Big Data is no longer a new term buzzing in the business world as many organizations are embracing it to fulfill various objectives. Nevertheless, due to its perplexing nature, many organizations fail to capitalize on the full advantages of Big Data. “One of our goals is to educate our clients about Big Data,” says John Ruddy, Founder, and Partner of Noah Consulting. “We are working hard with our clients to clarify the misconceptions related to Big Data and help them use it in a relevant way in their organizations."
He gave this example of a major challenge in the energy trading space. Approximately 90 percent of the energy trading conversations between two parties do not result in a transaction. However, there is vital information exchanged in these conversations that the organization can effectively leverage in subsequent transactions. Noah Consulting offered a solution that records conversations and then digitized them into text streams. After digitization, text-mining algorithms piece together the important minutes of the conversations. Using Big Data analytics, vital information from these conversations along with other proprietary data, can be used to gain invaluable insights that result in increased productivity and an edge over the competition.
"As a company, we are constantly striving to work alongside our clients to harvest the relevant and important information that provides maximum value. In this case, traders can use insights on price discovery that was previously inaccessible, before starting negotiations," says Ruddy.
One major factor that helps Noah Consulting stand out from its competitors is its sound domain expertise and thorough knowledge of the industry
"One major factor that helps Noah Consulting stand out from its competitors is its sound domain expertise and thorough knowledge of the industry," says Ruddy. About one-third of the company's staff comes directly from the energy industry – oil and gas operators, utilities, service companies amongst others. This practical and pragmatic experience of being on the other side of the table means, Noah’s consultants better relate to the issues of the energy client.
The company plans to expand into other industry verticals and globally. Both these goals need tremendous investments, and the acquisition of Noah Consulting by Infosys late last year is already making an impact. "We've already started expanding our footprint inorganically to places that earlier would have taken us years, if not decades to penetrate on our own," concludes Ruddy.