GoldenSource has launched its first cloud data services for clients looking to improve their data management in data lakes and warehouses.
The data software provider said its cloud data model can be embedded in any cloud data warehouse or lake with data available from traditional sources or via cloud marketplaces.
Clients will have access to pre-configured vendor connections and toolkits to transform and use the data in their preferred warehouse, including Cloudera, Snowflake, Databricks and Google Cloud Platform.
The company said that this significantly reduces the overhead needed to quickly onboard and manage these data sets.
GoldenSource also provides tools to plug in more data feeds and functionality, such as data quality and application programming interfaces, while the service runs in the background.
Cloud data platforms and warehouses, such as Snowflake, are the next frontiers in enterprise data management, promising numerous benefits to aid analytics, processing, and reporting for both investment managers and capital markets firms.
Despite the growing ease at which valuable data is available, including various cloud data marketplaces, a significant challenge remains in structuring the data in a way that brings immediate value to the consumption of these data sets.
For example, source data formats either need to be replicated within the data lake or mapped to a schema within the lake, which is a resource-heavy process.
“The development of data management infrastructure services within existing data lakes is truly revolutionary for how market participants configure and use data,” said Jeremy Katzeff, head of Buy-side Solutions at GoldenSource.
He added that “as financial institutions work with greater amounts of data, driven by the need for more quantitative strategies, the growth of alternative data, and the emergence of ESG, GoldenSource is at the vanguard of providing the latest tools, structures and services to make sense of this.”
