Page 1: Introduction
The business environment of today is more complex, faster moving and more volatile than ever. In order to survive in such an environment, businesses need to make decisions faster, responding to customer needs, responding to competitive pressures, hiring good people and getting them into production as fast as possible. The delivery of fast accurate information and analysis is the key for both companies and individuals to respond to the ever changing environment around them – so they can formulate ideas and strategies and take the decisions that offer the reward without too much of the risk.
Operating in this business environment is not easy. One organisation that supplies the financial industry with the tools they need to compete is Bloomberg. Itself a product of a fast moving industry, being less than 20 years old but already the principal provider of key information for better decision-making.
Founded in 1981 by Michael Bloomberg, Bloomberg has today established a position in the financial services industry with a worldwide customer base of leading financial institutions and multinational corporations. With European headquarters in London, the company employs over 7,000 people around the world.
The core product is the Bloomberg Professional. A computer application that resides on the desk top to provide the definitive source of real-time pricing, news, data, historical information and analysis on the global financial markets. The service is available 24-hours a day to more than 250,000 professionals in over 100 countries.
In addition to this core business, Bloomberg has also developed a range of media products that are distributed around the world. These include:
- 24-hour TV in 7 different languages
- localised web sites.
The Bloomberg vision
To grasp an organisation’s vision is to understand its reason for existence and nowhere more so than at Bloomberg.
'Bloomberg is in the business of giving its customers the information they need - no matter what that information is - where and when they need it - in whatever form is most appropriate. We don’t ask our customers to accept less.' Michael R Bloomberg
This strong culture of customer service and delivering the best, fastest, most accurate information in multimedia format is one of the keys to Bloomberg’s success.
This case study focuses upon the development of Bloomberg as a unique entrepreneurial organisation supplying a range of services for investors and businesses across the world.