Webinar: What is unified business intelligence, and how does it compare to older technologies?
Below is the trascript of a Webinar hosted by InetSoft on the topic of "Next Generation Business Intelligence." The presenter is Mark Flaherty, CMO at InetSoft.
Mark Flaherty (MF): With current BI technologies, if you look at historical analysis versus predictive analysis, for instance, they are typically totally different applications. If you look at a traditional BI solution based on data warehousing, ones using disk-based technologies versus real-time in-memory BI, where, let’s say, a trader on Wall Street, needs to make an instantaneous analysis with no time allowed whatsoever to access a database on a disk, traditionally those are a couple of examples of separate technologies where you had to install several applications and choose which tool to use, today you’re seeing more and more unification of functions in a single BI application like InetSoft's.
If you think about it, all traditional business intelligence applications, no matter how user-friendly they try to make them, no matter how powerful they try to make them, they are limited by one factor, which is the underlying database. Whatever you planned for, whatever you designed, whatever you built in the underlying database, that has been the limit of your exploration and your analysis.
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Flexible Database Structures
Some of the new BI technologies, like InetSoft's data mashup, do not require a single rigid database structure. The software, itself, takes care of organizing disparate data sources into the necessary structure for analysis and reporting, you can truly begin to explore your data without any limitation. You can explore any relationships, any what-if scenarios, without previously having had to think about it and plan for it in your data modeling. That’s a very powerful technology.
InetSoft's data mashup technology offers a plethora of potential benefits for businesses seeking to derive actionable insights from their data. At its core, data mashup technology allows users to blend data from multiple sources into a single, unified dataset for analysis. This capability is particularly valuable in today's data-rich environment, where organizations often have data stored in disparate systems and formats. By seamlessly integrating data from diverse sources such as databases, spreadsheets, and web services, InetSoft's data mashup technology enables businesses to gain a holistic view of their operations and make more informed decisions.
One of the primary advantages of InetSoft's data mashup technology is its ability to accelerate the data preparation process. Traditionally, preparing data for analysis can be a time-consuming and labor-intensive task, requiring significant manual effort to clean, transform, and integrate data from different sources. With InetSoft's data mashup technology, however, this process is streamlined and automated, allowing users to quickly and efficiently combine data from disparate sources without the need for complex coding or scripting. This enables organizations to focus their time and resources on analyzing data and deriving insights, rather than on data wrangling tasks.
Furthermore, InetSoft's data mashup technology promotes agility and flexibility in data analysis. By empowering users to easily blend and manipulate data on the fly, the platform enables organizations to adapt quickly to changing business requirements and market conditions. Whether it's integrating new data sources, modifying existing datasets, or experimenting with different analytical approaches, InetSoft's data mashup technology provides users with the flexibility they need to stay nimble and responsive in a dynamic business environment. This agility enables businesses to extract maximum value from their data and seize new opportunities as they arise.
Lastly, InetSoft's data mashup technology fosters collaboration and knowledge sharing within organizations. By providing a centralized platform for data integration and analysis, the platform enables users across different departments and functions to collaborate on projects, share insights, and leverage each other's expertise. This collaborative approach not only enhances the quality and accuracy of analysis but also fosters a culture of data-driven decision-making throughout the organization. By breaking down silos and promoting cross-functional collaboration, InetSoft's data mashup technology enables organizations to harness the collective intelligence of their teams and drive innovation and growth.
Case Study: High-Frequency Trading (HFT) Firm Leverages InetSoft's Data Mashup Platform for Unified Business Intelligence
A leading High-Frequency Trading (HFT) firm specializing in algorithmic trading operates across multiple global exchanges, executing millions of trades daily. The firm's success depends on real-time data processing, rapid decision-making, and accurate risk management. However, as the firm expanded, managing and analyzing vast amounts of structured and unstructured data across disparate sources became increasingly complex.
Challenge
Before implementing InetSoft's data mashup platform, the HFT firm faced several challenges:
- Data Silos: Trading data, risk metrics, and performance analytics were stored across multiple systems, limiting cross-functional insights.
- Latency Issues: The firm required sub-second analytics, but traditional BI tools struggled to keep up with the velocity of market data.
- Complex Data Integration: Merging data from exchange feeds, internal trading systems, and external risk management sources was cumbersome and time-consuming.
- Limited Real-Time Visibility: Executives and traders lacked a single source of truth for monitoring trading strategies and assessing financial risk in real time.
Solution: Implementation of InetSoft's Data Mashup Platform
To address these issues, the HFT firm adopted InetSoft's data mashup and visualization platform, which allowed them to unify data from multiple sources and enable real-time business intelligence (BI). Key features of the solution included:
- Unified Data Integration: InetSoft's platform combined real-time market data, trading performance, and risk metrics into a single, interactive dashboard.
- Streaming Data Processing: The firm leveraged InetSoft's ability to handle streaming data, ensuring instant analytics on trade execution and order book movements.
- Automated Risk Monitoring: The BI system provided real-time alerts for unexpected market fluctuations, liquidity risks, and regulatory compliance breaches.
- Customizable Dashboards: Executives, traders, and risk managers could access personalized, role-based analytics, reducing dependence on IT teams.
- Scalable and Cloud-Optimized Architecture: The platform supported high-performance data processing across cloud-based infrastructure, ensuring minimal latency.
Results
The implementation of InetSoft's data mashup platform transformed the firm's BI capabilities, leading to:
- 50% Faster Decision-Making: Real-time analytics enabled traders to adjust strategies instantly.
- Improved Risk Management: Instant alerts on market anomalies helped mitigate financial risks.
- Seamless Data Unification: Previously siloed data sources were now integrated into a single, centralized BI system.
- Increased Operational Efficiency: Business teams could generate reports and insights without IT intervention, freeing up development resources.
- Regulatory Compliance: The firm was able to generate automated reports for regulators, ensuring transparency in trading activities.
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