Click here to close now.

Welcome!

Big Data Journal Authors: Elizabeth White, Ed Featherston, Asad Ali, Liz McMillan, Carmen Gonzalez

Related Topics: Big Data Journal

Big Data Journal: Blog Post

Big Data in Financial Analytics

Big Data and UIMA use cases

Big Data & Text Analytics: As  the analysis  of  large amounts  of unstructured  data is gaining a major space in enterprise  computing,  we  are seeing the emergence of more use cases in this regard.  While  the  term   "Big"  in Big Data   makes it more synonymous  with  Massively Parallel Processing frameworks like Hadoop,  however  the  underlying the success of  Big Data  relies  on effective usage of  content analytics  of the underlying  unstructured data.  I have high lighted  this thought process in my earlier  article, Big Data Analytics Thinking Outside Of Hadoop.

Unstructured Content Analytics is  defined  as the   process of  gaining  new insights  from  the  unstructured data, by  employing   text mining, image recognition, voice recognition and other related analytical techniques.


Big Data Journal was launched on SYS-CON.com in 2012

The below  material  explains   one such use case of  Big Data &  Text Analytics in  getting meaningful insights  from the Financial  Reports.

Financial Reports  & Analytics: All the  publicly  traded  companies in USA & else where  mandatorily  disclose  their corporate information to their  shareholders.  These annual financial statements   are available  as  downloadable reports  on the corporate websites  of  public  companies.   Apart  from the  annual report , there are other forms  of financial statements  like,  investor news letters, Quarterly earning presentation, conference calls by CFO  and other investor relationship documents form part of  an  organization's  financial standing in the eyes  of the  investor.

Most  of the  investors  and  investment analyst  firms  currently  uses  their specialized   knowledge to understand  these financial  statements  and  create meaningful  insights  out of them.  However  these analytics  are mostly limited to the structured  portions  of  the financial statements and not so much  on the unstructured  side of it.

To explain this more :

  • For example An annual report may contain statements like Balance Sheet, Income, Equity, Cash Flows etc.. these statements are highly structured and organized as per accounting principles so that any of the qualified financial analysts can understand them
  • At the same a typical financial statement also contains lot of unstructured information about growth strategies of the organization, road map, optimism, future vision, how the business model is aligned to the changing times etc...

So   an effective  analysis of  a financial statement  not only pertains  to the structured information but also to the unstructured  data available in the  financial statements.

BigData, UIMA  & Financial Report Analytics: The following   Big Data aligned  technologies  can be effectively used  in analysing the  financial  reports  to derive meaningful insights into the  large volumes  of unstructured data.

  • UIMA : UIMA stands for Unstructured Information Management Architecture is the major industry standard for content analytics.

 

  • Annotators : UIMATM Annotators do the real work of extracting structured information from unstructured data. You can write your own annotators. Though Annotators form part of UIMA framework lot of custom development is written is creating Annotators specific to the needs of the Finance industry. When documents are processed through the document processing pipeline, the annotators extract concepts, words, phrases, classifications, and named entities from unstructured content and mark these extractions as annotations. The annotations are added to the index as tokens or facets and are used as the source for content analysis.

  • Taxonomies : Taxonomies play a major role in identifying the topics of interest within a document using UIMA. In UIMA a type system defines the various types of objects that may be discovered in the document. Types in a UIMA type system may be organized into a taxonomy. For example, Company may be defined as a subtype of Organization

 

Realizing Financial Statement Analytics & Role of  XBRL: There  are not very many  UIMA  annotators  and  implementation of   text extraction specific to financial statements.  However  we find that,  under  APACHE UIMA community  there is  one such annotator,   The AlchemyAPI Annotator is a set of annotators that wrap the AlchemyAPI.

AlchemyAPI's  (http://www.alchemyapi.com/api/)  Categorization service can be used to categorize text, HTML, or web-based content, assigning the most likely topic category (news, sports, business, etc.).  The business categories  include  topics like, Business and Finance News, SEC filings, etc.

