Big Data is no more relevant with Volume, Velocity and Variety, at-least not so at Mahindra Finance, says Suresh A Shanmugam, Head-BITS, Mahindra Finance:
Enterprise data has empowerd enterprises to improve thier understanding of customers, the potential stake holders including executive staff and C-level executives. Within the entire financial sector, the challenges of a Big Data setup to extract insights have always remained as an agenda on the top priority of many departmental heads and CIOs. Challenges that most CIOs face include mapping technology with business needs, ensuring reliability of data coming from various sources and sourcing business objectivity at the beginning of a project. Banking Frontiers does a study of a classic case of Big Data and its success at Mahindra Finance.
The organization currently has presence in 1.75 lakh villages, serves over 2.5 million customers and has seen phenomenal growth post the implementation of Big Data system. Suresh A Shanmugam, Head-BITS, who has been associated with the project since its beginning, confidently asserts that the success has come from transforming the concept of Big Data. Says he: “Big Data is no more the 3 Vs. It is instead the 3 Bs – Belief, Behavior and Business.”