Less burdened by legacy, complexity and intransigence of old systems, embracing new enterprise approaches offers the tantalising prospect of being able to leapfrog traditional competition -- to embrace the next changes without being constrained by decisions made five or 10 years ago.
So, as we move into 2014 and enter the Year of the Horse, we see the need for many of our customers and most companies in the financial services sector to address these challenges at a gallop rather than a trot.
We expect CIOs and CTOs to be sharpening their focus -- and their spend -- on acquiring quality data, working to better organise and move that data around the enterprise and find new and better ways to using it effectively.
As the environment for customers has changed, our industry has also had to respond to those new imperatives. Bloomberg has moved into the enterprise challenges of our customers -- from desktop access to embedded and bespoke solutions. We now have a suite of products and services that help solve the difficult data problems faced by financial institutions and corporations.
Increasingly, information needs to be comprised of high-quality content to fuel the trading workflow -- data that is bespoke, accurate and dependable -- backed by solutions that are both scalable and adaptable.
Real-time, reference and pricing data managed and accessed across market data platforms and applications executed through order management and electronic trading are increasingly in demand. An enterprise data management approach that also supports rigorous risk management and reporting has become fundamental to dealing with market evolution.
Critical content needs to be distributed effectively to key decision makers. And to get ahead of big data, managed services provide proven ways to manage large volumes of data with speed, efficiency and precision.
All companies recognise the need to manage big data more efficiently. The speed of investment and innovation in a smarter enterprise workflow will be a key determinant of the winners and losers in the financial sector in 2014. It's a core business priority, not an IT abstract.
Azhar Muhammad-Saul is head of technical sales and client services, Bloomberg Enterprise Content & Distribution, Asia Pacific