Data Request Analysis System for Financial Data Cost Reduction

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Solution Overview

Problem

Large organizations face excessive costs and inefficiencies in retrieving financial data, particularly Bloomberg™ data, due to duplicative requests and the high cost of per-security data licenses, which do not utilize existing bulk data effectively.

Innovation Solution

A data request analysis and fulfillment system that identifies overlapping data items in bulk files and generates a delta list to optimize requests, reducing unnecessary data retrieval and costs by combining data from various sources and sharing costs between organizational levels.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Speed

If users submit data requests through the per security data license to ensure timely fulfillment, then the data retrieval speed is improved, but the organization incurs excessive costs due to paying for duplicative data items

Engineering Contradiction:

Improvedata retrieval speedVSAvoidcost

Core Design Contradiction:

SpeedVSLoss of energy

Solution Approach 1:

The system performs preliminary analysis of incoming data requests against already-purchased back office files before submitting requests to the per security license. This preliminary action identifies which data items are already available, preventing duplicative requests and reducing costs while maintaining timely fulfillment for non-duplicative items.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system implements a feedback mechanism where the results of data requests are analyzed to identify patterns of duplicative requests. This feedback is used to continuously optimize the request filtering process, improving cost efficiency over time while maintaining service levels.

Inventive Principle:

Principle #23Feedback

2Loss of energy

If users manually search back office files to check for existing data, then cost savings can be achieved, but the process becomes time-consuming and inefficient

Engineering Contradiction:

ImprovecostVSAvoidtime

Core Design Contradiction:

Loss of energyVSLoss of time

Solution Approach 1:

The system implements self-service by automatically analyzing incoming data requests and comparing them against available back office files without requiring user intervention. The system autonomously identifies duplicative requests, filters them out, and processes only necessary requests, eliminating manual search time while achieving cost savings.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system replaces the manual mechanical process of searching back office files with an automated computer-based analysis system. This substitution uses software algorithms to quickly compare requested data items against existing files, achieving both cost savings and time efficiency that manual processes cannot provide.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Adaptability or versatility

If the organization purchases comprehensive back office files to cover all possible data requests, then data availability is improved, but the cost of obtaining these files becomes prohibitive

Engineering Contradiction:

Improvedata availabilityVSAvoidcost

Core Design Contradiction:

Adaptability or versatilityVSLoss of energy

Solution Approach 1:

The system applies partial action by purchasing only the necessary back office files based on actual request patterns rather than attempting to cover all possible data items. The intelligent request analysis system compensates for the partial coverage by efficiently routing legitimate requests to the per security license, achieving cost-effective data availability.

Inventive Principle:

Principle #16Partial or excessive action

4Reliability

If users request all requested data items through the per security license without filtering, then complete data fulfillment is ensured, but duplicative requests result in unnecessary expenses

Engineering Contradiction:

Improvedata fulfillment completenessVSAvoidcost

Core Design Contradiction:

ReliabilityVSLoss of energy

Solution Approach 1:

The system extracts and removes duplicative data items from incoming requests by comparing them against already-purchased back office files. This extraction process separates necessary requests from duplicative ones, ensuring complete fulfillment of non-duplicative items while eliminating unnecessary costs associated with duplicative requests.

Inventive Principle:

Principle #2Taking out (Extraction)

Data Source

PatentUS10884991B1Data request analysis and fulfillment system and method

Publication Date: 2021.01.05 JPMORGAN CHASE BANK NA

AI summary

A system and method is provided for analyzing and fulfilling file requests within an organization, the file requests including multiple data items. The system and method includes storing delivered data items in at least one computer memory and executing instructions using at least one computer processor to perform multiple steps. The file request may be received over a network from a system user and analyzed to identify data items corresponding to the delivered data items. The request may then be cleansed by creating a delta list removing the data items corresponding to the delivered data items. The cleansed request may be transmitted for fulfillment to a fulfillment source. When a file corresponding to the fulfilled request is received, a response file combining the file corresponding to the received request with the data items corresponding to the delivered data items is created.