How Nasdaq Makes use of Lively Metadata to Evangelize their Information Technique – Atlan

Monetary and Know-how Heavyweight Lowering Time Spent on Information Discovery by One-third with Atlan

When one thinks of Nasdaq, their eponymous trade in New York Metropolis probably involves thoughts. It’s the world’s second-largest, with $18 trillion in market capitalization; dwelling to the world’s most prestigious know-how corporations.

Michael Weiss, Product Supervisor at Nasdaq, joined Atlan on the 2023 Gartner Information & Analytics Summit to share how Nasdaq is a lot greater than its flagship trade, and the way an organization that has run on information for over 5 many years is changing into a frontrunner in information know-how, as nicely.

Nasdaq by the Numbers (by way of Nasdaq)

“It may be a shock simply how large Nasdaq is,” Michael defined. “Nasdaq operates over 30 exchanges throughout quite a lot of asset courses throughout the globe. We’re additionally dwelling to over 4,100 publicly listed corporations globally. Within the U.S., we’re dwelling to 73% of all publicly listed tech corporations, and the 4 largest by market cap. Nasdaq is actually the house of know-how.”

A Decade of Cloud Expertise

Contemplating their place within the cautious and infrequently slow-moving monetary sector, it would come as a shock to many who Nasdaq started their cloud journey with AWS way back to 2012. Initially, they constructed inside merchandise specializing in regulatory reporting, then income administration, supported by the cloud. “From there, we went to information warehousing and analytics. Ever since then, we’ve been systematically transferring towards the cloud,” Michael shared.

With greater than a decade of expertise working in AWS, Nasdaq is starting to maneuver the majority of its crucial workloads to the cloud, and is defining how the subsequent technology of capital markets will function.

Drawback Statements for Nasdaq’s Information Stack Modernization (by way of Nasdaq)

Regardless of this deep expertise, Nasdaq sees ample alternative to enhance. First, buying and selling system information is difficult in measurement, and in complexity, with as many as 140 billion occasions per day processed within the U.S., alone. “While you take a look at buying and selling system information, it’s essential to comprehend it’s optimized for [operational] efficiency, not for analytics,” Michael defined.

Nasdaq’s course of for getting ready and presenting information was one other focus, with their legacy ETL instruments unable to maintain up when each the kinds of information, and the demand for information, scaled considerably. “They have been a bit inflexible,” Michael shared. “They didn’t actually alter to the place we have been making an attempt to get to on the time.”

Between the complexity of their information, legacy instruments that have been sluggish to develop to Nasdaq’s ambitions. A staff that had its fingers full sustaining their technical panorama, Nasdaq’s information staff realized a chance to raised help their enterprise companions. “If you happen to have been a product proprietor or enterprise consumer who wished to get a brand new set of insights into your information, it might take fairly a while to have somebody construct it out on the present platform,” Michael shared. “We weren’t actually enabling our enterprise customers to get what they wanted.”

In consequence, parallel groups started to emerge, every with a novel strategy to creating information options. “If you happen to have been a enterprise unit, you can go to one in all 4 groups to attempt to get a solution. As a matter of truth, they’d go to all 4 groups to see who would win first,” Michael defined.

It could take a compelling imaginative and prescient and technique, backed by a extra trendy information stack and staff construction, to raised help Nasdaq’s rising inside demand for information.

A Information Chief’s Information Stack

Nasdaq's Data Stack (DBT, Spark, S3, Glue, Redshift, Atlan, Monte Carlo, Quicksight)
Nasdaq’s Modernized Information Stack (by way of Nasdaq)

“It was solely about 18 months in the past that we determined to take a step again and re-evaluate our tech stack,” Michael defined. And in that quick time, Nasdaq has made a number of key investments.

First was an implementation of dbt, accelerating their staff’s means to construct information fashions. “We actually wished a device that was versatile, and will actually allow individuals who had SQL expertise already to benefit from that know-how,” Michael shared. Nasdaq continued to function on AWS, embracing Redshift as their major information retailer, alongside quite a lot of AWS companies akin to S3 as their information lake, Glue for information integration, and QuickSight for enterprise intelligence. 

