The average firm is relying on more data, from more sources for more operations than ever before. With more venues, portfolios, customization, indices and exotic asset classes, we are experiencing a data explosion. Balance sheet information, sales reports, regional economic projections, and staff track records are all as important as fundamental and technical data.

But even if the big-name aggregators could provide all that information, other sources would still be essential to gain a competitive edge. This is what hedge funds know. They’ve been doing it for years. They see non-traditional information as a major asset. If they have the scoop on something that no one else knows, then they have the advantage. If everyone gets the same data from the same old sources, then investment edge is largely dependent on luck – and that’s hard to sell to investors. The rest of the industry is now catching on to the idea that data is critical to business success.