{"id":32876,"date":"2023-09-07T10:02:20","date_gmt":"2023-09-07T14:02:20","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/stories\/what-took-build-altd-bloomberg-terminal-alternative-data-function\/"},"modified":"2023-09-07T12:20:50","modified_gmt":"2023-09-07T16:20:50","slug":"what-took-build-altd-bloomberg-terminal-alternative-data-function","status":"publish","type":"post","link":"https:\/\/www.bloomberg.com\/company\/stories\/what-took-build-altd-bloomberg-terminal-alternative-data-function\/","title":{"rendered":"What it took to build ALTD, the Bloomberg Terminal\u2019s new Alternative Data function"},"content":{"rendered":"<div class='bbg-row bbg-bg--white  bbg-row--margin-top-none bbg-row--margin-bottom-none' data-anchor='row-69fcc60552e83'>\n  \n\t\n\t\n\t<div class=\"bbg-row--content\">\n\t\t\n\t\t\t<div class='bbg-column bbg-column--width-8 bbg-column--offset-2'>\n\t<div class='bb-wysiwyg'>\n    \n    <p>When members of Bloomberg\u2019s Alternative Data team recently logged into a Zoom call to demonstrate the Bloomberg Terminal\u2019s new ALTD &lt;GO&gt; function to a client, they were expecting to hear some positive feedback. What they weren\u2019t expecting was to find the client firm\u2019s entire U.S. Research team \u2013 50 analysts \u2013 on the call, eager to see how the new tool worked.<\/p>\n<p>Richard Lai, Head of Alternative Data in Bloomberg\u2019s Office of the CTO, has discovered that a response like this is not uncommon.<\/p>\n<p>\u201cAnother client has multiple investment analysts, but only one of them has a Terminal subscription,\u201d Lai shares. \u201cWhen they saw what we are doing with ALTD &lt;GO&gt;, they noted that this is the kind of value-add that could benefit all of their analysts.\u201d<\/p>\n<p>Earlier this summer, Bloomberg began deploying an early version of ALTD &lt;GO&gt;, an alternative data tool integrated into the Terminal that provides an unprecedented look into the operating performance of companies on a mere seven-day lag. <a href=\"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-makes-alternative-data-accessible-alongside-traditional-financial-data\" target=\"_blank\" rel=\"noopener noreferrer\">The new feature<\/a>, which was developed in less than a year, soft launched in late July. It allows all Bloomberg Terminal clients to see alternative data analytics alongside traditional market data, broker research, estimates and news for the first time, thereby democratizing historically inaccessible insights.<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"874\" height=\"462\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 874w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 280w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"874\" height=\"462\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 874w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Conduct-Peer-Analysis-to-Understand-the-Competitive-Landscape.png 280w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/>\n    <figcaption class='image-figure__caption'>ALTD &lt;GO&gt; enables research analysts and portfolio managers to quickly and easily conduct a peer analysis in order to understand the competitive landscape.<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>\u201cAlternative data is all about bringing in richer data-driven insights that help analysts and portfolio managers at our clients answer questions about companies and about what\u2019s going on in the world with more speed and depth than ever before,\u201d says Lai. \u201cOur strategy is about getting the highest-value alternative datasets and bringing them directly to the Terminal alongside existing research workflows. Acquiring Bloomberg Second Measure in late 2020 was the beginning of this strategy &#8211; that acquisition gave us access to consumer transaction data, which is the most in-demand type of alternative data among our clients.\u201d<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"2447\" height=\"2447\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 2447w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 150w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 190w\" sizes=\"(max-width: 2447px) 100vw, 2447px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"2447\" height=\"2447\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 2447w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 150w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Richard-Lai.jpg 190w\" sizes=\"(max-width: 2447px) 100vw, 2447px\" \/>\n    <figcaption class='image-figure__caption'>Richard Lai, Head of Alternative Data in Bloomberg&#8217;s Office of the CTO<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>According to <a href=\"https:\/\/www.grandviewresearch.com\/industry-analysis\/alternative-data-market\" target=\"_blank\" rel=\"noopener noreferrer\">a report from Grand View Research<\/a>, hedge funds spent billions of dollars in 2022 on alternative datasets, non-traditional collections of information that can include consumer transaction data, geolocation data, app usage, and web traffic, among other types of content. Typically used only by the most sophisticated quantitative investors and larger hedge funds to generate alpha, the alternative data market has historically commanded steep prices: Lai says the average fund spends as much as $1 million on this type of information a year, due to the rarified nature of such information and the resources needed to unlock its value.