Financial Mash-up
Like most folks that start a blog, I thought – gee – this is pretty cool, I can talk all about a particular topic – like mash-ups in retail and enterprise systems, and really dive deeply into it.
After a few weeks if that, it became – so now what. So now, that I have figured out what – here it is. We are going to expand this blog to include entries from others. The first author that I am adding is Sastry Dhara the founder of Dhara Consulting Group Link. In this entry Sastry speaks about Mash-ups in financial services.
Thanks to Sastry for this entry.
Fred Geiger
FINANCIAL SERVICES MASH-UP APPLICATION
A leading Private Equity firm, which managed to remain surprisingly sparse in implementing the Web technologies, recently had a new CIO in charge of IT operations. The new CIO was grappling with an existing culture, which was eerily similar to the early 1990s, when the emergence of Web technologies was viewed with skepticism and amusement.
The company’s web-site was built ten years ago and no changes were made since then. They continue to rely heavily on mainframe processing of transactions. None of the bridge-technologies such as exposing CICS transactions as Web Services or executing CICS transactions through message queues is implemented. In addition, there are approximately 25 business divisions within the company, each having its own P&L and utilizing approximately 250 reports daily from 50 different data sources. None of the data that comes form the 50 data sources daily is persisted, which automatically eliminates any possibility of data warehousing. Some of the reports provide data regarding the same CUSIP or ticker symbol. No one person in the Company has a comprehensive idea about all the data feeds and their usage. The Company continues to stay profitable because of their well established business units and practices. However, unnoticed by them, they are losing the competitive edge in the market because they are not assimilating and interpreting data at near-real-time speeds, something their competition probably does.
A solution to this predicament? Enter Web 2.0 Mashups!
The first step will be to persist the data as it comes from the data source as a daily feed, either onto a file-system or into a database. The second step will be to analyze the common attributes between various data sources and identify them as such. There is no need to have a complex database schema with primary-key and foreign-key relationships. The final step will be to build a mash-up application, linking various data sources together, into a single Web Application (Create Read Update Delete – CRUD). With this simple Web Application, the entire Company is rendered cognizant of the multitude of data feeds and their correspondence to one another. The Company enters into the Web-20 world and bridges the gap with its competition.
The new CIO is smiling again!
Sastry Dhara
After a few weeks if that, it became – so now what. So now, that I have figured out what – here it is. We are going to expand this blog to include entries from others. The first author that I am adding is Sastry Dhara the founder of Dhara Consulting Group Link. In this entry Sastry speaks about Mash-ups in financial services.
Thanks to Sastry for this entry.
Fred Geiger
FINANCIAL SERVICES MASH-UP APPLICATION
A leading Private Equity firm, which managed to remain surprisingly sparse in implementing the Web technologies, recently had a new CIO in charge of IT operations. The new CIO was grappling with an existing culture, which was eerily similar to the early 1990s, when the emergence of Web technologies was viewed with skepticism and amusement.
The company’s web-site was built ten years ago and no changes were made since then. They continue to rely heavily on mainframe processing of transactions. None of the bridge-technologies such as exposing CICS transactions as Web Services or executing CICS transactions through message queues is implemented. In addition, there are approximately 25 business divisions within the company, each having its own P&L and utilizing approximately 250 reports daily from 50 different data sources. None of the data that comes form the 50 data sources daily is persisted, which automatically eliminates any possibility of data warehousing. Some of the reports provide data regarding the same CUSIP or ticker symbol. No one person in the Company has a comprehensive idea about all the data feeds and their usage. The Company continues to stay profitable because of their well established business units and practices. However, unnoticed by them, they are losing the competitive edge in the market because they are not assimilating and interpreting data at near-real-time speeds, something their competition probably does.
A solution to this predicament? Enter Web 2.0 Mashups!
The first step will be to persist the data as it comes from the data source as a daily feed, either onto a file-system or into a database. The second step will be to analyze the common attributes between various data sources and identify them as such. There is no need to have a complex database schema with primary-key and foreign-key relationships. The final step will be to build a mash-up application, linking various data sources together, into a single Web Application (Create Read Update Delete – CRUD). With this simple Web Application, the entire Company is rendered cognizant of the multitude of data feeds and their correspondence to one another. The Company enters into the Web-20 world and bridges the gap with its competition.
The new CIO is smiling again!
Sastry Dhara
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