Sunday, 19th September 2010
We have been reading about ProQuest's first step towards unifying Dialog and Datastar content after acquiring Dialog from Thomson Reuters a couple of years ago (see http://www.vivavip.com/go/e29767 and http://www.vivavip.com/go/e30387).
Now it is the turn of financial information giant Thomson Reuters to announce a new, unified product.
Eikon, (http://thomsonreuters.com/products_services/financial/eikon), billed as a product 'for the new icons of finance', is intended to eventually replace the large and disparate portfolio of databases resulting from the 2007 merger between Thomson Financial and Reuters.
Eikon will provide financial information users with access to a one-stop-shop, containing 'every financial tool that any finance pro may need'. Market information on equities, fixed income, foreign exchange, commodities, investment and wealth management are now available via one single interface.
Web-style navigation, combined with video content, social networking tools and multiple platform access, including laptops and mobile devices will make Eikon a formidable tool in the competitive landscape of financial information.
Financial information providers have somewhat lagged behind news providers in harnessing social networking technology, but Thomson Reuters has made Web 2.0 central to Eikon's concept. Subscribers will be able to share real-time content and analysis with colleagues, and build relationships, all from one point of access.
Aimed at a new generation of financial analysts, who may not be used to the complexities of financial instrument codes, the new product will enable users to find the information they need using natural search.
Thomson Reuters' sales and customer service teams will also breathe a sigh of relief - their tasks will be made easier once the various brands such as Thomson 1, Trader and 3000 xtra are brought under one roof.
According to David Wenig, the CEO of Thomson Reuters Markets, costs will vary according to the number of modules subscribers access, but will be 'similar to the current upper tier of Thomson Reuters' product line-up'.
Much like the struggling newspaper industry, financial information providers too, have suffered from freely available information via the web. This, combined with the need to stay ahead of the competition, notably Bloomberg and its new product, Launchpad 2010, has made the need for a user-friendly, simplified product a business necessity for Thomson Reuters.
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