Financial services firms are facing a new challenge – dark data management, according to Harald Collet, Global Head of Bloomberg Vault, Bloomberg’s cloud-based data management offering.
He claims that the financial services industry is turning a corner from simply trying to tackle data management, to trying to derive more value from the data firms collect across their enterprise.
“Compliance managers are swimming in a sea of data. Across the enterprise, various types of data, structured and unstructured, current and ancient, sensitive and trivial, pile up in disparate systems like tiny needles in an ever-growing haystack. Getting a handle on all this data, especially ‘dark data’ – data that is hard to identify and manage, is an increasingly important priority for every business,” said Mr. Collet.
In recent years, the conversation in information technology circles centred on ‘big data’ and how to collect and manage the ever-increasing volumes of unstructured data across the enterprise. In 2014, the conversation shifted from being about how to better manage data to how to get the most value from – and insight into – enterprise information.
“I believe we’re at a turning point in the evolution of technologies for big data management. We now have technology tools that enable regulated firms to transform the unstructured data across their enterprise into a valuable asset that enables them to make informed business decisions. As we begin 2015, I think this will be the year that firms harness the value and power of cloud-based data analytics,” Mr. Collet said