FACTSET LAUNCHES DATA AS A SERVICE TO STREAMLINE DATA MANAGEMENT IN FINANCIAL SERVICES
NORWALK, Conn., October 3, 2024 – FactSet, a global financial digital platform and enterprise solutions provider, today announced the launch of its new Data as a Service (DaaS) solution that provides data collection, management, and integration to data management teams at financial institutions.
FactSet DaaS is a suite of services that empowers data operations, architecture, and governance professionals to efficiently source and manage data in a way that powers critical firm objectives, delivers high-quality data to internal stakeholders, and manages associated costs across the data management process.
Data professionals spend a significant amount of time ingesting, quality-checking, mapping, transforming, enriching, delivering, and monitoring data across the data pipeline. Often collecting data from disparate datasets using different identifiers, companies face challenges making that data work together and moving it quickly through the pipeline to the final user.
Connecting, manipulating, and transforming these disparate datasets into the appropriate formats using FactSet DaaS allows data teams to cost-effectively manage and simplify this time and resource-intensive process.
“Our clients, ranging from institutional asset managers to data providers, spend a considerable amount of effort and expense configuring data to drive decision-making and achieve their strategic business objectives,” said John Costigan, FactSet’s Chief Data Officer. “FactSet DaaS allow data professionals to centralize all types of datasets on a single platform, removing friction, accelerating data flow, and reducing error risk, so that businesses can realize maximum ROI for their stakeholders.”
FactSet is committed to solving the challenges faced by data management teams by seamlessly integrating not only FactSet-owned and sourced data, but also clients’ proprietary and third-party data.
FactSet DaaS includes:
- Data Quality & Completeness Service: Prevents downstream data issues by conducting a series of quality checks to verify completeness before data moves through the pipeline.
- Managed Cross-Reference Service: Maps all identifiers from various datasets to a unified symbology model, allowing data to be called upon effectively and verifying different datasets can be connected to power downstream processes and applications.
- Managed Custom Query Service: Transforms data to meet its intended end use case by defining the desired data output with automated processes.
FactSet DaaS solution sources and ingests data on a clients’ behalf, executing processes, and delivering the data precisely according to each firms’ requirements. This comprehensive, end-to-end approach enhances efficiency and streamlines the entire data pipeline for users, enabling them to focus on more strategic, high-value initiatives that drive business growth.
With more than four decades of industry-leading data expertise, FactSet’s open ecosystem and deep understanding of the data pipeline enable users to continuously integrate data into critical workflow applications, such as Order Management Systems (OMS), Enterprise Data Management Platforms (EDM), and Risk and Accounting Systems to further enhance their own solutions and optimize workflows.
FactSet DaaS is part of the growing Managed Services by FactSet. To learn more about FactSet DaaS solutions, please visit: https://www.factset.com/marketplace/catalog/product/factset-data-as-a-service-daas
About FactSet
FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to nearly 8,200 global clients, including over 216,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.
