Bloomberg is harnessing the power of an emerging technology to develop new products and services. This interesting news came to us from Diginomica in their article, “How Bloomberg uses machine learning to create a competitive advantage.”
Using machine-learning technology to utilize its vast data sets of financial information to its utmost, their results are new and powerful innovations for its staff and customers.
Bloomberg is currently building a data science platform, which is a scientific computing environment based on open-source software. The platform includes a rich visualization layer built using open-source technology.
This isn’t the only use Bloomberg is finding for machine learning. The firm is seeing benefits from machine learning in other areas, such as the automated production of reports.
The normal fears about that the widespread use of AI and machine learning leading to the replacement of humans with robots are still present. According to Chief Technology Officer Shawn Edwards, he prefers to see automation as a form augmentation. Rather than replacing workers, he says the use of emerging technology at Bloomberg will create opportunities for staff.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.