Group Members:

Sumukh Dalvi – M2224021

Kabir Dhumal – M2224024
Mayur Gaikwad – M2224029
Shruti Kadam – M2224049
Vaibhavi Pawar – M2224088

Big data in
Finance
 Introduction
 Big data refers to the large and complex sets of data that are too big to be managed and analysed
using traditional data processing tools and techniques.

 These data sets are typically characterized by their volume, velocity, variety, and veracity.

 Volume refers to the sheer amount of data generated, which can range from gigabytes to petabytes
or even exabytes of data. Velocity refers to the speed at which the data is generated, collected, and
analysed. Variety refers to the different types of data, such as text, images, videos, audio, and
sensor data, that are included in the data set. Veracity refers to the quality and reliability of the
data, which may be affected by factors such as errors, inconsistencies, and biases.
Continued…
 Big data is often associated with technologies such as Hadoop, Spark, and NoSQL databases,
which are designed to handle and process large data sets efficiently. It has applications in
various fields, such as business, healthcare, finance, and science, where it can be used to
extract valuable insights, patterns, and trends from large volumes of data.

 It often contains unstructured or semi-structured data that is difficult to analyse using

traditional data analysis methods. This includes data from social media platforms, web logs,
and mobile devices.

 Overall, big data represents a significant opportunity for organizations to gain valuable
insights and make better-informed decisions.
Impact of Big data within an
Organisation & its
stakeholders:

Executive leadership
IT department
Marketing and Sales department
Finance department
Operations department
Impact of Big data within an
Organisation & its stakeholders:

 Executive Leadership: Executive leadership, including the CEO and other senior executives,
are important stakeholders who need to be convinced of the benefits of big data. They hold the
purse strings and have the authority to approve large-scale initiatives such as a big data
transformation.

 IT Department: The IT department is critical to the success of any big data initiative. They will
be responsible for implementing the technology infrastructure needed to collect, store, and
analyze large amounts of data.

 Marketing and Sales Departments: These departments are responsible for understanding
customer behavior, preferences, and needs. They stand to benefit greatly from big data, which
can provide them with insights into customer behavior and help them develop more effective
marketing and sales strategies.
Continued…
 Finance department: Big data can help finance teams analyse financial data and optimize
financial processes. By analysing data from multiple sources, such as sales data and supply
chain data, finance teams can gain a more comprehensive understanding of the organization's
financial performance.

 Operations Department: The operations department can benefit from big data by using it to
optimize processes, improve efficiency, and reduce costs.
 Minimizing the risks associated with
implementing the process:
 Develop a clear and comprehensive plan: I would develop a clear and comprehensive plan that
outlines the goals, timelines, and resources needed for the big data transformation.

 Assess and mitigate risks: I would identify and assess the potential risks associated with the big
data transformation, such as data security risks, and develop strategies to mitigate these risks.

 Communicate effectively: I would communicate the benefits of big data to all stakeholders, and
address any concerns or questions they may have.
Continued…

 Start small and scale up: I would start with a small pilot project to test the waters before scaling up
to a larger implementation. This approach will help to identify any issues early on and allow for
adjustments to be made before the full implementation.

 Invest in training: I would invest in training and upskilling the workforce to ensure they have the
necessary skills and knowledge to work with big data technologies. This will help to ensure a
smooth transition and minimize the risk of errors or data breaches.
Challenges to Big data in
Finance
 The quality of the data is a critical factor in making
effective use of big data in finance. Financial institutions
need to ensure that the data is accurate, complete, and
reliable.

 Financial institutions handle sensitive information, such as

personal and financial data, which makes data security
and privacy a top priority

 Managing big data requires a robust data governance

framework that includes policies and procedures for data
collection, storage, processing, and usage.

 Financial institutions need to invest in the right technology

solutions and platforms, such as Hadoop, Spark, and
NoSQL databases, to manage and analyse big data
effectively.
 Conclusion
In conclusion, big data is a powerful tool that can offer significant benefits to financial institutions. It can help
institutions gain valuable insights into customer behaviour, optimize their operations, and improve decision-
making.

However, leveraging big data in finance also comes with several challenges, including data quality, data
security and privacy, data governance, regulatory compliance, technology infrastructure, and skills and
expertise. Financial institutions need to invest in the right technology solutions, talent development, and
governance frameworks to manage and analyse big data effectively. By overcoming these challenges,
financial institutions can harness the power of big data to gain a competitive edge and drive innovation in the
industry.
Thank you!