Unlocking Big Data: The next Big Opportunity
Date: Monday , October 01, 2012
Headquartered in New York, Synechron is a fast growing IT company specializing in Capital Markets, Mortgage, Insurance, Energy & Commodities, and Digital Media & Technology space. The company employs 4000 professionals across nine countries globally Client satisfaction and commitment to excellence are their core values.
The industry ecosystem we operate in has always been in a state of constant flux, brought about by paradigm shifts in technology, global economy, and stricter compliance rules and regulations. Right from the time when we started operations in 2001, to the global credit crisis in 2008-2009, we have witnessed significant changes in terms of how businesses operate, adapt to stay afloat, manage intense competition, and make efforts to maximize ROI on their IT investments. Our role has always been to develop and nurture holistic relationships with our clients, something that is more in line with a partnership model and not the conventional client-vendor relationship.
Having said that, I can foresee a number of emerging trends in the technology domain, which are expected to drive the growth of the ecosystem we operate in. In the financial services space, which is our core focus area, a lot of our clients (banks, asset managers, wealth management, and the energy & commodities trading firms) will be impacted by compliance and regulatory changes introduced after the financial crisis of 2008-09. For instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act will have a massive impact on business operations and its effective implementation will necessitate widespread technology upgrades. Dodd-Frank is one of the most complex pieces of legislation ever written, and financial services firms and other businesses that have been affected, are bracing up to its full impact. Similarly, the recent string of "rogue-traders" will require financial institutions to take a top to bottom look at how Risk is measured and managed.
Another area that probably holds the most potential and is already registering high-growth patterns includes the various technologies that are being used for developing mobility solutions and accelerators for a wide variety of industries including BFSI and digital media domains. With more end-users shifting to mobile avenues such as smart phones, tablets etc, for accessing online services and entering transactions, businesses are witnessing more potential in making available mobility solutions to their customers. Businesses that have realized the power of enabling mobility solutions early on, have reaped tremendous benefits in terms of faster processing and improved customer satisfaction.
The arrival of big data, which involves analyzing voluminous and increasingly complex data to derive information that has significant business value, also has huge potential. Leveraging this information, businesses are now able to get answers for difficult questions pertaining to their workforce, end-customers, technology readiness, and competitive advantages. Big data is potentially the next big thing in the industry and as demand increases, more of this work will be outsourced. The demand will be both for new systems that can process data more intelligently as well as tasks that can easily be accomplished via automated systems. Big data opportunities are immense and very real today, and we believe that we can use it to bridge the competitive gaps faced by businesses.
There are opportunities on the horizon, but just like the two sides of a coin, there are challenges as well. Staying relevant in terms of technology innovation, and trends in the industry where clients operate, are the basic challenges faced by most IT companies. In addition, entering newer geographies and increased competition from other emerging outsourcing destinations are among the other challenges that need to be addressed. At Synechron, we are gearing up for these challenges by investing in building the right technical capabilities (mobile & big-data) as well as the right business consulting capabilities for regulations, compliance and risk projects.