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How big data is transforming compliance

18

May
2016
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big data transforming compliance

For companies in many sensitive industries, managing their data in order to meet strict compliance rules can be a major headache. Often, regulators demand they keep large numbers of records on hand, which may be very hard to effectively comb through when needed.

It was noted by the Wall Street Journal that compliance applications vary widely, but often start with the company needing to identify what useful data it has available and then organising it into a useful format.

This is something that has proven difficult in the past, but the advent of big data analytics tools are changing this.

For instance, Lionel Wertz, director of corporate services at nuclear reactor company NuScale Power noted that until recently, his firm … Read more

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Insurers ‘missing out’ on big data advantages

16

May
2016
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insurers missing out on big data advantages

Many companies in the life and property/casualty (P&C) insurance sectors are failing to take full advantage of the potential of advanced big data analytics solutions, according to a new report.

Research conducted by Bain and Company revealed that despite some early successes, much of the industry has yet to scratch the surface of what big data technology is capable of. It found one in three life insurance providers and one in five P&C insurers do not apply big data tools to any business functions.

These businesses will therefore lack critical customer insight that can be used to gain a competitive advantage.

Many insurance firms are aware of this issue and have plans in place to increase their spending on big … Read more

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7 Social Media Platforms To Build Brand Image For Businesses

12

May
2016
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Few years ago, small businesses were in dilemma and had doubts whether social media was worth investing into. But now, it is no longer a question or issue on whether you need to be using social media. Rather, you have to think about the ways on using it effectively and efficiently in order to drive the business forward. A recent statistic was published by iDigic, Social media services for business – a Factosocial 101 infographic. It provides a clear description on how the various social media sites influence the brand value and business of a firm. Sometimes small businesses might feel that social media presence is a kind of luxury rather than some kind of necessity. Social media can be … Read more

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White House warns on big data risks

11

May
2016
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White House warns about big data risks

A new report on the big data analytics sector from the White House has warned businesses that they must consider the ethical implications of their deployments and ensure that they are not discriminating against any individuals through their use of data.

The study, titled "Big Data: A Report on Algorithmic Systems, Opportunity, and Civil Rights" noted that if used correctly, big data can be an invaluable tool in overcoming longstanding biases and revisiting traditional assumptions.

For instance, by stripping out information such as race, national origin, religion, sexual and gender orientation, and disability, big data solutions have the potential to prevent discriminatory harm when it comes to activities such as offering employment, access to finance or admission to universities. However, … Read more

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Enterprises set to boost investment in big data infrastructure

29

Apr
2016
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Enterprises set to boost investment in big data infrastructure

Businesses around the world are set to hugely increase their investments in hardware and networking solutions to support big data analytics operations in the coming years, as there is a growing recognition that more robust solutions will be required in order to cope with the huge influx of data.

Research by Technavio predicts that between 2015 and 2020, global spending on servers, storage and networking equipment to support big data activities is set to increase at a compound annual growth rate (CAGR) of 33 per cent, reaching $26.95 billion (£18.48 billion) by the end of the forecast period.

The biggest sub-sector within this market will be for storage tools, which is set to grow from $3.99 billion in 2015 to … Read more

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What happened to the ‘data gravity’ concept?

25

Apr
2016
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A few years ago, one of the emerging thoughts in the data storage sector was the idea of 'data gravity' – the concept that the information a business generates has mass that affects the services and applications around it. The more data firms create, the more 'pull' it has on surrounding parts of the organisation.

The term was coined back in 2010 by Dave McCrory. In his original post, he spelled out how as data volumes grow, the effect they have on other parts of the IT environment becomes more pronounced – in much the same way that a larger planet or star exerts a greater gravitational pull than a smaller one.

Back then, when big data was still … Read more

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Royal Mail embraces big data to boost performance

20

Apr
2016
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Royal Mail embraces big data boost performance

As the UK's largest mail carrier, dealing with billions of items every year, Royal Mail is a company well-used to managing huge volumes of information. But when it comes to improving how it handles its own digital data, the business is still in the rollout stage.

Speaking at a recent Hadoop Summit in Dublin, director of the firm's Technology Data Group Thomas Lee-Warren, explained the company has turned to Hadoop as the basis of a drive to gain more value from its internal data.

He told ComputerworldUK that as every item Royal Mail delivers is tracked, it has a huge amount of data at its disposal. 

"We are about to go up to running in the region of a hundred … Read more

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Address your big data challenges, the Kognitio Analytical Platform explained

15

Apr
2016
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Watch how the Kognitio Analytical Platform provides highly scalable, in-memory analytical software that delivers ultra fast, high-concurrency SQL access to large and varied data using low-cost commodity hardware or Hadoop. When your growing user community wants ever faster query responses for complex workloads – they want unequivocal raw compute power by harenssing lots of CPUs efficiently doing lots of concurrent work, never waiting on slow disk. Enjoy the video, we had fun putting it together, leave us comments telling us what you think of it…

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Learn more by visiting the Kognitio Analytical Platform page

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Retail banks turn to big data to regain customer trust

13

Apr
2016
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Retail banks turn to big data to regain customer trust

For many retail banks, the task of regaining consumer trust in the wake of the financial crisis of 2008-09 will be a difficult and ongoing challenge. With the sector still viewed with suspicion by many people, presenting a more personal face and improving customer service levels will be a high priority.

It was noted by FusionExperience chief executive Steve Edkins in an article for ITProPortal that this has become even more important in today's connected era, where the internet and social media mean dissatisfied customers are able to quickly voice any complaints to a wide audience.

In order to improve their customer service and avoid such issues, many retail banks are therefore turning to big data to offer services tailored … Read more

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Banks ‘not making the most’ of big data

08

Apr
2016
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Banks 'not making the most' of big data

Many banks should be doing more to turn the wealth of information they have available on their customers into actionable insights, it has been stated.

Speaking to Network World, head of banking and financial services at IT consultancy Xavient Information systems Deanne Yamato-Tucker noted that these institutions now have access to a wide variety of data from consumer-facing products such as apps. However, few of these are effectively analysing this information.

As a result, they are failing to take advantage of new opportunities to re-invent their offerings, deliver higher levels of customer service and develop innovative new products.

By careful use of their customers' data, banks should be able to offer more specific, tailored services to consumers, with rates that … Read more

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