Cloudera Empowers Bombay Stock Exchange with Real-Time Insights to Reduce Costs by 95%
Chennai, December 21, 2018 – Cloudera, Inc. the modern platform for machine learning and analytics optimized for the cloud, today announced that Bombay Stock Exchange (BSE), one of Asia’s oldest stock exchanges, has implemented its big data lake on Cloudera Enterprise. Centralizing enterprise-wide structured and unstructured data, Cloudera Enterprise empowers BSE with real-time analytics, while improving data governance and maintaining compliance with the latest industry Service-Level Agreements (SLAs).
Faced with data growing on an average rate of 400GB a day, BSE needed a robust and scalable data repository that consolidates data from multiple sources to shorten the time taken for analysis and reporting. By transitioning to Cloudera’s scalable and secure platform, BSE is now able to make data-driven decisions in real-time and takes at least 70 percent less time than previously to generate complex reports. For example, it now takes only 20 minutes instead of the usual six hours to generate a Sync Trade Report. Moreover, since Cloudera Enterprise eliminates the need for expensive storage, BSE managed to reduce its operational cost by 20 times, which amounts to Rs 6 crore annually.
With data breaches costing companies in India an average of Rs12 crore (US$1.7 million) last year, BSE decided to strengthen their security posture by using Cloudera’s authentication, authorization, encryption, and auditing solutions. The move resulted in enhanced perimeter and data security, improved identity and access management, and better visibility on where and how data is used.
“Real-time analytics and scalability are the key factors in sustaining growth for BSE. As Asia’s first and now the world’s fastest stock exchange, it is vital for us to upkeep and future proof our critical systems and continue influencing the industry by building capital market flows,” said Kersi Tavadia, Chief Information Officer, Bombay Stock Exchange. “With the highest number of deployment references in the market and the lowest total cost of ownership among vendors, Cloudera efficiently provides industry-standard technology and infrastructural expertise that meets our business requirements.”
As false information can be detrimental to stock markets, BSE used Cloudera to gain better social media analytics capability. Previously, the stock exchange manually monitored print and online media to identify suspicious materials, which was not only time-consuming but also had a high risk of missing out relevant news. By automating this process using Cloudera’s Alert Generation Mechanism, BSE’s surveillance analysts are now able to receive continuous updates and quickly clarify suspicious articles with the relevant companies. This ultimately helps increase the integrity, brand value and investor confidence in the stock market.
“As drivers of today’s global digital economy, stock exchanges are challenged to find a solution that empowers a robust and standardized, yet scalable infrastructure for effective data distribution, management, and real-time analytics,” said Vinod Ganesan, Country Manager for India, Cloudera. “Cloudera’s goal is to be a partner in organizations’ data journey and help mission-critical organizations such as BSE deliver better products and services to end-customers by optimizing data management for real-time analytics while keeping with the latest industry regulations.”