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Bloomberg and Databricks Collaborate to Deliver Data-Powered Insights

Bloomberg and Databricks Collaborate to Deliver Data-Powered Insights

Bloomberg’s Data License and Data License Plus (DL+) enable Databricks customers to increase efficiency and streamline workflows

Bloomberg announced a strategic collaboration with Databricks, the Data and AI company, allowing mutual customers to seamlessly access Bloomberg’s extensive data offerings via Data License and cloud-based data management solution Data License Plus (DL+). These solutions have been designed to facilitate seamless data integration, setting the stage for the acceleration of data analysis, insights generation and unified governance for structured and unstructured data, as well as artificial intelligence (AI) and machine learning (ML) on any cloud or platform.PREDICTIONS SERIES 2024 - CIO InfluenceRead More: CIO Influence Interview with Dave Grant, President at Nasuni

The collaboration underscores the industry’s growing demand for comprehensive data solutions that can be effortlessly integrated into existing workflows. Bloomberg Data License content includes but is not limited to reference, pricing, regulatory data, corporate actions and ESG data covering more than 70 million securities and 40,000 data fields. Users of the service can take data from their Bloomberg Bulk subscriptions and complement them with customized datasets from Bloomberg’s Per Security service. This ensures users get the right data to meet their workflow needs, all backed by Bloomberg’s Unified Data Model.

DL+ is Bloomberg’s cloud-based data management solution that aggregates, organizes and links a customer’s licensed Bloomberg Data License content, making it easier to use throughout the enterprise while reducing clients’ data ingestion efforts. The solution allows customers to control the scheduling of data acquisition and delivery to meet the strict timing requirements of their specific organization’s processes and allows customers to build on cloud technologies while maintaining transparency, consistency, quality, stability and the specific dataset needs of their organization.

Databricks Lakehouse architecture combines elements of data lakes and data warehouses to help customers reduce costs and deliver on data and AI initiatives faster. Built on open source and open standards, the platform eliminates silos that historically complicate data and AI. The environment can support collaborative research, advanced machine learning applications (including Generative AI) with MLflow and productionalize data workflows.

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Moreover, with the inclusion of Databricks Unity Catalog capabilities, customers can benefit from enhanced discoverability of Bloomberg data, AI-enhanced productivity in processing this extensive financial dataset, and a simplified yet robust governance and permissioning structure. This streamlines access to Bloomberg data, making compliance easier and accelerating data, AI and machine learning projects.

“We are thrilled to unveil our collaboration with Bloomberg, which holds immense potential across a multitude of industries and global financial markets. With Databricks powered by Bloomberg’s vast array of data products, the possibilities for advanced analytics become truly limitless,” said Junta Nakai, Global VP, Financial Services at Databricks. “Together, we’re poised to revolutionize how organizations harness data-driven insights to make informed decisions that will shape the future of finance and beyond.”

“We’re excited to announce this collaboration with Databricks, and to continue to expand efficient access to Bloomberg’s data in the cloud as customers continue to demand large quantities of quality data,” said Don Huff, Global Head of Client Services at Bloomberg Data Management. “We look forward to helping more customers benefit from this integrated solution through realizing data integration efficiencies, accelerated cloud migrations, accelerated Target Operating Model (TOM) updates and supporting more use cases across enterprises.”

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