Growing regulatory demands and an explosion in the size, variety, and velocity of electronic communications are creating data management challenges for businesses small and large, especially in financial services.
In 2010, Bloomberg launched its Bloomberg Vault cloud-based enterprise information management service, which now manages in excess of 66 billion records for more than 500 enterprises globally. Since 2010, collectively, these firms generate a petabyte-worth of communications for archiving – that’s roughly equivalent to 20 million filing cabinets full of 500 billion pages of text.
How’s that for a heavy example of the big data challenge companies face today?
IT industry analysts are taking notice of the problem and the available solutions. Recently, Bloomberg Vault was named a Challenger in Gartner’s 2012 Magic Quadrant for Enterprise Information Archiving. This categorization means Bloomberg Vault is executing well against its current vision.
Developed by Gartner, Magic Quadrants offer visual snapshots of a market’s direction, maturity and participants.
Gartner’s Magic Quadrant report, widely acknowledged as an accurate graph of IT solutions providers, follows our announcement of ‘Local Vault,’ a data privacy offering that uses Bloomberg’s global data center infrastructure in more than 55 countries. With Local Vault, data compliance policies can be configured at the employee level to abide by prevailing regional regulations across all corporate communications, including email, mobile communications, social media content, instant messaging, files, and documents.
Look out for more big data and analytics innovations from Bloomberg Vault in 2013! Our resolution is to help firms manage the weight of enterprise information archiving and compliance burden that many companies face.
Harald Collet, Global Business Manager for Bloomberg Vault.