Since the release of the Open:FactSet Marketplace about a year ago, the Content and Technology Sales Team has been hard at work logging thousands of meetings and calls (and even more miles!) with firms all over the globe. It has been a busy time, but looking back, it is extremely rewarding to see the vision of our team come to life and resonate with clients. Surrounding our world-class content offering with new technology and the Open:FactSet Marketplace ecosystem has allowed us to partner even further with our clients – giving them the tools they need to sample, evaluate & onboard content faster and at a lower cost than the industry has permitted in the past. To provide a window into major talking points with clients this year, this post takes a look at two themes we heard from clients, and shares a couple of FactSet solutions we discussed. Thanks for a great year and we hope to see you on the road soon!
- “My firm would like to enhance its infrastructure to improve operations. We need consistent data across the whole firm, and need to spend less time managing our content, and more time doing meaningful work with it to drive value for our firm and stakeholders.”
Developing scalable technology and operating procedures to pave the way for long term success in a rapidly evolving industry was one of the most common talking points this year. Whether it was one of the largest firms in finance looking for an edge or a startup looking to punch above its weight, many came to us looking for solutions. Here are some of the things we talked about:
• Connected content: at the heart of the Marketplace is FactSet’s proprietary connected data model – permanent, entity-centric symbology that is consistent across all of the 40+ FactSet and Partner content sets we offer. Many clients use our data model as the backbone of their databases, as we provide IDs that connect to portfolio data, third party and regulatory IDs.
Learn more here.
• Concordance as a Service: For those firms looking for a more managed solution, we discussed our concordance service that takes all of the different symbol types a client leverages in their database and maps them to our data model on a periodic basis. Having consistent symbology across disparate content sources is critical to healthy data operations, and FactSet’s Concordance Service can take the burden off the client and enrich the relationships and mappings of the data the client already has in their db. As one of our colleagues is fond of saying about the concordance process: “we turn our clients’ data lakes into knowledge graphs.”
Learn more here.
- “There are a number of content sets out there that have the potential to add value to our firm’s processes, but we have extremely limited resources to test & onboard content.”
One of the biggest hurdles to finding the right content to power the work of the builders, traders, and researchers we have spoken with is the opportunity cost associated with testing the fit of a content set. This reality is one we have spoken to clients with for years, and is one of the core issues the Open:FactSet team has worked to address. Driven by the mantra “From data to decision faster”, our goal is to create operational efficiencies to lower the opportunity cost of testing content. Less resources per content set evaluation means time and money savings that can be invested in other meaningful work. Much of our strategy and offerings are built around saving our clients time, but perhaps the most important manifestation of this is Data Exploration:
• Data Exploration: A cloud-hosted application preloaded with FactSet and partner content in a SQL database, paired with open source tools to do analysis, data exploration takes out the need to devote resources towards onboarding content for testing. This technology is turned on with a flip of the switch on our end, so there is no setup needed. Whether you are evaluating a specific content set before trialing locally, or are getting familiar with our data model / new content release, Data Exploration is a groundbreaking tool to speed up your process.
Learn more here.