Emerging technologies such as Hadoop, NoSQL and Storm let investment gurus analyze non-traditional data sets that previously weren’t accessible.
Big data is changing how lot of businesses operate, especially in the healthcare, industrial, and retailsectors, to name just a few. Finance is another area where big data is making its mark, as emerging technologies such as Hadoop, NoSQL and Storm allow investment gurus to analyze non-traditional data sets that previously weren’t accessible.
That’s according to Rod Bodkin, founder and CEO of Think Big Analytics, a 3-year-old big data consultancy that has worked with many large corporations, including Amazon, EMC, Facebook and Intel, to help resolve their data management dilemmas. Before launching Think Big Analytics, Bodkin was VP of engineering at Quantcast, where he managed the data science and engineering staff. And back in the 90’s, he was cofounder and CTO of C-Bridge, a B2B applications provider.
In a phone interview with InformationWeek, Bodkin said that big data can help global money managers analyze information in new and innovative ways.
[ How can big data help boost the bottom line? Read Big Data’s New Fan: Your CFO. ]
“We think it’s already having a big impact,” said Bodkin of big data’s role in the financial industry. “When you look at capital markets, you see that there’s a lot of opportunity to apply new data sets and new algorithms. Fundamentally, we see big data coming in and letting people solve problems that were never before solvable.”
“We see things like being able to run live simulations of trading strategies and incorporate non-traditional data sets — like joining together order and trade data with satellite imagery or geolocation data, or sentiment data from social networks,” said Bodkin.