cloud model.
- Proactive support for data notification changes impacting their business
- Enhanced transparency / visibility into application data consumption
- Reduce and control spend by caching data usage
- More accurate application billing allocations
- Full audit trail of usage for vendor reporting