<\/p>\n<p>As Arvind Seth, Bloomberg\u2019s Head of Alternative Data Engineering &amp; Data Science, recalls, in the early days of the iPhone, Apple wouldn\u2019t release sales data, so analysts would purchase third-party data about phone activations and use it to predict the company\u2019s performance.<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"4032\" height=\"3024\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 4032w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 253w\" sizes=\"(max-width: 4032px) 100vw, 4032px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"4032\" height=\"3024\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 4032w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Arvind-Seth-FINAL.jpg 253w\" sizes=\"(max-width: 4032px) 100vw, 4032px\" \/>\n    <figcaption class='image-figure__caption'><span style=\"font-weight: 400\">Arvind Seth, Bloomberg\u2019s Head of Alternative Data Engineering &amp; Data Science<\/span><\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>With this new Terminal functionality, however, information about recent sales trends can be displayed alongside more traditional market insights and news items as an indicator of a company\u2019s performance. Alternative data can help paint a higher resolution picture of the impact major events may have on a company\u2019s sales, while tracking trends in customer engagement with a brand in near-real-time. Already, the team says, major customer firms are updating their research reports based on the information available through ALTD &lt;GO&gt;, which includes both consumer transaction data analytics and foot-traffic data at launch.<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h2>Building a \u201cbrain trust\u201d through a combination of teams<\/h2>\n<p>Jacob Boerema, General Manager of Alternative Data at Bloomberg, likes to explain alternative data like this: If you asked him how many times he went to McDonald\u2019s and what he ordered, he\u2019d probably tell you he went once a week and ordered a salad. But if you could look at his credit card payments data and connect it to geolocation information, you\u2019d find he went three times a week. It\u2019s this gap between intermittent reporting and real-time data, he says, that ALTD &lt;GO&gt; bridges.<\/p>\n<p>Insights like these have real consequences amid rapidly shifting markets and pivots in a company\u2019s business strategy. Boerema and Lai use <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-23\/netflix-begins-telling-us-customers-to-stop-sharing-accounts\" target=\"_blank\" rel=\"noopener noreferrer\">Netflix\u2019s change to its password-sharing policy<\/a> earlier this year as an example of the near-real-time insights that can be provided to Bloomberg Terminal subscribers through ALTD &lt;GO&gt;.<\/p>\n<p>When this change was announced, the market was primarily concerned that Netflix would lose a lot of customers. Bloomberg Second Measure data showed that the opposite was true \u2013 Netflix was actually gaining new subscribers, and the company ended up reporting a strong beat on subscriber numbers in its next earnings report.<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"3024\" height=\"4032\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 3024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 225w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 1152w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 143w\" sizes=\"(max-width: 3024px) 100vw, 3024px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"3024\" height=\"4032\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 3024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 225w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 1152w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/headshot-jacob-boerema.jpg 143w\" sizes=\"(max-width: 3024px) 100vw, 3024px\" \/>\n    <figcaption class='image-figure__caption'>Jacob Boerema, General Manager of Alternative Data at Bloomberg<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>Boerema joined Bloomberg in 2020, when alternative data company Second Measure was acquired. At the time just a web application, the company deployed analytics based on billions of credit card and debit card transactions to help subscribers answer questions about consumer trends in near-real-time. By merging Second Measure\u2019s team of data scientists with Bloomberg veterans, Second Measure\u2019s startup mentality found extensive institutional support, Boerema says. The team became something of a startup-within-a business, moving quickly to bring ALTD &lt;GO&gt; to life.<\/p>\n<p>The collaborative pairing of long-time Bloomberg engineers and Second Measure employees was a fruitful one. \u201cThey came together as a single brain trust,\u201d says Lai.<\/p>\n<p>\u201cOn the Second Measure side, we\u2019re incredibly strong on data science,\u201d explains Catharina Kronlein, Product Manager for ALTD &lt;GO&gt; in the CTO Office and another addition to the team following the Bloomberg Second Measure acquisition. \u201cWe have a lot of opinions about how we should calculate things and the best way we should represent data. But we\u2019ve really benefited from Bloomberg in terms of putting all of that to paper and wrapping it up.