The digital currency market is full of new opportunities and exchanges that are shaping the future of trade. Major players in the market, like Bloomberg, FTSE Russell, and Wilshire, depend on the most accurate data for financial reporting. With so many players, the digital currency market is susceptible to fake or inaccurate data from hedge funds and investment bankers.
Pulling accurate data from the market is made difficult when sources use fabricated data such as fake trading volume, reported price histories, and even basic things like circulating supply. Inaccurate data leads investors to think digital currencies are more or less valuable than they are–putting their money (and yours) at risk.
Data Asset Research (DAR) is one of the companies that provides data to major news outlets. The company weeds out speculative data and relies on only actual market trades and prices. By vetting out noisy inputs, DAR helps ensure clients have access to the most accurate data when making critical financial decisions.
Accurate data is the crux of DAR’s business and is the foundation of its reputation. Financial investors regard companies like DAR as a lighthouse in a sea of overwhelming data. Its ability to offer sound reporting mitigates risk, promotes stability in the digital currency market, and improves market efficiency.
This commitment to accurate data is how DAR generated its stellar reputation. However, its data infrastructure was starting to cause problems that made accurate data reporting difficult and costly. DAR needed a more reliable and cost-effective solution to continue increasing its client portfolio.
DAR takes in and processes a substantial amount of data to provide the most accurate reporting. It processes 250+ million real trades to price over 7,000 institutional-quality digital asset prices daily. This translates to a whopping 40 million rows of data every 24 hours.
Ingesting and processing such high volumes of data led to exorbitant management costs. DAR needed to find a way to reduce these costs without causing disruptions. Migrating its data to a new system could be costly and risk a potential outage.
Outages had already become more frequent as the amount of data grew. Downtime costs businesses like DAR upwards of $300,000 per hour. Costs run even higher when considering the ripple effect on a market that relies on real-time data to run smoothly. The market doesn’t stop even if DAR stops–migrating to a new solution had to be quick and seamless.
Migration, storage, and processing costs were still not as important as addressing DAR’s biggest issue. Taking in high volumes of data still contained potential errors from ingestion and prevented DAR from delivering on its core promise: “clean” data.
Ingesting and processing substantial amounts of data from multiple sources caused some data to get locked and filtered out. Locked data resulted in reports with a higher range of marginal error. Managing and storing its data used up resources needed to carry out other parts of its business, like product development and streamlining operations. DAR’s data ecosystem made good on its promise to vet out bad data but still had room for improvement when it came to reporting all of its good data.
DAR needed a solution that reduced pressure on its databases, employees, and, ultimately, its customers.
The immediate solution was to use a different database engine that could address issues in data processing. Rather than starting from scratch, Data-Sleek worked with DAR to use the data infrastructure already in place. The new database not only handled the massive payload but was also able to seamlessly scale with DAR to take in even more data as they grew.
Ingesting high volumes of information requires redundancy and scalability to ensure accuracy. Before using Data-Sleek’s custom data warehouse solution, it could weed out noise, but valuable data was still trapped during ingestion. This new solution ensured ingestion was fast and scalable, leaving nothing behind.
But downtimes were still a cause for concern. Could Data-Sleek create a solution that didn’t put DAR at risk? DAR’s customers relied on accurate data and its accessibility in a high-stakes environment. Neither DAR nor its customers could afford a major outage.
Data-Sleek pulled through without hesitation and created a system that seamlessly migrated data and integrated with the new database with no disruption in service, giving DAR and its customers a breath of relief. DAR’s data was churning on fumes that day when the opening bell sounded. By the closing bell, its data ecosystem was working smoother than ever.
DAR was able to successfully navigate its data management challenges with the implementation of a robust solution by Data-Sleek. This solution addressed DARs most critical issues challenging its data processing. The company not only enhanced its operational performance, but also solidified its position as a leading provider of accurate digital asset data.
The new data management system increased the efficiency of data processing. It went from ingesting 40 million rows of data daily to 15 billion rows in less than one hour. This massive increase was a direct result of its newfound ability to process multiple sources simultaneously, which was only possible after implementation. DAR saw a remarkable increase in data accuracy and completeness, further reinforcing its reputation for credibility.
Optimizing speed and scalability translated into financial benefits as well. The new data infrastructure reduced storage and management costs by 50%. An increase in data accuracy further proved its reputation for credibility and caused the market to react favorably as well. DAR expanded its client base by 600%, securing the largest market share.
Most importantly, implementing a new data management system protects DAR’s hard-earned reputation for the future. Its ability to process billions of data rows in seconds enables the company to scale seamlessly. With Data-Sleek, DAR is well-equipped to meet the evolving needs of its clients and navigate the uncertainties of the digital asset market with confidence.
When it comes to data management and consulting services, this trusted financial leader made the right investment by going all in with Data-Sleek. Will you?
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About Data-Sleek
Data-Sleek® is a consulting agency and a leading provider of comprehensive data management solutions. We specialize in data transformation, data migration, data integration, data architecture, data warehousing, and database consulting. Our commitment to client satisfaction empowers organizations of all sizes to unlock the full potential of their data assets. Data-Sleek is a trusted partner of Fortune 500 companies, dedicated to innovating and revolutionizing the way you do business.
