Reference Data Management

What is Reference Data Management (RDM)?

Reference data management is the process of managing classifications and hierarchies across systems and business lines. This may include performing analyzes on reference data, tracking changes to reference data, distributing reference data, and more. For effective reference data management, companies must establish policies, frameworks, and standards to control and manage internal and external reference data.

Why RDM is important to your business?

Reference Data Management (RDM) is critical to any organization’s business operations and decision making. Without accurate and up-to-date reference data, an organization cannot make informed decisions or take actions that will allow it to remain competitive. Additionally, incorrect reference data can lead to errors in financial reporting, regulatory compliance, and other areas. The risks of not managing reference data correctly can be significant and far-reaching.

Organizations must have a robust Reference Data Management solution in place to ensure that their reference data is accurate and up-to-date. Additionally, they must have a process in place to continually monitor and audit their reference data to ensure its accuracy. Without these things in place, organizations are at risk of making bad decisions, violating regulations, and incurring significant financial losses.

If you’re not sure whether your organization has a Reference Data Management solution in place, or if you’re not sure whether it’s adequate, now is the time to find out. Don’t wait until it’s too late. Contact us today to learn more about our Reference Data Management solutions. We can help you ensure that your reference data is accurate and up-to-date, so you can make the best decisions for your business.

Reference Data Management

Simplifies reference data management

Centralizes auditing and security

Integrates with other applications

Centralizes stewardship, auditing and security

How Xendat can help your organization?

Differences in an organization’s reference data can lead to serious data quality issues, resulting in downtime, inaccuracies, and poor decision-making. But by using a centralized method to manage its reference data, an organization can take advantage of the benefits listed below:

  • Reduced IT costs: With one central place to store and manage reference data, organizations can lower the storage costs associated with multiple systems. This will also speed up the time and money spent on modifying reference data across the organization.
  • Agile updates: This will also help reduce efforts in changing and updating reference data. In turn, reduce the time required for data integration projects.
  • Reduced risks: As mentioned, poor reference data means poor data quality, which can be risky in terms of making business decisions about inaccurate data and in terms of complying with data regulations. By establishing controls around reference data and auditing changes to it, organizations can significantly reduce the risk of incorrect or inconsistent data.
  • Improved BI reporting: The reference data also informs Business Intelligence (BI) reports. Better management of reference data ensures that enterprise reports are accurate and trustworthy for business users to use in decision-making processes.

Reference Data Management (RDM) Strategy, Framework, and Roadmap

Organizations across all industries face a common challenge: how to best manage their reference data. This data is essential for day-to-day operations, but it can be difficult and time-consuming to keep track of.

Xendat Data & Analytics has extensive experience in developing Reference Data Management (RDM) strategies, frameworks, and roadmaps. We work with our clients to understand their specific organizational needs and objectives, and we design a customized RDM solution that will help them meet their goals.

Our RDM solutions are designed to be flexible and scalable, so they can grow with our clients’ businesses. We also offer ongoing support to ensure that our clients’ reference data is always up-to-date and accurate.

If you’re looking for a comprehensive RDM practice and program, contact Xendat Data & Analytics today. We’ll work with you to develop a strategy, framework, and roadmap that will help you optimize your reference data management.

Reference Data Management (RDM) Tool Selection and Implementation

Reference Data Management (RDM) is the process of managing data that is used as a reference point for other data. This can include hierarchies, code sets, code values, taxonomies, and standard lists. It is essential for businesses to have a robust RDM system in place in order to ensure that the data they are using is standard, accurate, and up to date.

There are a number of different Reference Data Management tools on the market and choosing the right one for your business can be a daunting task. Xendat Data & Analytics has the experience and expertise to help you with this process. We will work with you to understand your specific needs and requirements, and then we will recommend the best Reference Data Management tool for your business.

Once you have selected the right Reference Data Management tool for your business, we will help you with the implementation process. We will work with your IT team to ensure that the tool is set up and configured correctly, and we will provide training to your staff on how to use it.

Reference Data Management is essential for any business that wants to make sure that their data is accurate and up-to-date.

Reference Data Management (RDM) Implementation

At Xendat, we have extensive experience working with all types of reference data sets, including those in the healthcare, pharma, finance, and manufacturing industries. We can help you with every aspect of reference data management implementation, from analysis and discovery to identification and curation.

We understand the importance of having accurate and up-to-date reference data, and we will work with you to ensure that your data sets meet all the necessary standards. We can also help you create hierarchies, taxonomies, ontologies, and code sets, so that your data is easy to manage and use.

With our help, you can be confident that your reference data is of the highest quality and that it will be easy to use and maintain. Contact us today to learn more about our reference data management services.

Virtual Reference Data Management (RDM) Team

If your company is in need of a reliable and cost-effective solution for managing reference data, consider Xendat Data & Analytics. We offer complete or semi outsourcing of our Reference Data Management (RDM) team, which can provide operational support, reporting, and configuration on an ongoing basis. In addition, our expert advisory services can help you with RDM architecture and other related issues.

With Xendat Data & Analytics as your partner, you can focus on your core business while we take care of your reference data management needs. Contact us today to learn more about our services.

Reference Data Management (RDM) Staffing

Xendat Data & Analytics can provide staffing and specialized contract resources to support an organization’s Reference Data Management program scale to support RDM projects and initiatives in a timely and effective manner. We have a large pool of reference data management experts with extensive knowledge in many industries. Whether you need short-term or long-term staffing, we can help you find the right resources for your needs. Let us help you take your Reference Data Management program to the next level!

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