Adding Services-based APIs
Adding services-based APIs
Adding services-based APIs into the mix allows for easy integration of new functionality with minimal effort. For asset managers specifically, one of the requirements that this can help to fill is management of internal research. What was once a burdensome task, largely managed on network drives, is now something that can be completely automated and managed through a services-based API.
For example, we know of a company that enables clients to securely tag and upload their internal content into a customized version of the company's platform. Through Web services, the clients can take advantage of the company's proprietary tagging and optimized search functionality. This makes it easier to share information between teams and colleagues as well as track investment opportunities over time.
Before this functionality was available, the best you could do without a large investment was rely on searching through network drives or e-mail inboxes. Trying to replicate this company's tagging and search engines would be a whole new level of work on top of that, requiring a complex software build or the integration of an expensive search appliance.
Dealing with change
Historically, one of the biggest data product challenges for decision makers and users had been dealing with change. The benefit of solutions such as APIs and cloud services is that they can be built into a workflow that already exists, adding immediate value with new content and features. Today, technologists can do more for their internal clients-without major disruption-than they could just five years ago, effectively being more responsive to changing marketplace dynamics and investment strategies.
The surge in custom software development ultimately means that investment professionals get more of what they need, more quickly. This frees up technology strategists to focus on finding the places where value can be added rather than on figuring out how to get around the latest hurdle.
Rick Treese is Chief Technology Officer at TheMarkets.com. Rick is a specialist in Web product strategy, software development, and driving online businesses growth. He has over 18 years of technology leadership experience focused in the finance, Internet and media industries. Prior to TheMarkets.com, Rick was chief technology officer of global media company Advanstar Communications. Before that, he was vice president of technology at Goldman Sachs. Rick is co-author of CTO Leadership Strategies, published by Aspatore Books. He is a frequent speaker at industry events. He holds a Bachelor's degree in Banking and Finance from Hofstra University. He can be reached at firstname.lastname@example.org.