Ever since the early days of the financial markets, information has been a critical aspect of success. Nowadays, more data is being generated in a 24-hour period than in entire centuries of the past, traveling at great speeds to all corners of the globe. Accessing, sorting, compiling and leveraging such information is becoming more important in fast-paced markets and changing regulatory landscapes.
All types of businesses in this data economy – from online retailers to pharmaceutical giants – are processing a wealth of information to better serve their consumers, staying ahead of their rivals and therefore improving the bottom line. The task is no less crucial in financial services.
One of the biggest challenges in data management is being able to match business demands with the right technology. Many firms have yet to construct a data strategy, while others lower it to specified tasks in siloed departments.
Another challenge is recruiting employees or consultants with a thorough knowledge of both the world of finance and data technology. Some businesses prefer to hire a team of people with the combined skills as opposed to a single person.
Additionally, data privacy is also a huge concern tied to the implementation of cloud computing technologies. Many businesses are anxious about putting proprietary information in the cloud. Now while some firms have created private cloud networks, such projects can be costly.
The use of data in certain markets is still in its early stages, however there’s no doubt that it’s rapidly growing as businesses look for insight, speed of response, and future scalability.
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