Big data is in a unique position in the business world. The use of many dimensions of information for analysis and subsequent action isn't just a pure advantage anymore. It's moving toward a mix of a benefit and a requirement as more companies utilize it. The question is less frequently whether or not a business uses big data at all, but how it utilizes that resource. Selecting the right business intelligence software, like IBM Cognos, helps financial service providers make the most of the many streams of data that flow in and out of operations on a daily basis. There's still work to be done and future developments to realize before big data and financial services are fully and truly merged, but the industry is inexorably moving in that direction.
Data management is a major concern
As Investopedia pointed out, drawing on information originally gathered by IBM, each day sees a massive generation of data cross the internet. Most of the world's data was created in the past few years, and approximately 2.5 quintillion bytes of data are created on daily basis. The drastically increased availability of information means the financial services industry has plenty of new and exciting ways to capitalize on customer, market and historical data and indicators, among many other resources.
Investopedia highlighted the need to take the right approach to big data to realize success, a point that grows more important as big data and predictive analytics become increasingly common in the financial services field. Concerns about data collection in some areas and what it may reveal about customers – including sensitive or legally protected information – is a major issue. So is focusing on short-term investment or trading results, as issues with signal-to-noise ratios and other factors can cause problems without the right analytical systems in place.
Aviana's work in the financial services industry means it has the experience and knowledge necessary to work through and avoid many of the most common issues related to big data. Our suite of IBM Cognos offerings allows for a range of choices, and customization and support helps individual businesses get the most out of big data and address unique concerns. To learn more, visit our dedicated industry page for financial services.