Snowflake's AI Data Cloud propels Edelweiss AMC's data-oriented, artificial intelligence transformation, fostering enhanced data management and AI capabilities.
Edelweiss Asset Management Company Ltd., a leading player in the Indian asset management industry, has partnered with Snowflake to modernize its data infrastructure. The collaboration sees Edelweiss AMC leveraging Snowflake's AI Data Cloud as the foundation for its future AI and machine learning innovations.
The partnership, facilitated by NuSummit, has united all of Edelweiss AMC's data into a single, cloud-native environment. This unification has brought about several benefits, including faster Net Asset Value (NAV) and benchmark reporting, and a significant boost in the team's agility and productivity.
Suraj Prakash, the Chief Technology Officer of Edelweiss AMC, has hailed the migration to Snowflake as transformative for the company. The modern data platform provides a secure, unified, and scalable platform that has addressed the challenges faced by Edelweiss AMC in the past. These challenges included difficulties with legacy online transaction processing databases, fragmented data silos, reporting delays, and slow integration of new data sources.
With Snowflake, data-driven decision-making has become a reality across the organization. This shift has enabled Edelweiss AMC to focus on personalized investment planning for customers. The modern data platform also empowers the company to manage risk, strengthen security and governance, streamline compliance, and facilitate faster regulatory reporting.
Management information system (MIS) reports are now available 5 hours before business hours, thanks to Snowflake's capabilities. The End-of-Day (EOD) processing has been reduced significantly, from 8 hours to under 2 hours.
Looking ahead, Edelweiss AMC plans to analyze historical transactions and market trends to build predictive models for fund flow, liquidity planning, and risk management. The company also aims to create personalized recommendation engines to enhance customer engagement and cross-sell opportunities.
Snowflake's pay-as-you-use model has also resulted in reduced infrastructure and operational costs for Edelweiss AMC. The robust security, governance, and compliance features, including column-level encryption and IP-based access controls, further enhance data security for the company.
Near-real-time data sharing and collaboration with partners is now possible for Edelweiss AMC, replacing static reports. This data transparency speeds up coordination in areas such as supply chains and marketing.
Vijayant Rai, Managing Director-India at Snowflake, is proud to have enabled Edelweiss AMC to create a modern investor experience backed by an intelligent data foundation. The partnership is expected to drive growth, competitiveness, and superior service delivery for Edelweiss AMC.
In conclusion, the partnership between Edelweiss Asset Management and Snowflake marks a significant step forward in the asset management industry. The adoption of Snowflake's AI Data Cloud promises to revolutionize the way data is managed, analyzed, and utilized, ultimately leading to a more personalized and efficient service for customers.
