With the advent of social media, process automation, remote accessibility, and mobile presence, every company, no matter how far away from ‘tech’ they may seem, is becoming a tech company-and to their advantage-a data company. Big Data encompasses large amounts of aggregated data that combines structured data models and relational databases with unstructured data, like text and images, to bring new insights into consumer behavior and open avenues that bridge businesses with other businesses and consumers.
Many companies’ aging IT infrastructures were not built to anticipate such an amount of information and without a means to access and properly integrate the data, some businesses have since lowered its priority. As a result, forward-thinking enterprises have outsourced their consulting and Joe McKendrick and Gil Press point out that while IT giants like Oracle and IBM are still the go-to names in the IT industry, their legacy will soon give way to web-born digital natives like Amazon and other IT-intensive companies that have successfully incorporated big data into their IT infrastructure from the core and throughout the stack, developing ever-innovative IT solutions while utilizing open-source APIs.
Large financial enterprises have turned to cloud computing and data management services in search of solutions that provide effective management of past, current, and future data. Bank of America began implementation of redefining its software-defined infrastructures back 2013 with plans to have 80% of its workloads running on infrastructures inspired and built by third-party web companies by 2018. The Wall Street Journal points out that “the transformation at Bank of America reflects the migration of state-of-the art information technology developed by Internet companies into the broader economy.” Over 60% of companies, including big names like Fidelity and Apple, are helping small companies that specialize in big data to push traditional boundaries in the enterprise through collaboration with these non-traditional providers and consultants in hopes of merging their industries to deliver optimized software that is scalable and tailored to their changing needs. Furthermore, in a study conducted by CapGemini and EMC, Big & Fast Data: The Rise of Insight-Driven Business, they detailed that companies who are left behind report a significant level of disruption from new competitors moving into their industry from adjacent industries (27%), and over half (53%) expect to face increased competition from start-ups enabled by data. Big Data and its proper implementation in the enterprise is quickly becoming more important than a company’s legacy products and services in lieu of the opportunity to gain insights that big data analytics can deliver, causing every company to delve into custom software and data management.
Ayoka provides enterprise software development services for clients in the financial services industry; we are located in Texas, and we help clients uncover innovative ways to get information to their customers! Call us at 817-210-4042 to learn more. It’s easy for Senior executives to see their IT systems improve, since it is imperative to keep pace with the evolving needs of customers customers, suppliers and meet key stakeholder requirements outside of their organizations.