There  are  several  of  the   text analytics concepts  like  the below,  can be applied on the financial statements

  • Named Entity Extraction : Identify people, companies, organizations, cities, geographic features, and other typed entities within HTML pages and text documents/content.
  • Concept Tagging : Automatically tag documents and text in a manner similar to human-based tagging.
  • Keyword / Term Extraction : Extract important terms and "topic" keywords from HTML pages and text documents/content. Advanced statistical and linguistic algorithms analyze your content, "tagging" it with the most important words and phrases.
  • Sentiment Analysis : Identify positive, negative and neutral sentiment within HTML pages and text documents/content.
  • Relation Extraction : Identify facts and Subject-Action-Object relations within HTML pages and text documents/content.

Apart  from  the  already  developed  and community  supported  annotators,  we could   develop  new annotators  which  can take the best use of already  established  taxonomies  for the financial industry   in the form of  XBRL.

XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business information, providing major benefits in the preparation, analysis and communication of business information. It is one of a family of "XML" languages which is a standard means of communicating information between businesses and on the internet.

XBRL Taxonomies,  are the dictionaries which the language uses. These are the categorization schemes which define the specific tags for individual items of data (such as "net profit").  National jurisdictions have different accounting regulations, so each may have its own.  There are already well established  approved taxonomies  for  financial reporting  like  XBRL  US  GAAP  as listed in the  site, http://www.xbrl.org/FRTApproved.

As  evident  from  the  architecture  of UIMA  and annotator  entity extraction process, these established  taxonomies  can play a major role in areas like concept tagging,  which  can help in  getting the  meaningful insights  from    large  amounts of  textual and other  unstructured content in the financial statements.

Summary: As  enterprises  and analytics vendors  adopt  Big Data  as part of the mainstream ,  this  adoption will be  more meaningful  to  enable   the technology  to support new  business use cases.  Financial  Analytics  is  one such important area  ,  and with the support of    frameworks like UIMA  coupled  with  industry established taxonomies,  such  analytics  are quite possible  and worth to be implemented.

More Stories By Srinivasan Sundara Rajan

Srinivasan is passionate about ownership and driving things on his own, with his breadth and depth on Enterprise Technology he could run any aspect of IT Industry and make it a success.

He is a seasoned Enterprise IT Expert, mainly in the areas of Solution, Integration and Architecture, across Structured, Unstructured data sources, especially in manufacturing domain.

He currently works as Technology Head For GAVS Technologies.

Comments (0)

Share your thoughts on this story.

Add your comment
You must be signed in to add a comment. Sign-in | Register

In accordance with our Comment Policy, we encourage comments that are on topic, relevant and to-the-point. We will remove comments that include profanity, personal attacks, racial slurs, threats of violence, or other inappropriate material that violates our Terms and Conditions, and will block users who make repeated violations. We ask all readers to expect diversity of opinion and to treat one another with dignity and respect.


@BigDataExpo Stories
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment...
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Developer Advocate at SoftLayer, will break down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them t...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
Technology today seems to be moving at breakneck speeds. This speed of change is creating tectonic shifts in how businesses operate and leverage technology to achieve their goals. The convergence of key disruptive technologies (i.e., social, mobile, analytics, and cloud) is what Gartner refers to as the nexus of forces. Cloud is an underpinning of this nexus. How is this disruption impacting the CIO? Does the role change in the face of all these forces, or is it just a continuation of what the C...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 7th International Big Data Expo, co-located with 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing boom, Big Data Expo...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
When it comes to building applications, one database definitely does not fit all. Traditional SQL databases are great for storing highly structured, normalized data and performing analytics and reporting. NoSQL has attracted developers with its awesome flexibility, and JSON-centric document stores like Cloudant make web developers incredibly productive by offering a JavaScript environment from end-to-end. Recent Big Data challenges have driven the need for a distributed approach to analytics e...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microser...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and...
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® and DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, g...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...