Global Investment Firm Accelerates Data Delivery without Sacrificing Quality
This international Fortune 500 investment management firm needed to evolve its reporting technologies to keep up with global demands for more real-time information. Continuously moving data from sources to reporting systems is costly and takes valuable time, so the company wanted to minimize moving data whenever possible.
The firm wanted to facilitate better business decision-making, reduce costs, and improve agility. It couldn't do this with a legacy data warehouse that had a schema almost two decades old.
The firm chose TIBCO Data Virtualization software to provide access to data from multiple sources, on-demand, and in a single logical layer that is governed, secure, and serves a diverse community of users.
Using TIBCO Data Virtualization software as the virtual data abstraction and data federation layer, the firm joined data from the data warehouse with external reference data, creating a unified view regardless of source, and without the need to replicate any data. This consolidated and governed view was crucial for downstream users.
The new data foundation helps the global company overcome country-specific reporting requirements and changing internal data reporting needs. The solution also assists with statutory reporting for multiple regulatory agencies. Data virtualization enables employees to make small modifications to data sources without opening a complex SQL Server Integration Services (SSIS) package and deploying that package to make a change.
According to a data virtualization architect at the firm, "Without a good handle on the overall data landscape, managing data becomes an insurmountable task. TIBCO Data Virtualization software is the one tool that we found makes that task easier."
Since implementing the TIBCO solution, the investment firm has seen fantastic growth. Currently, the company has published more than 350 data catalog views, supporting over 35 applications.
With TIBCO solutions, the firm dramatically reduced time-to-market and lowered its development costs significantly. With the platform's simple-to-use development interface, the company simplified its entire data landscape, joined data from multiple systems and multiple data formats, created data lineage, and made complex data transparent to downstream users.
Data lineage was important for the team. The data virtualization architect states, "Data lineage in a complex data organization is huge because it tells us exactly where we need to make changes. It's always up-to-date because it's generated on the fly."
The new platform also makes future acquisitions much easier than before. A representative explains a previous acquisition, demonstrating the effectiveness of the new platform: "When we acquired a previous insurance company, teams from both companies mapped every single data element from the old company to us. It was very costly and took months of work. Recently, we acquired another investment company. The difference was, with the TIBCO Data Virtualization solution, we took the entire database, restored it under one of our servers, and it was ready. When they needed data for reporting, our data analysis team would say, okay, these are the data elements that you need."
The investment management company eliminated unnecessary operational data store platforms, reducing its operating costs. Compared to the downstream team, which takes four days to code, test, and implement data changes, the new platform can do the same work in four hours, massively reducing the change in the production environment. With TIBCO's trusted data expertise, this firm can continue to help millions of customers protect their future with smart products and targeted services.