Heather McKenzie reports on data management strategy challenges and priorities in Best Execution.
"Patrick Kirchner, a Boston-based director at consultancy Citisoft, says a majority of the firm’s customers, particularly large ones, are interested in AI. However, he believes most firms are trying to 'put the cart before the horse'. Many, he adds, will struggle with data and how to consume it. It’s a cliché to say big data is a big priority, but firms still have to develop a strategy of how and where they want to use big data.'
This is no mean feat, either. One Citisoft client spent almost three years putting 20 years of historical data, which had remained unmanaged and unreconciled, into order so that it could be consumable 'at the lowest level'."