Merge branch 'master' of github.com:socraticDevBlog/eng_blog

Author: socraticDevBlog

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+---
+title: "Bloomberg Terminal: the Ultimate Software-as-a-Service"
+date: 2023-01-12
+author: "SocraticDev"
+image: ../../images/bloombergterminal.png
+tags:
+  - business
+  - technology
+---
+
+In technology, one can either innovate or imitate others.
+
+## Bloomberg Terminal: tens of thousands of dollars per month per user
+
+This "software as a service" (SaaS) enjoys undeniable success despite the fact
+that it is neither "user friendly" nor highly polished. Above all, it does not promise a
+superior user experience (UX) despite its sky-high price.
+
+Sold at a high price since the early 1980s, the Bloomberg Terminal is a
+resounding commercial success.
+
+I believe that every technologist should familiarize themselves with this product in order
+to acquire a more accurate vision of the ingredients necessary for a
+tech product commercial success.
+
+> Bloomberg terminals are one of the main product offerings from Bloomberg L.P.
+> They are one of the most heavily used and highly regarded professional
+> investment systems to be created for the financial marketplace. Institutional
+> investors are the typical customers of this product since the relatively high
+> ongoing cost makes it unfeasible for individual investors with relatively
+> small amounts of capital to purchase. 
+> <br><br>
+> The system provides news, price quotes, and messaging across its proprietary
+> secure network. It is well-known among the financial community for its black
+> interface, which is not optimized for user experience but has become a
+> recognizable trait of the service. It's not uncommon to see Bloomberg's
+> rather bland visuals carried into their television station, although they
+> round their media empire out with visually rich content in their flagship
+> magazine Bloomberg Businessweek. . <br><br>
+> <cite>Investopedia, "What Is a Bloomberg Terminal? Functions, Costs, and Alternatives", https://www.investopedia.com/terms/b/bloomberg_terminal.asp</cite>
+
+## value in tech
+
+From an economic point of view, the ultimate objective of the technologist is to create
+value for the customer for whom a product or service is intended.
+
+> The subjective theory of value is an economic theory which proposes the idea
+> that the value of any good is not determined by the utility value of the
+> object, nor by the cumulative value of components or labour needed to produce
+> or manufacture it, but instead is determined by the individuals or entities
+> who are buying or selling the object in question. This trend is often seen in
+> collectable items such as cars, vinyl records, and comic books. The value of
+> an object may have increased substantially since its creation or original
+> purchase due to age, a personal affinity, or scarcity. 
+> <br><br><cite>Wikipedia, "Subjective theory of value", https://www.wikiwand.com/en/Subjective_theory_of_value</cite>
+
+In crude terms, we say that value is what makes the user
+willing to pay to use a service or product.
+
+## SaaS - Software as a Service
+
+The "on demand" software model combines the interests of software developers
+and their end-users.
+
+A customer agrees to pay for their software as long as it brings them value.
+Otherwise the deal is off.
+
+The "SaaS" model associated with cloud computing democratizes the market for
+ambitious solo developers. More and more small teams of developers, even
+solo developers, go a part of the business, and market products of high quality.
+
+Cloud computing and SaaS model democratize access to tech market.
+
+## how can Bloomberg inspire ambitious developers?
+
+I believe that the notion of value is at the heart of the lesson we must draw from
+success of the Bloomberg terminal.
+
+Michael Bloomberg started the project following his dismissal from his
+employer. Armed with a solid knowledge of the financial sector, he invested his
+savings in the development of softwared catering to the financial world.
+
+> In 1981, Michael Bloomberg was fired from Salomon Brothers. He was given no
+> severance package, but owned $10 million worth of equity as a partner at the
+> firm. Using this money, Bloomberg, having designed in-house computerized
+> financial systems for Salomon, set up a data services company named
+> Innovative Market Systems (IMS) based on his belief that Wall Street would
+> pay a premium for high-quality business information, delivered
+> instantaneously on computer terminals in a variety of usable formats. The
+> company sold customized computer terminals that delivered real-time market
+> data, financial calculations and other analytics to Wall Street firms. At
+> first, the machine was called the Market Master terminal, but later became
+> known as the Bloomberg Terminal or simply "The Bloomberg". The terminal was
+> released to market in December 1982. Merrill Lynch became the company's first
+> customer, purchasing a 30% stake in IMS for $30 million in exchange for a
+> five-year restriction on marketing the terminals to Merrill Lynch's
+> competitors. In 1984, Merrill Lynch released IMS from the restriction.
+> <br><br>
+> <cite>Wikipedia, "Bloomberg Terminal", https://www.wikiwand.com/en/Bloomberg_Terminal</cite>
+
+## conclusion
+
+By way of conclusion, I will absolutely not be original. I repeat here
+what any pragmatic technologist already know.
+
+The moral of the Bloomberg Terminal's success is that business domain knowledge is crucial for the success of any technology project.
+
+Technical skills are less and less crucial to the success of a
+technology project.
+
+There is no need to reinvent the wheel. Most computer problems have already
+been resolved. There are countless reusable code libraries that one can leverage. Architectural patterns that hold water are taught to
+budding system architects. Cloud providers offer
+turnkey development platforms allowing us to deploy a new project in
+production in a short time.
+
+In technology, one can either innovate or imitate others.
+
+No one has ever been fired for imitating others.
+
+`translation from french by google translate`
+
+## sources
+
+- Understanding the Bloomberg Terminal: https://www.youtube.com/watch?v=0FGZvgf8kf8
+- Bloomberg: The Financial Search Engine : https://www.youtube.com/watch?v=ZyOcrzFsb00
+- How Does The Bloomberg Terminal Work? | How To Use A Bloomberg Terminal For Trading : https://www.youtube.com/watch?v=ZFHfjhV4mIg
+- https://www.wikiwand.com/en/Bloomberg_Terminal
+