The ability to manage and generate insights from vast quantities of data becomes critical in an investment climate that is volatile and uncertain. Building on our previous research on data use and management, our industry survey of more than 900 asset managers, asset owners, insurers and wealth managers reveals why investing in advanced data strategies is an increasingly important priority for the industry.

Many firms see HDS as a strategic imperative with significant economic benefits, enabling them to respond rapidly to new market conditions, customer needs or evolving regulatory requirements. Irish institutions are already adept at using data to support a wide range of front-office tasks. In particular, 74 percent of Irish respondents rate their organizations as very effective at using data for defining investment objectives, well above the global average of 59 percent. In addition, they perform strongly when it comes to using data for portfolio monitoring and adjustment, as well as capital markets research.

Ireland’s firms know they need to invest to ensure that their data strategies are future-proof. More than half (55 percent) are investing in technology to implement their data strategy. They are also harnessing data to improve their governance and oversight of external managers. About two-thirds of Irish respondents (64 percent) say they are strong in this area, much higher than the global average of 42 percent.

The report goes on to reveal how firms in different regions are working towards a HDS. It provides insight into how leaders in HDS expect to boost investment returns, increase revenues and deliver significant cost savings for their organizations. It also shows where firms are prioritizing their technology investments to deliver an enduring competitive advantage.