In Northern Trust’s (NT) recent report, the firm asserted that many managers are ‘lost at sea’ with their data, meaning that they are overwhelmed and not able to fully utilize their data for competitive advantage. To run with NT’s analogy, while the sea is definitely a force of nature, mankind has made great strides to tame the sea and big data tools do this by creating more manageable salt water ‘ponds’ or ‘pools’ that can be utilized for great benefit.
At INDATA, we have been talking about big data since the launch of our iPM Epic solution in 2014, having anticipated the future trend that is only emerging now. To make sense of this “sea of data” investment managers need to adopt big data tools to cope with volumes of data from a wide variety of sources.
While NT advocates an outsourcing approach and uses the fear factor of cost overruns to justify their approach (not surprising, given they are a custodian), there is nothing better than having a private lake, pond or pool away from prying eyes. That is what the in-house approach provides and cost overruns are prevented by working with the best providers who use private-cloud based approaches along with the latest technology tools.
Read the article from FundFire on the NT report.
