GoldenSource is back in the off-the-shelf solutions market with a hosted version of its enterprise data management (EDM) platform. The company released the first in a planned series of packaged applications, the GoldenSource Insight dashboard, earlier this month.
GoldenSource OnDemand, like the packaged products, is a response to increasing cost pressure in the market and a desire among financial firms to drive down cost while improving operational efficiency.
The hosted platform is powered by the company’s EDM software and includes all aspects of the EDM suite, allowing customers to select the options that meet their needs, whether they are planning a small tactical project or an enterprise-wide data consolidation effort. The service operates over a single web connection and is delivered through the GoldenSource private cloud based at a Tier III data centre managed by Fujitsu Americas.
According to Stephen Engdahl, senior vice resident of product strategy for GoldenSource, “The drivers for GoldenSource OnDemand are firms’ requirements for better risk data for risk analysis, the need to manage regulatory pressure and the need to improve operational efficiency.
“Banks see no easy money on the revenue side, so they are taking a close look at their expenses with a view to making a contribution to the bottom line. Using OnDemand means they don’t have to hire and train an IT team, and they don’t need a project team when a new regulation comes along as part of the service is about accommodating change in the market.”
GoldenSource OnDemand has been tested and used in-house for the best part of this year and is available immediately as a fully ready customer solution. Engdahl says customers running GoldenSource data management products in-house can migrate to the outsourced service with ease, while it is also possible to take the reverse route from outsourcing to in-house deployment.
The cost of the outsourced service is based on the scope of use of the EDM platform and is charged on a monthly basis. Early clients are expected to be among banks and asset managers addressing operational efficiency, and among hedge funds that choose not to run in-house IT systems.
Engdahl says the implementation of OnDemand, including a couple of data sources, can be achieved in weeks, not months, and adds: “OnDemand gives users operational efficiency from day one and delivers value in just a few months.”
Looking forward, he concludes: “GoldenSource is considering a variety of ways to use OnDemand that connect industry focus to the platform. For example, we could help firms deal with the legal entity identifier, perhaps by mapping it to other codes and gradually replacing them.”