\u201d<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"3594\" height=\"3022\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 3594w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 226w\" sizes=\"(max-width: 3594px) 100vw, 3594px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"3594\" height=\"3022\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 3594w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/IMG_6203.jpg 226w\" sizes=\"(max-width: 3594px) 100vw, 3594px\" \/>\n    <figcaption class='image-figure__caption'>Catharina Kronlein, Product Manager for ALTD &lt;GO&gt; in Bloomberg&#8217;s CTO Office<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>To bolster the new division and help integrate the Bloomberg Second Measure team\u2019s expertise within the Terminal, Bloomberg brought in engineers such as Peter Litskevitch, a 19-year veteran of the company, as well as Seth and his two decades of leadership at Bloomberg, to oversee the new Bloomberg Second Measure engineering team.<\/p>\n<p>\u201cThroughout my career at Bloomberg, I\u2019ve gravitated towards startup-type projects,\u201d says Litskevitch. \u201cAnd I really loved the energy and excitement around this product.\u201d<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"3912\" height=\"2934\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 3912w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 253w\" sizes=\"(max-width: 3912px) 100vw, 3912px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"3912\" height=\"2934\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 3912w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/peter-litskevitch-headshot-5.jpeg 253w\" sizes=\"(max-width: 3912px) 100vw, 3912px\" \/>\n    <figcaption class='image-figure__caption'>Software engineer <span style=\"font-weight: 400\">Peter Litskevitch, a 19-year veteran of Bloomberg who helped build ALTD &lt;GO&gt;<\/span><\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>To kick off the process of building what would become ALTD &lt;GO&gt;, Bloomberg held a two-day summit in September 2022. Seth describes it as \u201cdrinking from a firehose\u201d as new team members took a \u201ccrash course\u201d in alternative data, aligned their product strategy, and brainstormed ideas.<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h2>Building a nimble, client-first product<\/h2>\n<p>Building a brand-new major function on the Terminal was no small feat. However, by December 2022, just three months after the summit, the team had a working prototype for ALTD &lt;GO&gt; that relied on a new and exclusive transaction dataset that Bloomberg Second Measure had launched earlier in the year, which derives aggregated analytics and insights from billions of purchases from a subset of a U.S. consumer panel that includes 20+ million members.<\/p>\n<p>The rapid pace at which ALTD &lt;GO&gt; was built, engineers say, was largely thanks to the team\u2019s flexibility. The Alternative Data team worked in small units of two or three people, allowing them to make decisions quickly and autonomously.<\/p>\n<p>\u201cWe were able to move quickly because we made sure to have veterans who were familiar with the Bloomberg tech stack, while also using the technology Bloomberg Second Measure had already built for ingestion, processing, cleanup, and normalization of the panel data,\u201d says Seth.<\/p>\n<p>Utilizing Bloomberg Engineering\u2019s home-grown software development workflow system with automated testing frameworks increased the speed of the application development process. This enabled the team to follow a merge-and-move-on workflow, something Litskevitch refers to as the \u201choly grail\u201d of the development experience.<\/p>\n<p>Fahd Arshad, the User Experience (UX) Manager for Bloomberg\u2019s CTO Office, has been with the company for 16 years, and led the team responsible for designing the user interface (UI) for ALTD &lt;GO&gt;. The UX design process started early, he says, with a group of researchers who mocked up a series of wireframes based on dummy data, which they then took to clients for feedback. After a few rounds of testing, they hit on a multi-part Terminal screen that resonated with the investors most likely to use the function. But, he says, it was the close collaboration between designers, researchers, and front-end engineers that allowed for an unprecedented level of experimentation and a final product that equity analysts would find incredibly easy-to-navigate and understand.<\/p>\n<p>\u201cWe were able to build a best-in-class user interface for ALTD that matches the strength of the underlying data in a way that I just haven\u2019t seen before, and I\u2019ve been here for a long time, working on many different things,\u201d he says. \u201cAnd that was a pretty awesome journey for us.