Datactics has extended its FlowDesigner data quality and matching software with the addition of Data Quality Manager (DQM), a browser-based application that makes the software easier to use and control across a firm with multiple data sources and an existing master data management solution.
DQM works with FlowDesigner to support rapid configuration and management of data quality solutions covering entity, instrument and regulatory data. The application automates the collection of business data from the business lifecycle and provides access to FlowDesigner’s data processing engines, which can process tens of millions of records in memory. It is compatible with multiple data formats and supports the integration of data quality solutions with firms’ existing master data management and data governance systems.
The software also includes Master Record Manager, an element that allows users to set data quality thresholds and manually validate any records that fall below defined levels of accuracy. It also allows the permissioning of DQM users to review and update individual records, as well as view and confirm business rules that have been applied to the data. A business reporting module provides metrics covering levels of data quality across an organisation.
Steve Cowler, chief technology officer at Datactics, explains: “The design goal for DQM was to allow us to integrate easily with client’s existing master data management and data governance systems. DQM builds on FlowDesigner’s strength as a data analyst friendly platform and gives content specialists, as opposed to programmers, the control to integrate data quality projects generated in FlowDesigner into existing business processes and infrastructure with minimal disruption.”
Adding detail on DQM, Stuart Harvey, CEO at Datactics, says: “DQM takes a building block approach that allows users to create data quality and matching processes ranging from proactively monitoring data onboarding to the profiling and remediation of historical data at all levels of an organisation. The software comes with out-of-the-box quality metrics including data completeness, accuracy and data matching to regulatory standards such as the Legal Entity Identifier, as well as to business requirements for data quality such as those outlined in the Enterprise Data Management Council’s Data Management Capability Model. Users can also build their own metrics.”
Datactics’ clients include over 30 global banks and government departments using FlowDesigner and many of these are expected to license the DQM software. To date, the company is working with six firms, a mix of banks and data vendors, on proofs of concept and notes that early adopters of DQM, including CounterpartyLink, which implemented FlowDesigner late last year to accelerate provision of legal entity data to its customers, are reducing the implementation time of data quality projects.