Machine learning platform Cloudera Inc Friday said the BSE has implemented its solution that will enable the exchange to create complex reports faster and improve data governance.
A data lake is generally a single store of the enterprise data including raw copies of source system data and transformed data.
By transitioning to Cloudera's platform, the BSE is now able to make data-driven decisions in real-time and takes at least 70 per cent less time than previously to generate complex reports, the two firms said in a joint statement.
Moreover, the exchange has managed to reduce its operational cost by 95 per cent, which amounts to Rs 6 crore annually.
"Real-time analytics and scalability are the key factors in sustaining growth for the 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 at the BSE.
The exchange also used Cloudera to gain better social media analytics capability as false information can be detrimental to the stock markets.
"Cloudera's goal is to be a partner in organisations' data journey and help mission-critical organisations such as the BSE deliver better products and services to end-customers by optimising data management for real-time analytics, while keeping with the latest industry regulations," said Vinod Ganesan, Country Manager for India, Cloudera.
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