Apr
16
A Breathless Hush in the Close
Filed Under B2B, Blog, Financial services, Industry Analysis, news media, Thomson, Uncategorized, Workflow | Leave a Comment
As so often , the FT story by Andrew Edgecliffe-Johnson ( April 13) on Thomson Reuters was story of the week for me . As once in the mighty battles of Lexis and Westlaw , so now in the generational remake of the two financial market giants , there is something of the Great Game in the air . The competitive urges are fired by understandable needs for demonstrable success , yet at the same time the subject matter is the very stuff of which the future of all sectors of the information marketplace will be made.
The Thomson Reuters markets division will become two simplified platforms by the autumn , dealing with enterprize users on the one hand , and individual users and small operators on the other . These platforms will be web-based , and the Thomson Reuters servers will be able to be moved alongside client servers to ensure lower operational costs . The web -based environments clearly are designed to appeal to a new generation in the industry which joined since trading platforms were in place , as well as providing a contrast with the Bloomberg insistence on its dedicated terminals ( Shades of the dedicated Lexis box ! )
And something else as well . Andrew quotes Devin Wenig, the CEO of Thomson Reuters Markets , as saying ” The industry is a hugely different place from where it was in April 2008 ( when the Thomson Reuters merger took place ) and we think a lot of changes are permanent and structural. Big banks are disapearingbut we’ve created 1000 new accounts in …six months ”
And there is surely the essence . Players in rapidly restructuring networked markets will themselves have to be slimmer , do more on less and enable their clients to do more in the network at least for the same pricing . And that new generation of clients will expect a greater fluency in customization and personalization along with better risk management and improved collaboration features ( the launch of Eikon ) as well as interfaces to news and information ( like Insider ) which source video as well as text and allow brokers to offer analysis on video to their clients across the platform .
In short , Thomson Reuters are , with a few exceptions , facing very similar issues to those faced by a Pearson in education , or an Elsevier in STM . And from here on in the parallelism ceases and turns into convergence . Thomson Reuters announced a deal last week to bring Palantir’s QA Studio software to its platforms . This type of quantitative analysis allows data exploration , do pattern identification , test alpha strategies and collaborate . This pushes on with the developments in data mining began with ClearForest three years ago , and again parallels what is alreday happening ( Palantir’s markets are the intelligence , defense and law enforcement communities ! )
Where does the next push come ? Well , data management is now crucial , and so is compliance and risk management/reduction . And that sounds just like the issues facing diagnostic systems in the medical marketplaces . Often in financial markets there is too much news , and it is insufficiently auto or machine analysed , and human intervention takes too long : this points towards further pressure for automated news tagging so that it can be submitted directly to computerized trading systems . And here another common broad market problem occurs . Users and regulators begin to exert pressure at the lowest levels of data organization for common standards to emerge ( XBRL would be the case study in the finance field ). This moves the competition zone up a level , but that competitive element must remain because it drives everything forward . Without it , common standards turn into a reason for not changing anything . So play up , lads and play the game ! We still have to tackle workflow and process improvement before the end of this long information industry day !
Mar
10
Contains No Nuts
Filed Under B2B, Blog, internet, online advertising, Publishing, STM, Uncategorized | 1 Comment
I am used to the questions . Many arise from a need to challenge or or a need for re-assurance or a fear of silence . So the person who asked , this week , ” what is the technology launch that is the best indicator of media futures ?” , wanted , I think , something like ” iPad , or , err , something else mobile-ish….”.This would have helped her view that she is afloat on a sea of uncertainty , but bobbing in the right direction .
My answer is the Cisco CRS-3 , the newest router which really equips the internet as an integrator of digital video (http://seattletimes.nwsource.com/html/businesstechnology/2011300638_cisco10.html) . It could , say Cisco , move the entire Library of Congress in one second , or the entire archive of every film ever made in four minutes . But the thing that fascinates me at the moment is the way in which networks with embedded technologies like this will remove the volume/speed excuse that has traditionally lain beneath the reluctance of niched information providers to give whole solutions to user problems/demands . This is no where more obvious than in STM , which is where my second question arose .
“Well, ” he said , ” you clearly took a shine to Globalspec : what is the equivalent in STM and why are they any better than we are “. I ignored the challenge implicit here , and replied that my pick in STM over a decade had been Nature Publishing , and this was about attitude . ” Full of geeks and nerds , eh ? ” Not at all , I replied ( mentally writing the title to this piece as I did so),
but it is certainly true that they are very quickly responsive to change , and experiment publicly in beta and in conjunction with their users until they find useful combinations that fit . Clearly therefore the new Nature iPhone App ( http://www.nature.com/mobileapps/) is not the end of the story , but it demonstrates Nature’s keen concern to get involved , early on and with an open mind , and strive to create utility for their users . This was the case with Connotea , their ground-breaking social tagging environment , with Scintilla , their news-tagging activity , with Nature Networks and with the network local hubs . It seems to me that the attitude here is service -orientated and not product -centric , and that the logic says that users who are involved in service developments and have a stake in them are less likely to go elsewhere , especially if they started with Nature as grad students .
This does not mean that more traditional business development activities can be ignored . Nature has to be top of the heap in quality terms . Over a decade its content coverage has improved mightily and , through its associated publishing , it is now well on the way to core coverage across the “hard ” sciences . In one sense nothing is more traditional than recruitment advertising : once an area of neglect this is now a keystone of the arch and a factor which helps cement the Nature community together . I predicted to my interlocutor that I thought education would be a continuing interest , and that I was vitally concerned to see how Nature was able in time to make rafts of multiple media experimental evidential data available to users . Their Gateway strategy , from Cell Signalling and Neuroscience , had led the way in this field : when , I wondered , would it become the norm for research published by Nature to be linked to the evidential databases behind the work .
He leapt upon “education “. ” You mean Second Nature on Second Life – if we had all gone there we would be bankrupt “. Well , I have no idea what Nature has spent with Second Life , but I do know that when people like me stop writing about things , then other people tend to think that they have ceased to exist . Plainly wrong . Traded revenues on Second Life in 2009 totalled , in real world dollars , 567 million , a 65% increase on the previous year . And in December , with 770,000 unique users during the month , residents/users checked out $ 55 million in earnings converted into cash . Not centre stage , but certainly not dead ( see also .http://lindenlab.com/pressroom/releases/22_09_09 )
And no doubt Nature will be pursuing other educational initiatives : pulling Scientific American under the same management is undoubtedly a step forward in this regard. While continually consolidating and refining their offerings through the lessons taught by their users , I have also no doubt that their tradition of experimentation will continue to thrive in a company increasing divergent from its peers in this respect . Elsewhere the impact of technology , while far-reaching , has often been isolated from the thinking about editorially constructing a research journal . But then , Nature was always more than just a research journal .
Last word with Google . In the week of the Cisco announcement , they indicated an experiment with Dish to create Google TV-Search (http://news.cnet.com/8301-1023_3-10465956-93.html ) , a way of intercombining a Google search and a set-top box , while TiVo announced new digital video recorders which bring back video from the Web . This is the next New Frontier : we need to calculate the impact on the expectations of users in B2B, STM or other areas of business and professional information now , while we are at the on-ramp , not when we are facing new competitors . This is what Nature have done so well .
PS In my note Viva , Las Vegas , and here , I have tried to emphasize the continuing importance of virtual reality , so it was good to see UBM relaunch the Comdex compueter show as VR only(.http://news.cnet.com/8301-1023_3-10463726-93.html )
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