Netik, leader in financial data warehouses for the securities industry, today announced the launch of a new product, Netik Data Model Plus, that provides the same Data Model and Open Interface that are used by the leading Netik InterView data warehouse solution.
Netik Data Model Plus is released on Oracle with all the SQL as used by Netik InterView. The product is designed to leverage and integrate to customers' existing infrastructure and architecture.
Until today, the large Money Managers and Investor Services Companies have been limited to a few vendors that provide total solutions. More often, they build solutions internally with the consequential high risk of lengthy and unpredictable time to market as well as high risk of eventual cancellation.
Colin Close, Chief Information Officer states: "The dilemma for large in-house IT departments is [a] do they build the data warehouse requirement in-house and leverage their strategic technology platform, architecture and data center, or [b] do they buy a package solution and worry about the degree to which the vendor solution is compliant with the firm's existing architecture and data center requirements - as well as having to establishing skilled in-house support for the vendor's technology."
Close continues: "During my time working as a Product Manager in several Asset Servicing businesses, I have seen many internal data warehouse builds fail because technologists believe that they have the skills to conquer the huge complexity of creating the underlying data model from scratch. Furthermore, they manage to convince their business partners (and financial sponsors) that they know what they are doing. Sadly, I have consistently seen that after several years of trying, such internal projects fail to deliver and are cancelled - with the resulting write-off of tens of millions of precious IT budget dollars. The required scope is just too wide and the performance criteria on both loading and retrieval of data is so stringent, that it takes years of battle-scars to get it right. Typically, this is way beyond the capability of any in-house project team. However, such teams can now take a huge short cut to success by acquiring Netik Data Model Plus as their data model. This is a sure-fire way of de-risking their project and achieving extremely rapid time to market."
Netik Data Model Plus provides a complete multi-entity data model for securities services, including accounting, security master, pricing, CRM, compliance and performance. It provides a loader interface model, predefined archiving, several partitioning options, a metadata model and a data dictionary. It provides an object model, a collection of tuned stored procedures and Netik's new IDEAL portable framework for application development and Service Oriented Architecture (SOA) deployment. The product can be used on Oracle and even ported to DB2 by the customer.
John Wise, Chief Executive Officer adds: "Netik Data Model Plus basically accelerates the time to market of an internally built data warehouse or data hub solution. Any experienced application developer will know that the data model is the most difficult component to fix and typically will result in much iteration to get it 'right'. Even then they will repeatedly discover large incomplete subject areas in their design as the business requirements inevitably evolve. Netik estimates that with Netik Data Model Plus the time and cost to market will be reduced by 70%-80% and will fundamentally reduce the overall development risk."
Wise continues: "The small to medium market wants solutions out of the box; however, the large corporations will have enterprise wide standards and technologies for ETL/EAI, workflow, reconciliation, monitoring and websites. Netik Data Model Plus will enable all these technologies to be leveraged with the Open Interface of the Netik data model."
The license of Netik Data Model Plus enables the customer to be totally self-sufficient with the documentation set; however, Netik provides full consultancy as an available option for the product.