Exploring the value of Bloomberg enterprise data feeds via the cloud

Enterprises are always looking to optimize their data management, and they’re increasingly open to cloud-based options. Enterprise data feeds are a powerful part of this solution, particularly for environmental, social and governance data content and data management.

Bloomberg’s Singapore office recently hosted an event that focused on content and workflow considerations for enterprise data solutions. Speakers discussed Bloomberg’s enterprise data feed offerings, how ESG data needs are evolving and what the future of data in the cloud looks like.

The landscape for enterprise data management

The biggest data and technology challenge facing firms today is data management and integration, according to 51% of attendees polled at the event.

Companies have endless tools and software available to them, all designed to make data management and integration easier. However, many organizations still struggle with data management and consumption, as well as accessing high-quality, reliable data.

In such a crowded space, start by looking at providers whose tools can be customized to meet your organization’s needs, such as Bloomberg Enterprise Data Catalog. With over 500 enterprise data sets, you can find datasets from Bloomberg and third-party providers that meet your needs. Your firm can also feed multiple enterprise applications at once.

Bloomberg’s data management services remove the need to manage data processing in house by providing cloud-based managed services. You get access not only to Bloomberg’s data but also native connectivity to leading vendors such as ISS, MSCI, Sustainalytics and Trucost. Your team gets easy access to the data needed to support key business initiatives and decision-making.

How Bloomberg solves ESG and other data challenges

ESG represents the increasing sophistication of investing beyond allocating to asset classes or sectors. That said, everyone offers an algorithm today, and navigating all the available data quickly becomes complex and expensive. Nearly 90% of attendees polled at this Bloomberg event have at least one ESG data provider, with 46% having two or more.

One reason for having multiple providers is because the region has so many countries with distinct ESG data maturity. “The coverage is very thin in some of these countries, especially in the region,” says Peter Shen, Head of Innovation and Market Data at Eastspring Investments. “You have countries like Vietnam, Indonesia, Thailand — and even Japan [and] Korea — where they have very specific data sets.”

Attendees agreed on this point, with 40% saying their biggest challenge with incorporating ESG into investment processes is incomplete data or coverage. Another 40% cited metrics that lack standardization.

Bloomberg is helping solve these problems by bringing all the data pieces together. “We have a strategy that we refer to as the Bloomberg One strategy. The value proposition of OneData is about simplifying the customer data environment, reducing the cost and complexity of having too many vendors and improving the quality of the data your business needs to thrive. ” says Tony McManus, Global Head of the Enterprise Data Division at Bloomberg. “Historically customers were forced to transact with a long list of providers to find best of breed. Bloomberg has solved that problem through massive investment in data quality over the last decade across all of our major product families.”

Data governance is also gaining in importance, both for internal management and meeting regulatory compliance requirements. While “there is no CEO that will say that data is not important,” companies are budgeting for data functions at varying levels of intensity, says Shen. “Firms need to adopt a much more intentional approach to data. And that means more investment.”

Bloomberg’s ESG data removes complexity, but that doesn’t mean its data offerings are simplistic. Users can slice and dice the data to make important comparisons, such as when determining the greenness of a company’s operations. “With the level of granularity that we collect from company data, we can help answer questions such as, ‘How green is their production of aluminum as defined by the EU Taxonomy framework?’ Even for non-EU reporting companies” says Isaac Lee, Sustainable Finance Solutions, APAC Lead, at Bloomberg.

“You might also want to build up your own framework in how you choose to assess a company’s ESG attributes” Lee adds. “Bloomberg has already done the heavy lifting by collecting both quantitative and qualitative data, delivering it to our users in a straightforward and easy to consume manner.”

Bloomberg also offers smart model estimates. This is a machine learning approach that uses Bloomberg’s data to make logical predictions of, say, Scope 1 and Scope 2 emissions, even if a company isn’t reporting them formally.

The future of data in the cloud

While most attendees are using cloud-based data providers, there’s more room to run in cloud adoption. Almost 60% of respondents have an on-premises data warehouse or other internal build instead of a cloud setup.

Multi-cloud and hybrid cloud use is increasingly popular, said Wendnia Tan, Head of Enterprise Data Sales, ASEAN and India, at Bloomberg. That said, cloud adoption is a question every company will answer based on its specific needs, Shen says.

“When you look at cloud, you have to then decide, how much abstraction are you willing to impose or accept while still being able to drive value for a customer?” he says.

Companies in Singapore and the wider region are becoming more confident in their understanding and trust of cloud technologies, says Satchit Joglekar, Regional Director, ASEAN Emerging Markets, at Snowflake. “We are seeing organizations also looking at acquiring data outside the organization in a more efficient manner to, obviously, reduce costs, but also time to value in generating alpha very fast.”

As companies build out their data and cloud capabilities, Bloomberg is there to help through its library of offerings, including its powerful, high-quality enterprise data feeds. “It’s so important that you regard us as your partner,” McManus says. “We strive to be an extension of your team, to be consultative in our relationship with you. We want to solve problems together.”

Learn more about the Bloomberg Enterprise Data Catalog and how it can help your firm.