Clean data plays a vital role in businesses’ decision making processes, as it helps organizations save time and improve efficiency. Data cleansing or data scrubbing is the process of detecting and correcting or removing corrupt or inaccurate records from a record set, table, or database. The inconsistencies detected or removed may have been originally caused […]
I sit in a lot of sales calls and I was recently in a meeting with a prospective client in which we were asked if we “cleanse” market data as part of our service offering. This is a question that I hear a lot and unfortunately is an indication that there is a good deal of confusion within the market about what data cleansing really means. In this case, what the client was really asking was whether we correct market data that is issued from data vendors such as Platts, GFI, Argus, ICE, etc. The short answer to this question is “no” we don’t “cleanse” market data in this context and truth be told, nobody should be or is allowed to independently change 3rd party market data on behalf of the client. There is however, a process for handling data issues and errors.