Cloudera Empowers Bombay Stock Exchange with Real-Time Insights to Reduce Operation Costs by 95%
Cloudera's scalable platform enables BSE to create complex reports 70% faster and improve data governance
MUMBAI, India, Dec. 21, 2018 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), 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 exchanges1, 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).
Click to tweet: @Cloudera empowers @BSEIndia to achieve real-time insights and enhance operational efficiency by 20 times [https://bit.ly/2CmftEU]
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."
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About Bombay Stock Exchange
Established in 1875, BSE (formerly known as Bombay Stock Exchange Ltd.), is Asia's first and the fastest stock exchange in world with the speed of 6 micro seconds. Over the past 143 years, BSE has facilitated the growth of the Indian corporate sector by providing an efficient capital-raising platform. Today, BSE provides an efficient and transparent market for trading in equity, currencies, commodities, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SMEs). India INX, India's first international exchange, is a fully-owned subsidiary of BSE. www.bseindia.com.
About Cloudera
At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. We deliver the modern platform for machine learning and analytics optimized for the cloud. The world's largest enterprises trust Cloudera to help solve their most challenging business problems. Learn more at www.cloudera.com.
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This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Cloudera's offerings. The words "believe," "may," "will," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (SEC), including our Form S-1 Registration Statement, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Cloudera assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
1 Asia's oldest stock exchange BSE may raise $182 million in IPO, Reuters, 2017
SOURCE Cloudera, Inc.
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