Data management products and services provider 3d innovations (3di) has announced a strategic partnership with Element22, a consultancy and technology solutions firm focused on modernising data management in financial services. The collaboration aims to empower CIOs and CDOs at both buy-side and sell-side firms to modernise and streamline their market data commercial management operations.
In response to the rapidly changing market data landscape within financial institutions, 3di has updated its Profiler API, a web-based industry intelligence tool, to integrate content with Element22’s Benzaiten, a native cloud-based designed for advanced data sourcing management and optimisation.
“New technologies and open application programming interfaces are changing data supply chains, and third-party data licensing is requiring more surveillance in the enterprise and more intelligence with respect to proprietary licensing factors,” comments Stephen Veasey, COO, 3d innovations. “As a result, new tools and approaches are needed, and older systems are required to evolve.”
He adds: “As part of this strategic partnership, cross-functional teams within firms can now successfully expedite contract and vendor management, optimize inventory management, market data cataloguing, and data glossary implementations, or any area within the data supply chain that requires technical, risk, and compliance or business operations teams to collaborate.”
The need for such advanced data management solutions is underscored by figures from IDC that highlight the unprecedented growth of worldwide data, with projections suggesting the global datasphere will reach 175 zettabytes by 2025, with an annual growth rate of 61%.
This exponential growth, coupled with the current shortage of data professionals, has heightened the demand for comprehensive data management ecosystems, essential for simplifying, organising, automating, and providing insights into the use of third-party data sources. The partnership between 3di and Element22 promises to deliver the tools that financial institutions need to efficiently manage the costs and value of their data.
“Emerging technology and the evolution of regulatory requirements have led CIOs and CDOs to refresh their data priorities and focus areas,” says Methea Tep, Partner, Element22. “As financial institutions establish and stabilise their foundational data and analytics assets on the cloud, our clients are asking for enhanced vendor licensing detail that is important to other parts of the data management and procurement domain. This integration is designed to bring further value to our clients, enabling them to access both offerings seamlessly within a single, streamlined technology platform.”
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