This new stack additionally included Monte Carlo, adopted for information observability. “Lots of our information monitoring on the time was very reactive. The pipeline may succeed however we wouldn’t know if the info was proper, unsuitable, or detached,” Michael shared. “With a device like Monte Carlo, we’re in a position to catch a few of that earlier on.”

However the ultimate piece of the puzzle was Atlan. Atlan was adopted as Nasdaq’s window to their modernizing information stack, and as a vessel for a knowledge governance follow that was shortly maturing.

That is how we’re actually going to take ourselves to the subsequent degree.

Michael Weiss, Product Supervisor

Evolving Groups and Processes

Past taking a leap ahead in technical maturity, Nasdaq’s information staff understood that their staff construction and working mannequin would want to make an analogous leap in the event that they have been to satisfy, then exceed enterprise wants. “You possibly can herald new instruments and to maintain the identical methodology and the identical cultural approaches you don’t actually remedy the core drawback,” Michael shared. “How do you deliver a data-first tradition to the complete group?

Nasdaq lengthy had a centralized construction for reporting; acceptable for his or her legacy know-how and obligations, however a mannequin that struggled to allow their enterprise counterparts to make use of new instruments and applied sciences. 

Nasdaq's new team structure
Modernizing Group Construction & Course of (by way of Nasdaq)

“We appeared on the talent units inside totally different groups to attempt to determine one of the simplest ways to deliver forth change at a extra basic organizational degree,” Michael defined. 

This strategy led to fastidiously focusing Nasdaq’s information group into extra particular roles. First is the Platform Group, answerable for sustaining core know-how and decreasing cognitive load on analysts and customers. Subsequent is the Financial Analysis staff, targeted on information science and serving as a middle of experience for enterprise models conducting deeper evaluation.

Whereas a less-centralized mannequin was a greater match for the rising variety of information customers, it required a extra mature engagement and onboarding mannequin as customers started to take advantage of new capabilities and information. 

“We began taking a look at how we basically embed information into every one in all our core companies to allow them to self-serve,” Michael shared. “So we got here up with an engagement mannequin the place we’d go to one in all our organizations. We do a survey to begin. We have been making an attempt to get an evaluation of the place they have been with their expertise, after which from there we might really embed with them a set of knowledge initiatives they wished to pursue and get them up and operating.”

Nasdaq's engagement and onboarding model
Up to date Engagement & Onboarding Mannequin (by way of Nasdaq)

This new course of, contemplating the distinctive wants of Nasdaq’s enterprise models, and guiding them by means of necessities, joint growth of enterprise fashions, the creation of a metrics layer, and enablement to transition accountability, meant that quite than appearing as a service middle, Nasdaq’s central information staff might concentrate on bigger initiatives, teaching and consulting when vital.

We didn’t wish to simply say, ‘Hey, right here’s the platform. Have enjoyable, good luck. Come again inside six months and tell us what you consider it.’ We discovered that this enabling actually has helped drive success getting groups on board.

Michael Weiss, Product Supervisor

Selecting Atlan for Lively Metadata Administration

With core information know-how in place, a staff construction that matched Nasdaq’s information service technique, and an onboarding and engagement mannequin to make sure enterprise companions have been well-equipped to make use of new capabilities, Michael’s staff turned to lively metadata administration as a path for schooling, collaboration, and discovery.

“This isn’t the primary time we’ve launched new know-how at Nasdaq for information. I’ve been at Nasdaq for 10 years. That is the third or fourth time we did it. Every time you be taught a bit one thing totally different,” Michael shared. “Once we launched this one of many key issues that our government staff introduced up was ‘What’s going to be totally different this time?’ ‘What different issues are you going to herald the combo to scale back friction between information producers and customers?’”

Essential to Nasdaq’s government staff was the power for customers to grasp what information and instruments they’ve at their disposal, and lively metadata administration turned an important know-how for answering this query. With no platform like Atlan, information and capabilities would stay undiscoverable, decreasing the potential return on funding Michael had hoped for at first of Nasdaq’s journey.

