Studying the impact of innovation on business and society

Waters Technology: Golden Copy – Long Road to Disruption

via Waters Technology, excerpt

Will the industry’s data management advances stay confined to merely upgrading current methods?

Looking at financial services industry data operations practices along a continuum of iteration, innovation and disruption.

 In this column in recent weeks, I’ve considered the application of a couple different newer technologies to the data management realm — “regtech” and artificial intelligence. Remarks by Jeff Zoller, chair of the International Securities Association for Trade Communication (ISITC), at that organization’s annual conference this past week (and in a follow-up interview), highlighted just how far the financial industry may still have to go, in order to completely replace data operations systems with better methods.

Zoller cited and elaborated on a categorization of technology efforts by digital analyst Brian Solis, who studies the effects on technology on business in his role with Altimeter Group. Solis lists three types of technology changes: iteration — improvements on how existing processes work; innovation — the use of new processes; and disruption — the use of new processes that make existing processes obsolete.

Zoller sees financial industry operations as being somewhere “right in the middle” between iteration and innovation. “We’re not making the old ways obsolete,” he says. “We’re trying to figure out how to take the old things and just make them better and change them to some degree. Firms are still trying to take in traditional sets of investment data and use them in smarter ways.”

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