Collibra Case Studies Euroclear's Data Duplication Reduction and Cost Savings with Collibra

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	Euroclear's Data Duplication Reduction and Cost Savings with Collibra Collibra

Euroclear's Data Duplication Reduction and Cost Savings with Collibra

Collibra

Technology Category	Application Infrastructure & Middleware - Database Management & Storage Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries	Cement Construction & Infrastructure
Applicable Functions	Maintenance Quality Assurance
Use Cases	Construction Management Time Sensitive Networking
Services	Training
Challenge	Euroclear, an international financial markets infrastructure company, was grappling with the challenge of data duplication and the associated costs. The company, which managed nearly 33 trillion euros in client assets in 2020, was looking for ways to improve data quality and eliminate unnecessary data duplication. The team recognized that while some duplication was necessary for business continuity and regulatory compliance, unnecessary duplication resulted in expensive and avoidable reconciliation efforts. The challenge was not only to identify and eliminate unnecessary data duplication but also to quantify the cost of data, which included direct and indirect costs, variable and fixed costs, and operational and capital expenditures. This was a complex task as solid reporting or hard figures were not readily available for many of these costs. Read More
About Customer	Euroclear is an international financial markets infrastructure company that settles securities transactions and manages client assets. In 2020, the company managed nearly 33 trillion euros in client assets and settled security transactions worth nearly 900 trillion euros, which is 12 times the world gross domestic product for the year. The company was looking for ways to eliminate data duplication and improve the quality of data, recognizing an opportunity for significant cost savings. Euroclear's Chief Data Officer, Pierre Delville, led the initiative to address these challenges. Read More
Solution	Euroclear decided to treat their data as a business asset and aimed to drive operational efficiency gains leading to cost reductions. The company started by trying to quantify the cost of data, which included the cost of infrastructure, data centers, storage, compute network, platforms, databases, middleware, mainframe, data vendors, facilities, and business processes. The team identified inefficient business processes as the big cost multiplier, with the cost of wasted time handling data being the largest single item in the cost of their data. To begin the process of duplicate data elimination, they turned first to the two million rows of data in their securities database. They used Collibra to catalog this data and expanded the scope to include support functions such as HR, Finance, and Compliance, as well as sales and product development teams. They are currently implementing the data sharing agreements that make the elimination of duplicate data possible. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Database Management & Storage

Infrastructure as a Service (IaaS) - Cloud Databases

Applicable Industries

Cement

Construction & Infrastructure

Applicable Functions

Maintenance

Quality Assurance

Use Cases

Construction Management

Time Sensitive Networking

Services

Training

Challenge

Euroclear, an international financial markets infrastructure company, was grappling with the challenge of data duplication and the associated costs. The company, which managed nearly 33 trillion euros in client assets in 2020, was looking for ways to improve data quality and eliminate unnecessary data duplication. The team recognized that while some duplication was necessary for business continuity and regulatory compliance, unnecessary duplication resulted in expensive and avoidable reconciliation efforts. The challenge was not only to identify and eliminate unnecessary data duplication but also to quantify the cost of data, which included direct and indirect costs, variable and fixed costs, and operational and capital expenditures. This was a complex task as solid reporting or hard figures were not readily available for many of these costs.

About Customer

Euroclear is an international financial markets infrastructure company that settles securities transactions and manages client assets. In 2020, the company managed nearly 33 trillion euros in client assets and settled security transactions worth nearly 900 trillion euros, which is 12 times the world gross domestic product for the year. The company was looking for ways to eliminate data duplication and improve the quality of data, recognizing an opportunity for significant cost savings. Euroclear's Chief Data Officer, Pierre Delville, led the initiative to address these challenges.

Solution

Euroclear decided to treat their data as a business asset and aimed to drive operational efficiency gains leading to cost reductions. The company started by trying to quantify the cost of data, which included the cost of infrastructure, data centers, storage, compute network, platforms, databases, middleware, mainframe, data vendors, facilities, and business processes. The team identified inefficient business processes as the big cost multiplier, with the cost of wasted time handling data being the largest single item in the cost of their data. To begin the process of duplicate data elimination, they turned first to the two million rows of data in their securities database. They used Collibra to catalog this data and expanded the scope to include support functions such as HR, Finance, and Compliance, as well as sales and product development teams. They are currently implementing the data sharing agreements that make the elimination of duplicate data possible.

Impact #1	The process of data duplication elimination and cost quantification has provided Euroclear with valuable insights into their data environment. This has allowed them to streamline their data, eliminate duplicate data, and reduce the duplication of reports and other data output. The exercise has also simplified the understanding of subject matter experts regarding the securities database contents, thereby increasing the value of the data as a business asset. The company is now on the path of data modernization, which requires strong policies and processes, training, coaching, monitoring, and support. The benefits from their data transformation are being embedded throughout the company, revolutionizing the way the company operates across divisions and entities.

Impact #1

The process of data duplication elimination and cost quantification has provided Euroclear with valuable insights into their data environment. This has allowed them to streamline their data, eliminate duplicate data, and reduce the duplication of reports and other data output. The exercise has also simplified the understanding of subject matter experts regarding the securities database contents, thereby increasing the value of the data as a business asset. The company is now on the path of data modernization, which requires strong policies and processes, training, coaching, monitoring, and support. The benefits from their data transformation are being embedded throughout the company, revolutionizing the way the company operates across divisions and entities.

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Overview

Euroclear's Data Duplication Reduction and Cost Savings with Collibra

Operational Impact