“To get key stakeholders to purchase into every little thing, it was crucial we had a plan in place. We as soon as discovered ourselves targeted on BI and ETL however forgot about how one can scale back friction between producers and customers of knowledge. It was front-of-mind for all stakeholders that we deliberate to resolve this in any new information strategy. With out this the remainder of our mannequin could be DOA,” Michael defined.

Nasdaq's criteria for evaluating and choosing an Active Metadata Management platform
Lively Metadata Administration Platform Necessities (by way of Nasdaq)

Amongst Nasdaq’s stringent necessities for lively metadata administration was a SaaS mannequin – avoiding the necessity to handle their very own infrastructure – in addition to the power to fastidiously mannequin entry factors throughout customers and roles, and a confirmed file of safety aligning with Nasdaq’s place as a extremely regulated enterprise entity.

Maybe most essential was cultural alignment, a deciding issue for why Atlan proved to be one of the best match for Nasdaq.

It’s not simply the know-how, however the group behind it. We actually wished a companion who would are available and assist us actually perceive the ability and good thing about this device. We discovered that.

Michael Weiss, Product Supervisor

Scoping the Information Service Alternative

An essential a part of Nasdaq’s path to implementing Atlan was surveying information customers to raised perceive how they might enhance the invention and software of knowledge.

The data-related activities undertaken by Nasdaq's data consumers
Information Client Survey Outcomes (by way of Nasdaq)

Practically 100 finish customers responded to the survey, and what Michael’s staff discovered was intriguing. 75% of respondents reported spending time making an attempt to grasp the context round information. And energy customers, who spend six or extra hours per week on information, spent two of these hours making an attempt to grasp the context round what they have already got entry to.

Take into consideration that! A 3rd of their time each week is spent simply making an attempt to grasp what’s there. Think about if we might deliver a product in that helps scale back that effort and actually allows them to get proper to the center of the issue — to drive information merchandise from insights into the enterprise. And that’s what we’re making an attempt to get to.

Michael Weiss, Product Supervisor

These findings have been constant throughout Nasdaq’s numerous information and capabilities. Whether or not uncooked information from their matching engine, or ready metrics and visuals, important time was spent on accumulating context, slowing supply on key insights and information merchandise.

Bettering Sentiment for Information Customers (by way of Nasdaq)

Looking for a beyond-the-numbers understanding of stakeholder sentiment, the survey requested for qualitative suggestions, resulting in the belief that siloed and misplaced data have been key issues to deal with. With out robust possession of knowledge property, or constant documentation, Michael’s stakeholders discovered it tough to select up the place one other member of Nasdaq’s group left off.

“It was not unusual that you’d have somebody working in a single a part of the group, realizing one a part of one thing. Then a knowledge product proprietor would are available, and doesn’t perceive why choices have been made, and even what was obtainable, so that they’re again to sq. one,” Michael defined.

Driving Frequent Understanding of Nasdaq’s Information

“Among the early outcomes have been actually astonishing,” Michael shared. Regardless of being early of their Atlan adoption journey, a follow-up survey reveals indicators that Nasdaq’s alternative of Atlan for lively metadata administration is yielding constructive outcomes.

The one remark that retains arising is ‘That is like having Google for our information,’” Michael defined. “Letting them begin with column names and baseline descriptions has enabled our customers to essentially perceive what’s in our lakes and warehouses already, after which begin asking the correct questions.”

Having made the correct know-how decisions, and with a staff construction that helps their enterprise models distinctive information wants, the introduction of Atlan into the Nasdaq ecosystem has catalyzed a standard understanding of their information and the instruments at their disposal. And with a rising array of knowledge, insights, and capabilities at customers’ fingertips in Atlan, confidence in Michael and his staff’s information technique is bettering.

“Though we’re early into this journey there may be already a little bit of a shift within the sentiment of our staff. Whereas we nonetheless have rather a lot to do, this journey is already proving priceless and has been crucial for the manager staff having confidence we will proceed to ship on our promise.”

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