Big Data Becomes Industry-Specific

The rise in Big Data analytics and aggregation service providers has led to an ongoing discussion about how data can aid businesses of all kinds and sizes. Most frequently, Big Data is referred to as a way for companies to streamline their operations and finances, regardless of industry.

But as businesses begin to catch on to the benefits of Big Data analytics, Data-as-a-Service providers are starting to refine their approach and wield the power of Big Data toward specific industries.

Among one of the first to do so is Saama, which announced Tuesday (June 9) that it is teaming up with Hortonworks to offer the insurance sector’s first industry-specific Big Data analytics platform.

According to the companies, data is “the most important asset for insurance companies.” Saama and Hortonworks’ new product will integrate Saama’s Insurance Data Model and analytics services with the Hortonworks Hadoop open source technology, which will act as a data warehouse.

“We are offering the flexibility and speed of a solution provider with the industry’s only 100 percent Hadoop solution in an open platform that integrates with existing IT investments,” said Saama Chief Revenue Officer Chris LaBruna on the innovative approach to this DaaS tool. “Ultimately, our goal is to effectively and efficiently help insurance companies deliver better policies.”

The companies’ new platform and services will enable players in the insurance sector to gain greater visibility into their data and its meaning, they added.

An industry-specific approach to Big Data solutions will likely become the norm as more businesses recognize the value of data analytics but report feeling overwhelmed by information overload. This sentiment has been a major driver behind DaaS innovators.

According to recent research from EMC, even some of the largest corporations are drowning in data. The company’s survey found that less than one-third of businesses reported being able to access necessary data in real time, while no more than 15 percent of companies said that they hold even one of several characteristics identified by EMS as crucial for success in a world of Big Data.