Big Data, AI and Data Management at DataGenic’s User Forum
Last week, I was in London to be a guest speaker at DataGenic’s first ever user forum. The event kicked off with an informal dinner the night before and then involved a full day at a hotel in Leicester Square. As CEO Richard Quigley took us through a historical summary of where the company had come from, I was stunned by the rapidly accelerating progress achieved by DataGenic. Apparently, the company originated in a conversation between four people in 2002 and by 2006; the fledgling venture was opening a development center in Bangalore. Some initial investment followed in 2007 along with a change in market focus to data management and the rest is now history.
DataGenic’s customer list now reads like a who’s who of the energy and commodities industry and recently, it has added clients in two new sectors; insurance and Commercial & Industrial. The broadening of the company’s customer base reflects its five year strategy of being sector agnostic from a data management perspective, delivering a modular, easy to use and functional set of applications that deliver a comprehensive array of data from price feeds to social media and bundle in artificial intelligence and other means to make sense of it all. To back up those plans, the company is also looking to add about 50 additional staff and open a new office in North America.
Presentations from DataGenic staff demonstrated aspects of the company’s products and services as might be expected highlighting the ease of use of loading data, the incredible array of ‘data about the data’ that the software keeps, the broad range of quality testing and validation checks that can be applied to data being loaded, the detailed audit trailing capabilities and even a look at a tool to calculate historical VaR. There was a presentation on Big Data and what that is and what it may mean as well as a look at how DataGenic is building Big Data in to its tools and products. There was also a compelling presentation by an end user of DataGenic’s software.
A number of presentations focused on development plans of course, among which was the new product Genic DATAiQ that is featured in the latest ComTech whitepaper. This is the tool that provides the ability to allow users to utilize AI to sift through all sorts of data including social media to look for trends and sentiment indicators. Big Data is a big issue and it is one that has lots of attention. The future seems to be about making sense of patterns in huge arrays of data of all kinds – both structured and unstructured – and the companies that succeed at doing this will likely be the ones that thrive. According to Baseline for example, a 10% increase in data accessibility translates into an additional US$65.7 million in income for a Fortune 1000 company. DataGenic’s strategic plan is focused on helping its clients with Big Data and extracting more value from the ever-increasing array of data available to them.
My presentation on the five Big issues in commodities seemed to fit right in to the agenda with a look at Big Data, regulations, structural changes and other big issues but with the conclusion that CTRM and associated software needs to now enter a new era in which rather than being an after the fact reporting system, it becomes a highly analytical trading intelligence tool that is deployed to find and profit from unseen opportunities in trading and across the supply chain. Certainly, based on what I heard in London, DataGenic is squarely focused on this objective.
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