Utilizing a total portfolio view in Snowflake allows for a consolidated, single source of truth for data, eliminating the noisy neighbor problem.
The increasing usage of artificial intelligence (AI) and the integration of AI capabilities will shape the data technology landscape, providing insights across various sectors and enhancing decision-making.
Deep dives
The Scope and Differentiation of Northern Trust
Northern Trust is a 130-year-old bank based in Chicago and is a leading provider of wealth management, asset management, and asset servicing. The company serves large institutional investors such as pension funds, endowments, family offices, and insurance companies. Northern Trust's Omnium Platform Technology Department offers a full-fledged middle-back office platform that supports real-time bookkeeping, investment records, and accounting records. What sets Northern Trust apart from its competitors is its focus on service, integrity, and the close collaboration between business leaders, subject matter experts, and tech leaders to enhance the Omnium platform.
The Cloud Migration and Partnership with Snowflake
Northern Trust began its journey to the public cloud in 2018-2019, starting with its alternative investments platform, Front Office Solutions. The company has been gradually increasing its cloud presence across various business units. One of Northern Trust's significant initiatives is the development of Total Portfolio View (TPV), a cloud-native platform that integrates both private and public market data into a single source of truth. TPV leverages Snowflake as its underlying infrastructure, ensuring real-time access to comprehensive analytics for chief investment officers, chief risk officers, and investment professionals. The partnership with Snowflake has provided Northern Trust with operational efficiencies and consolidated data management.
Future Trends: AI, Frictionless Data Exchange, and Governance
Looking ahead, Northern Trust's Mike Siswanto foresees that the increasing usage of artificial intelligence (AI) and the need for large datasets will shape the data technology landscape. The integration of AI capabilities, such as GPT (Chat GPT), will become more prevalent and provide insights across various sectors. Siswanto also envisions a future where frictionless data exchange becomes a reality, allowing organizations to share data efficiently while maintaining privacy and compliance. However, he acknowledges the challenges of governance and balancing the delicate task of accessing and utilizing proprietary and private data. Ultimately, he believes in the potential of AI-driven technologies to enhance accuracy and transparency while presenting new opportunities for improved decision-making.
In this episode, Mike Siswanto, Sr. Vice President at Northern Trust, explains how to eliminate the noisy neighbor problem by utilizing a total portfolio view in Snowflake, allowing for a consolidated, single source of truth for data. Mike also talks about migrating a 130-year old company to the cloud, the importance of real time analytics, and the current and future AI landscape.
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Attend Snowflake Summit 2023 in Las Vegas June 26-29 to learn how to access, build, and monetize data, tools, models, and applications in ways that were previously unimaginable. Enable seamless alignment and collaboration across these crucial functions in the Data Cloud to transform nearly every aspect of your organization.
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