BST is often asked by its clients to assist in long-term planning. The planning focuses on a variety of issues from Data Lakes to Data Warehouses as well as the evaluation of current and future use of platforms that provide data to its end users. At a current client, we are engaged in both conversations; the first focuses on the strategy to monetize internally developed data into opportunities firm-wide; the second is looking at how the client uses Bloomberg across the organization and devising a corresponding option plan to change platforms given the variety of requirements of the stakeholders. The detailed analysis gave the client the tools to understand where the competitive products met, exceeded, or under-performed compared with Bloomberg specifically in terms of data and analytics, leaving pricing as the last item to be evaluated
Strategic Planning
How will data be sourced, accessed, and managed, etc., as the delivery systems, storage options and innovative usage options change? Careful planning and control are vital particularly as firms manage ever-growing volumes of data. BST is now engaging with many of its clients to provide forward thinking on the future of market data.
The landscape and long-term horizon for Market Data is going through a period of evolution and change. BST is seeing an increase in the volume and type of usage along with pioneering types of data users. Most global companies now have a Chief Data Office along with Global Data Scientists or similar roles – who are developing new and innovative business opportunities that effect how data is sourced, managed, and developed.
The industry is moving beyond traditional uses of data to support business transactions and requirements, moving from a tactical to a strategic approach. With the use of data lakes and similar tools and processes companies are performing deep data analysis while developing derived and secondary data with the business objective to generate new revenue-generating data products and business opportunities for internal and external use. This requires a change in usage guidelines and practices, expanded contractual terms and results in a more complex relationship between the data user and the data supplier.
BST STRATEGIC APPROACH
BST America has the vision and knowledge to help their clients work through this process and set the right strategy. We work in collaboration with our clients to develop mid- and long-term data strategies that are innovative, develop new data tools and services, expand value and increase ROI, with a focus on managing risk while ensuring compliance with industry standards.
Case Study