\u201d<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"2700\" height=\"1099\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 2700w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 280w\" sizes=\"(max-width: 2700px) 100vw, 2700px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"2700\" height=\"1099\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 2700w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Fahd-2020-headshot.jpg 280w\" sizes=\"(max-width: 2700px) 100vw, 2700px\" \/>\n    <figcaption class='image-figure__caption'>Fahd Arshad, the User Experience (UX) Manager for Bloomberg\u2019s CTO Office<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>So far, the response to all of this careful iteration has been \u201cphenomenal\u201d says Lai. Thousands of clients signed up to participate in the function&#8217;s beta test.<\/p>\n<p>\u201cIn my career, I\u2019ve scheduled a lot of client feedback sessions,\u201d says Kronlein. \u201cI don\u2019t think it was ever easier than with ALTD. Our clients are very eager to partner with us to help make this better, because they\u2019re immediately seeing its value.\u201d<\/p>\n\n<\/div>\n<div class='bb-wysiwyg'>\n    \n    <h2>Democratizing access to new data<\/h2>\n<p>ALTD &lt;GO&gt; currently provides consumer transaction data analytics on more than 300 public tickers, primarily those with meaningful U.S. direct-to-consumer sales, and the function is already seeing real-world results. Recently, a number of sell-side analysts have published reports adjusting their price targets ahead of quarterly earnings reporting by some of the companies they follow, specifically citing trends in Bloomberg Second Measure credit and debit card data analytics that they accessed via ALTD &lt;GO&gt;.<\/p>\n\n<\/div>\n<figure class=\"image-figure image-figure--has-small-image\" data-animation=\"\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"805\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png\" class=\"attachment-full size-full image-figure__image image-figure__image--primary\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 1400w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 280w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"805\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png\" class=\"attachment-full size-full image-figure__image image-figure__image--small\" alt=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 1400w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 1024w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/company\/sites\/51\/2023\/09\/Intra-Quarter-Insights-Ahead-of-Earnings-Announcements.png 280w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/>\n    <figcaption class='image-figure__caption'>ALTD &lt;GO&gt; can be used to uncover intra-quarter insights ahead of a company&#8217;s earnings announcement<\/figcaption>\n<\/figure>\n<div class='bb-wysiwyg'>\n    \n    <p>However, the number of companies tracked in ALTD &lt;GO&gt; will grow rapidly in the coming months, and the team has already built infrastructure to significantly expand the tool\u2019s functionality \u2014 a crucial part of the initial design process, given the number and types of different alternative data sources Bloomberg plans to make available on the Terminal.<\/p>\n<p>\u201cThe product is great right now,\u201d notes Kronlein, \u201cbut it\u2019s very much in the beginning stages.\u201d The team is currently working on an update to the Bloomberg Desktop API that will allow analysts to export data from ALTD &lt;GO&gt; directly into Excel to better integrate alternative data into their existing workflows, as well as adding additional datasets and building quarter-to-quarter trackers. And, in collaboration with Bloomberg\u2019s Terminal Alerts &amp; Insights team, Bloomberg\u2019s CTO Office plans to provide more robust distillations of the kinds of information that alternative data can help surface for investors alongside company financials in other Terminal functions, like MODL &lt;GO&gt;, and through news articles.<\/p>\n<p>For Litskevitch, part of the satisfaction is bringing a traditionally expensive and inaccessible type of information to Bloomberg\u2019s clients. \u201cHow often do you get the opportunity to democratize a part of the financial market?\u201d he asks. \u201cAnd that\u2019s the Bloomberg mission: bringing data and more transparency to financial markets, while democratizing them in the process. It\u2019s part of what makes me so proud to work here.\u201d<\/p>\n\n<\/div>\n<div class=\"bb-separator\" data-color=\"\">\n\t<hr class=\"bb-separator__rule\">\n<\/div>\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A behind-the-scenes look at the development of ALTD, the Bloomberg Terminal&#8217;s new function that makes alternative data accessible alongside traditional data<\/p>\n","protected":false},"author":184,"featured_media":32879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86,1466,88],"tags":[2092,2091,1788,1572,1418,1676,27,1497],"class_list":["post-32876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bloomberg-professional-services","category-tech-at-bloomberg","category-technology","tag-altd","tag-alternative-data","tag-bloomberg-terminal","tag-cto","tag-data","tag-data-analysis","tag-innovation","tag-terminal"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What it took to build ALTD, the Bloomberg Terminal\u2019s new Alternative Data function | Bloomberg<\/title>\n<meta name=\"description\" content=\"A behind-the-scenes look at the development of ALTD, the new Bloomberg Terminal function that makes alternative data 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