By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Gathering Information on a Global Scale
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data Mining > Gathering Information on a Global Scale
Data MiningData Warehousing

Gathering Information on a Global Scale

GCerami
Last updated: 2012/01/05 at 2:09 PM
GCerami
4 Min Read
SHARE

The financial services industry is an ever-evolving whirlwind of information. Stock prices, trades and analyst ratings are critical components in organizations’ ability to be successful within this ultra-competitive market. Timing is everything in the financial world as organizations that find themselves unable to keep up with the unyielding data flow run the risk of making critical decisions based on outdated information – an action that could irrevocably tarnish their firm’s brand.

The financial services industry is an ever-evolving whirlwind of information. Stock prices, trades and analyst ratings are critical components in organizations’ ability to be successful within this ultra-competitive market. Timing is everything in the financial world as organizations that find themselves unable to keep up with the unyielding data flow run the risk of making critical decisions based on outdated information – an action that could irrevocably tarnish their firm’s brand.

FactSet, a company that gathers and publishes company and financial data from around the globe since 1978, collects data on tens of thousands of private and public entities and delivers the information to over 48,000 users of its software products, data and publications. While most internal market intelligence operations monitor a limited set of companies or individuals that are of interest to their organization, FactSet must monitor every source, including web sites, traditional media, government and registries, for every company.  

FactSet constantly needs to deliver a consistent, reliable, high-quality data product at high volume. For that reason, it recently looked for a new way to automate its data gathering process to keep up with the growth and quick-changing flood of information on the Web.

More Read

utlizing big data for business model

Utilizing Data to Discover Shortcomings Within Your Business Model

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty
The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
How Big Data Is Transforming the Renewable Energy Sector
How Pictographs Make Technical Data More User Friendly

FactSet needed to grab changes to Web sites as soon as they occurred, but at the scale at which it was operating, it only wanted substantive, not cosmetic, changes; otherwise it would be inundated by non-substantive changes in layout or format. After considering a number of solutions, FactSet chose a solution that enables automated Web site monitoring, data gathering and alerts to changes in data as they occur. FactSet analysts are able to calibrate the tool to gather specific data on any Web site, using a simple interface that requires no coding.

FactSet was able to leverage the Web data monitoring and extraction tool to tremendously increase the number of companies it was able to monitor with the same number of people. The percentage of valid hits increased from 35% to over 90% because it was able to aggregate only hits that were important. The immediacy of the information — changes in Web sites were detected as they were posted — enabled FactSet to deliver fresher information to its clientele. Information collection has become a continuous process for each site, not just an annual update. More importantly, FactSet’s team could spend more time on high-value operations like research and quality assurance rather than repetitive, time-consuming collection.

In summary, FactSet finds that the investment in Web data extraction and monitoring tools have been worthwhile. FactSet has been able to deliver a timelier, greatly expanded, consistent, reliable and high quality product to its customers without having to hire additional employees.

TAGGED: big data, data aggregation, data warehousing
GCerami January 5, 2012
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

utlizing big data for business model
Big Data

Utilizing Data to Discover Shortcomings Within Your Business Model

6 Min Read
big data use in small businesses
Big Data

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty

7 Min Read
data-driven approach in healthcare
Analytics

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas

6 Min Read
big data transforming renewable energy sector
Big Data

How Big Data Is Transforming the Renewable Energy Sector

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?