What are the best practices for increasing the efficiency of your consultant database update process?

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Investors keep looking for investment opportunities and conduct due diligence to find the best one. They often have to indulge in market research and forecasting. However, not all investors are skilled in researching on their own. Therefore, they search for asset managers to help them find the best fit as per their investment prowess. Third-party consultants also play a role in connecting asset managers and investors. However, an asset management firm also has to update consultant databases (CDBs) at frequent intervals. By doing so, asset managers can appear in the search results for investors.

CDBs can help asset managers find potential clients proactively. Even before a request for proposal is presented, asset managers can discover potential investors with a CDB. However, there is a need to update the CDB to enhance visibility. Asset management companies want to improve the visibility of their investor products. In order to accomplish that, they hire professionals and update the CDB. However, since CDB updates are recurring, it may require a bigger task force. In the end, asset management companies could breach their spending limits to get the job done. However, with some simple practices, asset management firms can improve the CDB update process and save resources. Let us take a look at some of the best methods that help boost the efficiency of the CDB update process.

Ways to boost the CDB update process

Asset managers need to focus on improving the efficiency of the CDB update process. By doing so, they can win client mandates and discover new investors. Some practices to boost the CDB update process are as follows:

Cover all CDBs

The best result is possible when asset managers cover all CDBs. Every asset manager want to report their data on several databases to boost product visibility. However, asset managers have to update their CDB manually due to poor technological solutions. Asset managers only cover 15-20% of the target CDBs without high-end technology. As a result, asset managers cannot ensure timely data submission even with more significant manual effort. Delayed data submissions will reduce  visibility. Not to forget, manual submissions reduce data quality.

Manual efforts generally increase the cost of updating a CDB. Since asset management firms cannot update all CDBs manually, they end up hiring many employees. With a complete technological solution, an asset management firm can reduce the cost of updating CDBs. Not to forget the fact that one can cover all target CDBs with a technical solution. Timely submissions will increase the chances of getting discovered by potential investors. When people and technology come together, better results are observed in the investment industry. Asset managers can rely on CDB support from a third party for a complete technological solution.

Focus on data completeness

Timely submission of data to CDBs is not enough. Asset managers must also focus on data completeness. If the critical data points are not mentioned, the asset management products will not appear in search results. To ensure data completeness, data is to be checked several times. Manually checking data during the reporting process can consume time. That is why asset managers rely on CDB support to ensure data completeness. A strong technological solution can also help asset managers boost data quality.

Focus on seamless data conversion

For submitting data on CDBs, information is collected from different sources. Information can be sourced from different markets, teams and places. Data sets are bought together and converted into a single data format. It is because data structure and presentation can differ for each source. The data conversion process should be quick and seamless to make timely submissions on CDBs.

Prevent issues that interrupt the data update process

Often, error logs and data incompleteness can hamper the CDB update process. For every update, asset managers should maintain a documented record. Things that disrupt the update process should be recorded in the document. This will help asset managers  understand the risks that can disrupt the update process beforehand and prepare for them.
Asset management firms can contact a reputed third party to look for CDB update solutions. Look for CDB support services to boost product visibility!  

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James Carter
James Carter
James Carter is a renowned American jazz saxophonist, born on January 3, 1969, in Detroit, Michigan. He grew up in a family of musicians, with his father being a saxophonist and his mother a classical clarinetist. Carter started playing the saxophone at the age of 11 and quickly developed a deep passion for jazz music.