While quality reference data is essential for firms, many would claim its true value lies in connecting users to data sources—which is often a challenge for large firms with archaic infrastructures. The award for the vendor with the most success in helping firms integrate reference data was introduced in 2013 after integration became a hot agenda item. This year, Thomson Reuters secured the award for Best Reference Data Integration Vendor.
The vendor has developed its Advanced Solution Kit, a data management toolkit to make it easier for users to integrate content. The framework, built by Thomson Reuters Professional Services, allows users to take custom or packaged data solutions, which are highly configurable and benefit from simplified business logic and fast integration. Stuart Martin, managing director, Risk Information & Learning Services at Thomson Reuters, says flexible tools for accurate data integration are almost as important as the data itself. “Having these tools at our disposal has enabled us to onboard clients quicker, delivering the real value-add,” he says.
Last year, Thomson Reuters announced the introduction of the Knowledge Graph, which connects datasets for the financial markets and creates a foundation for customers to build upon. According to the judges, the implementation of this technology across the product set has made Thomson Reuters’ data “even more valuable by linking it together,” and this new technology “puts them at the top of the integration vendor list.”
For the winning vendor, the next step is to make non‑real‑time data in the DataScope offering accessible via the cloud. “Our DataScope franchise is undergoing an evolution. We’re overhauling our technology stack,” says Martin, who explains that static data is one of the toughest things to integrate, and having able and agile tools can help clients overcome the challenge. “Our integration capabilities are being enhanced, and we’re very confident they will bring a lot more processing and enrichment capability to the industry,” he says.
Through the acquisition of Avox, Thomson Reuters is already operating via the cloud, enabling it to create new opportunities around the management of data services. Its aim is to offer customers enrichment services, consulting and advisory services around best practices for optimizing processes to ensure its solutions are as productive and intuitive as possible. “We want to be able to service our customers from an end-to-end perspective through managed solutions,” says Martin.
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