As A Mix Of Structured And Unstructured Data
As the volume and complexity of data continue to grow exponentially across industries, organizations see “Big Data” as the next frontier in bringing insights into different departments and functions of their business. As a mix of structured and unstructured data, Big Data includes daily feeds of transactional data: enormous amounts of information about customers, suppliers, operations, and also external data, social media and multimedia content. Bringing it all together in a uniform architecture, and creating relevant applications is a real challenge. The technology landscape evolves very rapidly and making the right decisions and efficiently leveraging technology requires experience.
Why is Big Data important to your business?
Big Data can be a great tool to understand consumer behaviors and market trends and help businesses make better decisions, faster, and with a more scientific approach:
- Create transparency
- Experiment with variability to find source of performance improvement
- Segment the market and prioritize actions and tactics
- Utilize automated algorithms in decision making
- Innovate new business models and products.
Matrixminds Software’s business is entirely dependent on Hadoop, so its advocacy of the technology is hardly unbiased. However very similar sentiments have been expressed by independent research firm Forrester. It has even gone so far as to say: “Given its economics, performance and flexibility, Hadoop will become an essential piece of every company’s business technology (BT) agenda."
So every industry should take note of what Matrixminds Software is saying about how it, and Hadoop, can help the financial services industry and look at the relevance to their own industry. For example, change a few key phrases and this statement applies to just about any business today.“The digital revolution has led to new sources of data that are complex to ingest, such as data from derivative trading platforms, social media, blogs and other news feeds. This information, if combined with individual financial transactions and history, can help to paint a holistic picture of individuals, families, organisations, and markets.”
This one is universal. “Bringing together large volumes of data from many sources and in a variety of formats — including both structured and unstructured — is impossible using traditional relational database and data warehousing technologies. The pains and costs associated with capturing, combining, and making this data usable are overwhelming for organisations to accomplish successfully.”
Hadoop applies to a bunch of markets. In finance, if you want to do accurate portfolio evaluation and risk analysis, you can build sophisticated models that are hard to jam into a database engine. But Hadoop can handle it. In online retail, if you want to deliver better search answers to your customers so they’re more likely to buy the thing you show them, that sort of problem is well addressed by the platform Google built. Those are just a few examples.