The Blackstone Group | Case Study
Blackstone Group Reduces Portfolio Risk Using Cloud-Native Data Mastering from Tamr
Creating Golden Records of Client, Property and Other Key-Asset Data
Running on AWS and Snowflake
Tamr Key Results:
- Successfully implemented multiple master data models with golden records across its $600+ billion portfolio, providing enriched, accurate data for key assets
- Mastered multiple key entity types including: deals, funds, investment vehicles and properties -- all from a single algorithm
- Established a highly efficient workflow for enriching the Company Universe with multiple external data sources.
- Provided a repeatable, scalable process for data mastering that improves with use
- Fully stood up and implemented Tamr with a team of two people, reaching production on AWS native in 50 days and enabling downstream data consumption in its Snowflake data warehouse
Global investment management company Blackstone operates with a cloud-first mentality and is applying this approach to how the firm manages its data. Data informs every aspect of Blackstone’s business -- from investments to due diligence -- and has helped the firm become a major financial institution.
Tamr provides Blackstone with a repeatable, scalable and reliable data mastering as an essential component of the firm’s master data management (MDM) system.
As Blackstone’s Chief Data Architect & CTO, Thomas Pologruto said, “Ultimately, how I was led to engage with Tamr was our MDM project and understanding how we can take four decades of data and produce a golden copy of a unified data set.”
Challenge: Mitigating Operational Risk With a Single Source of Key-Entity Data
As an industry leader for the last four decades, Blackstone has amassed a huge variety of data assets linked by lots of chronology as it passes through different systems, platforms, data vendors and third parties. Over the years, the pace of data accumulation has sped up while simultaneously, the data has gotten messier.
Blackstone’s Technology and Innovations Group is charged with understanding the relationships linking all that data and putting it into a symmetrical pace, with good data warehousing uniting the data for business consumption.
The firm’s Master Data Management project is the cornerstone of this program, seeking to create golden records, or fully mastered data, for all key entities. However, the project was running into challenges, including:
- Various duplicates in portfolio company data mixed in with its client data, the result of the rapid expansion of the portfolio-company universe.
- An existing data mastering process that was highly manual, making it difficult to manage the quality and consistency of the data.
- Difficulty in scaling, particularly as additional third-party reference datasets were onboarded.
Tamr’s Solution: Mastering Diverse Customer Data at Scale With Human-Guided Machine Learning
“We can view our MDM system, as many folks do, as the Rosetta Stone that connects everything together. This is how I was led to engage with Tamr...that MDM project and understanding how we can take four decades of data and produce a golden copy of a unified data set.”
—Thomas Pologruto, Chief Data Architect, Blackstone
By moving to a modern, cloud-native data mastering solution from Tamr, Blackstone has been able to effectively curate and enrich not only its customer data at scale, but also other entities critical to the business, including most recently its real estate properties portfolio. And do so in a unified, coherent and scalable way.
Tamr’s solution delivered:
- A machine-learning-driven, human-guided mastering approach with golden records enriched by third-party sources. Tamr’s ability to automatically assign a permanent identifier to each cleaned, unique record prevents “data drift,” even in the face of continued and extensive data growth.
- Easy UI workflows and patented technology that can direct expert time to high-impact edge data-mastering cases if and when needed. With Tamr, machine learning independently handles the bulk of data mastering tasks (up to 90%) such as record-matching, involving human experts only when necessary and sparingly so (then learning from the experts’ responses).
- A highly scalable cloud-native technology with a mastering approach that’s reusable across use cases and business units.
The more entities Blackstone mastered using Tamr, the more adept the process became and the cleaner and more self-maintaining its data.
Driving Better Business Decisions With Tamr, AWS and Snowflake
Blackstone runs a cloud-native Tamr deployment on AWS, allowing the firm to take advantage of the platform’s flexibility and scalability. Tamr is also natively connected with Snowflake, the cloud-based data warehouse, replacing the more than 110 SQL servers on-premise that the firm has maintained.
The combined Tamr, AWS and Snowflake solution provides a singular access point for all of the different data sets in the firm, and enables all of their analytics, visualization and tools to point to the same place for those data assets. The solution provides Blackstone with accurate data that is readily available to use in making business decisions.
“You have to put a material amount of effort into assembling your data. It is where Tamr and Snowflake proved to be a potent combination. It helped Blackstone to get its data organized into a clean cloud architecture,” Pologruto said.
The Bottom Line: Advanced Analytics Are Continually Fed With Enriched and Competitive Entity Data
With cloud-native Tamr, Blackstone found the missing data-management puzzle piece for its cloud-first mentality and ambitious MDM project.
- Fast time to value and reduced human effort from data integration that’s driven with much higher accuracy.
- A highly efficient workflow to enrich the company universe with PREQIN, Capital IQ, Pitchbook, Bloomberg and other external data.
- The ability to master multiple entity types using a single solution, including deals, funds, investment vehicles and properties.
Bolstered by the firm’s cloud-first IT strategy, the ultimate goal is to bring advanced data analytics, warehousing and visualization to all of the Blackstone corporate and investment teams. Successfully mastered data is an essential part of this.
“Keeping track of all our relationships— like identifying a property portfolio company or a third-party vendor—is a daunting task. With Tamr, we can unify the data and make a golden record of our data.”
- Thomas Pologruto, Chief Data Architect, Blackstone
About The Blackstone Group
Industry: Financial services
Blackstone is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for investors, the companies they invest in and the communities in which they work.
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