A recent article in The Wall Street Journal titled “Data Challenges Are Halting AI Projects, IBM Executive Says” highlights the challenges of producing high-quality data, stifling the advancement of artificial intelligence (AI) and machine learning. According to the article, a report by Forrester Research Inc. reveals that “data quality is among the biggest AI project challenges.”
AI and machine learning technology has profoundly impacted virtually every industry – from retail and manufacturing, to transportation, life sciences and yes, financial services. Big data has the power to accelerate processes and optimize business models – yet business users spend the majority of their time accessing data from disparate sources, cleaning it and making it usable for business intelligence. Managing hundreds of datasets and making them concordant so they can be used together is an extremely challenging and time-consuming process.
More costly still are the resources and time that need to be shifted to the upskilled investment engineers and data scientists required for the quantitative modeling and analysis. And on top of that, finding and hiring the right people for the task can be very difficult.
The Elsen nPlatform alleviates big data challenges associated with using enterprise data by enabling anyone regardless of their technical background to effortlessly harness vast quantities of data for analytics to guide investment decisions.
For example, employees at Franklin Templeton – including data scientists, quantitative analysts, and a variety of other non-quant professionals – use the Elsen nPlatform for speed, accessibility, and collaboration. Elsen uses modern technology, like its proprietary language, Warp, to provide up to 50 times faster processing speeds and intuitive user experiences, turning hour-long work into minutes.
The Elsen nPlatform gives users – including finance professionals and people in investment and research – a way to use incompatible data and modern technology to generate alpha, construct new products, and optimize data vendors.
As the financial services industry becomes increasingly data-driven, firms that can find a way to make data-drive strategies easier to develop have an opportunity to improve profitability exponentially.
To learn more about Elsen and the Elsen nPlatform visit: https://elsen.co/.