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I have been in this space in the financial sector for two years. I think this article is mostly spot on. There is one other piece, typically the places that can
by euix 6y ago
I have been in this space in the financial sector for two years. I think this article is mostly spot on. There is one other piece, typically the places that can most benefit from innovation can get most of it just through automation and RPA as it is now called. Basically some guy filling a spreadsheet and copying it someone else, replace that with a bot.
But even that and other processes are difficult because a lot of these corporate enterprises have a bazillion different systems that don't talk to one another. Forget data science or ML, you really just need a unified data view. Typically the workflow is some use case comes, somebody, an analyst manually pulls data from some system via the GUI (because that is all they interact with). A model is built based on that data set and the project stops dead in its tracks from there on because it's impossible to get an API to query for that data from its source system. That is a technology and business process project and will rapidly blow up into a clustefuck.
The key competitive advantage of these so called "technology" companies is really this. The ability to expose any part of your data storage and pipeline to any other part of the organization as a API. Every piece of software is built with that concept in mind.
- dpflan 6y agoThanks for sharing. Does you use MuleSoft to help connect these different systems? From what I understand MuleSoft began as a solution for the tedious task of connecting disparate services in the financial sector.
- keenmaster 6y agoMicrosoft recently developed a modular form of Microsoft Office which allows you to integrate a modifiable spreadsheet into things other than .xlsx files. Automation may be easier if disparate systems all used the same modules. This is especially true in the finance sector where everyone uses Excel.
- mkl 6y agoRecently? That sounds like OLE [1], which has been around since the 1990s. Have they redone it? [1] https://en.wikipedia.org/wiki/Object_Linking_and_Embedding https://en.wikipedia.org/wiki/Object_Linking_and_Embedding
- keenmaster 6y agoMicrosoft’s Fluid Framework was announced at this year’s Build conference. It’s like OLE + Google Docs “on steroids.” Imagine sending an email with an embedded spreadsheet to multiple recipients who then collaborate and edit in-line without opening the Excel file. Or PowerPoint, Word, etc... Everyone would see the edits in real time. The modules are drag and droppable. The whole framework is also open source, so Microsoft envisions developers making new applications out of the core concept. https://www.theverge.com/2020/5/19/21260005/microsoft-office-fluid-web-document-features-build https://www.theverge.com/2020/5/19/21260005/microsoft-office...