Data Management

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Debra Walton
Debra Walton
Commentary
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Big Data's Challenge: Matching Business Needs With Technology

All those bits and bytes only add up to something when they're organized, arranged, and made coherent.

Big-data challenges – and getting past them
One of the biggest challenges in big-data management is matching business requirements with the appropriate technology. Many firms have yet to formulate a big-data strategy, while others relegate it to specific tasks in siloed departments. If a clear aim is not articulated, the data could be misunderstood and the return on investment sub-optimal.

Another challenge is hiring employees or consultants with a deep understanding of both the financial services business and data technology. Some firms prefer to hire a team of individuals with the combined skills instead of a single person.

Data privacy is a major concern tied to the implementation of cloud computing technologies. Many firms are worried about putting proprietary information in the cloud, and, though some have created private cloud networks, such projects can be costly.

Not everyone is convinced of the ROI when it comes to big-data strategies. At Thomson Reuters, we think pressure to formulate a clear big-data strategy will become central to top financial services firms, with benefits that far outweigh difficulties involved in implementation. We are working with our clients and partners now to aid this process.

Taking home the prize
The use of big data in capital markets is in an early stage, but there is little doubt it is growing as firms look for insight, speed of response, and future scalability. A few have been early-adopters, mostly in specific areas such as trade analytics, market surveillance, and risk modeling. As more capital-market-specific use cases for big data become apparent, our clients will increasingly adopt appropriate strategies. Many current developments are taking place in the front office, but the future will see more middle- and back-office implementation of big-data strategies.

As this transition occurs, Thomson Reuters won’t be passively observing from the sidelines -- we’ll be on the playing field, in the middle of the fray, helping clients separate the “signal” from the “noise,” finding the key nuggets that allow them to gain insight, take action, and get results. In short, to be winners.

Debra Walton is Chief Content Officer at Thomson Reuters, leading a team of 4,000+ employees across the globe that are responsible for setting the strategy and managing the operations of Thomson Reuters vast data and intelligent information resources. She has been a member of ... View Full Bio
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Greg MacSweeney
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Greg MacSweeney,
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8/21/2014 | 8:35:44 AM
moving beyond the hype (finally)
It seesm that financial firms are finally starting to apply big data in meaningful ways across the organization. Some initial claims of big data ROI won't ever be met, but it seems firms are more realistic now about what big data can do at this point in time.
ageller101
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ageller101,
User Rank: Author
8/20/2014 | 12:57:32 PM
Matching Business Needs With Technology

Yes. I spoke with the head of market data at an institutional investment manager a few months ago and he commented that Thomson Reuters is one of the few firms that gets it when it comes to enabling their data monetization efforts. Bravo!

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