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Market data is the financial information necessary for carrying out research, analysis and trading of financial instruments of all asset classes on world markets. It represents a wide range of financial information including quotes, terminals for financial data monitoring, trading desks and analysis.
Market data is important for a growing business as it provides comprehensive knowledge of your existing and potential customers for best possible decisions and develop products and services that your customers need.
Analysis of market data can be strategically utilized to effectively reach the target market segments and formulate new product ideas. A market data analysis platform for stocks and insurance can help you understand consumer’s pain points and devise marketing campaigns to speak directly to the intended audience.
Market data analysis for multiple business areas
The lack of reliable market data can be overcome by dashboards that remove dubious information and adjust for weaknesses in feeds. Sophisticated market data analysis platform by a trusted software development company, such as Flexsin Technologies, can be used to serve multiple business areas. Data quality is the first step towards the implementation of master data management that allows organizations to map the phases of information flow and document data transformation.
Master data management solutions
Master data management solutions are of high importance for the organizations in BFSI that need to deal with a large chunk of financial data, all the while adhering to governance and compliance requirements. Master data management solutions are increasingly been used for organizations operating in data-driven environments to structure and maintain data. Data quality tools can help reduce data duplication, prevent data breaches and maintain accurate records.
The authenticity of data, data losses, data theft, data mitigation and privacy are some of the issues that are effectively handled by a master data management solution with its centralized views that provides multiple benefits such as:
- Centralized administrative support for enterprise strategies
- Rationalization and optimization of services and products
- Support for IT and business project initiatives
- Transparency of market data distributed across the enterprise
- Personalize campaigns and enhance customer experience
- Prevention of compliance gaps and inefficiencies
- Acquisition of strategic products and services
Active trading strategies are needed to maximize returns and minimize losses in trades. A trader’s day is only as good as his charting software. A stock analysis software won’t make you an investment pro overnight but it can improve your success in the market. In fact, day-trading, as we know today wouldn’t have existed without electronic trading and stock analysis platform equipped with trade research, stock screening and analysis functions. Market data provided by stock analysis software can help you screen stocks and execute trades, sometimes just right inside the application.
Bundled packages with integrated applications for market analysis, stocks, funds, derivatives, forex and trading strategies are available that can help the traders succeed in the markets.
Quality of market data is more important that its accessibility
Financial and stock market data relates to the financial situation of a given market that can be used by banks, insurance companies and financial entities to evaluate the effectiveness of a given market. Stock market data refers to trade-related data across the global markets. Exchanges and multilateral trading facilities provide financial data that can be used by investors in a variety of ways. However, the quality of market data is more important than its ease of access and centralized availability. Market data API should provide the market data at the right frequency, and in a format that is flexible and conveniently accessible. So, it’s worth checking whether the API can be integrated with business operations.
Some of the features and benefits of a stock market analysis software include the below ones:
- Real-time data, charting, analytics, news and customization tools
- Simple charts that are fast to scan, sort, tweak and browse
- The software can be used for stocks, futures and forex
Data is every marketer’s best friend
Market data is complex and expensive. Having data is good, but drawing information from that data is not easy. Some data is more valuable than other data, and it’s important to know about the correct metrics to monitor. A market research software can provide the length and breadth of the current market trends, economic climate and demographics that could pave the way for immense success for a business by helping it with the right investment decisions.
It’s smart to write a business plan, especially if you are a startup. Market analysis is one of the key reasons to write a solid formal business plan that can help identify customers and attract investors.
For developing a good market research and analysis platform
Approach to market data application development
A successful market research and analysis application development project needs fundamentally improved approaches to meet the customer’s needs of competing effectively while minimizing the waste of resources. For this, you need an experienced market research software application development company that can provide you bespoke solutions following some key steps and phases of software development. These include:
Proof of concept
It makes the concept more clear and precise to the client. POC validates the technical feasibility, determines the scope and need for customization, and identifies possible expectations from the platform.
This includes converting the product concept to a blueprint for designing the product and developing working software. Considerations about functionality, quality, performance and time-to-market need to be taken into account at this phase of project development.
In designing phase, major decisions regarding the system are taken, now is the time to develop the physical system. At coding or programming phase, designing is converted into code in an appropriate language. A team of programmers is assigned for a particular project whose tasks are divided into sub-phases, so every coder has their own task. A well-developed and clearly laid out code will reduce the efforts in testing and maintenance.
This refers to an incomplete version of the software with a few aspects of its features. It allows software engineers to gain insights about the accuracy of the initial software development project estimates.
Software testing is done to evaluate the system’s compliance with the specified needs. Software testing is done at multiple levels for systematic and easily identifiable test cases at a particular level. These levels include:
Unit testing to test individual components and procedures.
Integration testing to find interface defects between modules and functions.
System testing to test the complete system as a whole, and
Acceptance testing to test the final system for release.
Additionally, regression testing, buddy testing, alpha testing and beta testing may also be done to ensure that the product functions as conceived and intended.
At this stage, the developers perform activities related to competitive differentiation and production, and positioning to execute a go-to-market strategy.
Proof of value
Experts at the market research software development company need to further measure the effectiveness of the launched product utilizing the best industry practices.
Software maintenance is widely accepted now as part of the software development life cycle (SDLC) in which modifications and updates are carried out to improve its performance and adapt the product according to the modified environment.
After the release of the products, maintenance is carried out for the software development company to ensure that the application remains relevant and high quality with ongoing evaluation of its performance and implementing improvements as and when needed.
Integrating market analytics tools across platforms
Modern marketers need to have an accurate and unified view of data across the platforms. Each data collection system might track data and events differently, resulting in discrepancies that need to be resolved to rely on data. An integrated, unified view of data allows for faster reporting. With all market data at one place, marketers can view user behaviors
Testing is a critical component of software development as it allows the development teams to test multiple variants of a feature of an application.
Selecting a technology platform, framework and APIs is important to stay compatible with the already implemented tech stack
A market analysis and research application can help you in maximizing your profit by providing you access to the reliable and insightful information.
A software development project requires wide-ranging expertise in designing and prototyping, business analysis, QA and others. A market analysis product launched straight out of incubation without knowing the current economic state of the market is bound to stumble and tumble.
Automation practices in software development
A Software Development Company should have specific competencies may be needed for advanced architectures and DevOps practices. The DevOps approach and its practices utilizing aligned testing and production environment, such as continuous integration and delivery (CI/CD) make it possible for the developers to come up with more frequent and reliable software releases. Similarly, automaton practices in software development, such as containerization can help in streamlining deployment and simplify the management of large systems. Load balancing and message queues can allow for overloaded servers to pause and resume work later. Forming tree hierarchies and introducing mitigation units can help in preventing single point of failure in the software application development process.
Data management solutions with proven metrics
At Flexsin Technologies, we possess extensive expertise in developing software applications for a variety of clients’ needs, including market analysis platform for stock and insurance, management information system for real estate industry, data and reporting management systems for airlines with proven success metrics for the clients. Get in touch with Flexsin Technologies for your all software application project development needs.
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