This is a significant challenge for everyone at an organization from the top-down – even employees with PhDs from top institutions lack the skills to do it properly. For the select people that do know how to do it, cleaning big data is a huge undertaking timewise.
Data scientists have reported that the process of cleansing data takes about 70-90% of their time – and that’s for data scientists! Once you have usable data sets – which, in my own experience, took 12+ hours to clean and normalize – it only took about five-minutes to run that data through models. Financial institutions have neither the time nor resources to spend on the data science process.
Everyone today – Wall Street firms, asset management, hedge funds, etc. – is trying to get into the data game. They’re at different points in the process, but everyone is trying to leverage data in the search for alpha. The opportunity set is significant. The total market of assets is $60 trillion, so we’re talking about a very small part of the asset business overall that has really been able to harness data to improve its processes.
If people are spending an estimated 70-90% of their time on the front end (i.e. cleaning, normalizing, and making the data concordant), they’re not getting the true benefit of the data. We’re at the tip of the iceberg when it comes to our ability to leverage big data to improve processes and results.
Elsen solves this huge gap in the market with a solution that makes data more accessible and usable for investment professionals to generate alpha. Once I learned about Elsen, I couldn’t stop thinking about how much time we would have saved with the Elsen nPlatform at my prior hedge fund, and how much easier it would have been to use data.
As I mentioned before, everyone is getting into the big data arms race. Prior to Elsen, firms looking for a solution had the following two options – and both are time- consuming and expensive.
Elsen is fairly priced, adds a ton of value, and has a fast and streamlined onboarding Process – firms can be up and running in a very short timeframe.
In addition to API access for the quants and data scientists, the Elsen nPlatform has an easy-to-use interface that gives instantly usable data to everyone in the firm – no coding experience or data science degree required.
Firms need to be able to leverage all their data to drive alpha efficiently. I joined Elsen because I believe in the solution and see it as the next big thing to drive the industry forward. My corporate and financial background has taught me firsthand, that the ability to leverage data effectively is one of the biggest challenges in finance today.
The Elsen nPlatform is a game changer, giving firms a revolutionary way to generate revenue, enjoy efficiencies, and manage their data better and faster – and, drive alpha!
Click here to learn more about Chris and other members of Elsen’s leadership team.