Big Data, Fast – It’s A Big Race
Big Data has gotten a lot more attention since MGI’s omnibus report “Big data: The next frontier for innovation, competition, and productivity” was published in May last year. Healthcare, manufacturing, retail and technology companies are rushing to them to gain the competitive advantage.
In the Financial Service industry it’s a race to leverage the bigger, faster, more diverse, more global Big Data to generate significant business value. My colleague Nancy Turbe did a brilliant job in her recent blog to identify the 5 key challenges faced by the financial institutions to be nimble – to quickly harness data in new ways to grow business value, and manage risk.
The Capital Markets, Insurance and Banking sectors have far greater levels of data intensity than most other industries. Today, they harness less than 15% of their enterprise data for research, trading, analytics and risk management because they are relying on their legacy applications and fragmented data repositories.
The cost of building flexible yet scalable data solutions and the uncertainty of how long it will take to achieve tangible benefits remain the major barriers to justify the move to Big Data. But the reality is that larger firms need to manage data effectively and quickly. They have to innovate to compete and compete to win the Big Data race.
We know that existing technologies and infrastructures are rapidly reaching their scalability and performances limits. To manage this rapidly growing data volume and complexity, institutions are seriously considering outsourcing and leveraging cloud-based technology “as a service” options as internal infrastructure modernization and investments.
To this end, EMC has been working with leading service providers in addressing the security, performance and compliance requirements of the “Cloud” world as an integral part of its cloud-enabled solutions. We are developing the economical, low-risk means to manage the many interlocking technology components necessary to successfully execute Big Data strategy in financial services.
Next week, Nancy will be presenting the details of this strategy at VMworld on our Cloud Ready Front Office offering – Nanotrader, built on ADSRA (Application and Data Services Reference Architecture), VMware’s technical architecture for cloud-enabled services.
Big Data, Speed and Time to Market, it will be the game changer for Financial Services – and for other industries.