IHS Markit launches SaaS-based Data Dictionary
IHS Markit (NYSE: INFO), a specialist in critical information, analytics and solutions, has launched a standalone Data Dictionary to empower business users with greater visibility of their data.
The Data Dictionary, which is being delivered as a software-as-a-service (SaaS) solution, complements the IHS Markit Enterprise Data Management (EDM) platform, which is used by organisations of different types and sizes in the financial services, energy and maritime industries.
Despite broad recognition today that data is a strategic asset, many business users are not taking full advantage of their organisations' data estates because they do not have a complete picture of what data is available to them and the data governance framework that is in place.
The Data Dictionary addresses this situation by providing a web-based interface that allows users to see what data is available within their organisation. The portal includes important data governance metadata, including how the data is defined, where it has come from, who owns it and who has altered it.
The Data Dictionary uses metadata that already exists in the EDM platform, ensuring a quick deployment for existing clients. A business glossary mapping feature will support the onboarding of data sources from systems outside EDM, creating a view of the entire data estate across the organisation. Out-of-the-box, customisable fields and definitions will also be made available to expedite time to market.
The SaaS-based deployment model of the Data Dictionary will deliver significant benefits including:
Reduced total cost of ownership (TCO): There is no need to invest in hardware and software; and cloud and other costs are mutualised as part of the multi-tenancy model.
Streamlined upgrade process: New features will be pushed out on a single code base to all clients, eliminating the need for each client to undertake upgrades individually.
Increased business empowerment: The low-code/no-code approach will enable business users to define their own data dictionaries.
Scalability: Built on the Amazon Web Services (AWS) cloud, the Data Dictionary allows users to scale up and down as business demands change.
Research conducted by FIMA Insights in May 2021 found the above are among the most compelling reasons for moving to a SaaS-based solution, with faster access to new features selected as the top benefit by the financial services firms surveyed (read the full research here).
"There is increasing understanding of the value of data as a source of business and operational alpha in the different industries in which we operate," says Jamie Penniman, Global Head of EDM at IHS Markit. "However, many organisations have been unable to realise the full value of this asset because they do not have a clear understanding of their data estate. With the launch of our Data Dictionary, we are providing a business-focused solution to this challenge. By delivering the Data Dictionary as a SaaS solution, we are maximising the ease of use and other benefits for our clients in the financial services, energy and maritime sectors."