Databricks' Advanced Analytics Capabilities Enable Omega Point to Deliver Portfolio Insights for Financial Services
Access to Latest Spark Features and Improved Infrastructure Reliability Accelerate Delivery of Flagship Product by Six Months
SAN FRANCISCO, CA--(Marketwired - May 3, 2016) - Databricks, the company behind Apache Spark, today announced that Omega Point, a leading data analytics provider, has selected Databricks for its ability to apply advanced analytics to large-scale datasets. By deploying Databricks, they have accelerated time-to-market of their flagship product, the Omega Point Portfolio Intelligence Platform, by over six months, and reduced deployment and maintenance costs by 75 percent.
Today's investment professionals seek new tools to help them stay on top of innovations in data analytics and the explosion of new data sources. The Omega Point Portfolio Intelligence Platform empowers investors to understand, visualize, and optimize their portfolios by uncovering the portfolio's exposure to more than 50 relevant market factors. Additionally, Omega Point's platform enables these professionals to augment their portfolios with enhanced insights from sources such as satellite imagery, web traffic, and earnings transcript sentiment. Yet, due to lack of reliable infrastructure and timely access to cutting-edge features in the latest Apache Spark releases, the product's release cycles were severely bottlenecked.
With Databricks, Omega Point was able to fully automate the management, scheduling, and monitoring of its production Apache Spark infrastructure without human intervention, reducing deployment and maintenance costs by 75 percent and increasing production uptime by more than 80 percent.
Omega Point has also achieved the following benefits with the use of Databricks:
- Eliminated setup overhead: New team members can start producing useful work immediately, instead of installing various software packages or debugging their new environment.
- Improved reproducibility of results: Databricks' revision feature and the ability to backup the code on GitHub, allow for reproducibility as changes in raw data, pre-processing steps, or learning algorithm parameterization lead to variance in the outputs.
- Democratized data access: Databricks increased code sharing and transparency, allowing any Omega Point team member in the world to seamlessly access each other's work.
"As a fast growing technology company, we are hyper-focused on solving the most challenging data problems and creating value for our customers. Databricks provides the advanced analytics capabilities to enable our teams to do just that," said Omer Cedar, CEO at Omega Point. "Additionally, their Spark expertise and quality of service have made them an indispensable partner in building an innovative product for financial services."
"The Databricks platform fully supports the complex needs of the data engineering and data science teams at Omega Point to synthesize critical data for investment professionals to manage their portfolios more effectively. Omega Point is an ideal partner for our platform and we're happy to help them along this journey," said Ali Ghodsi, CEO at Databricks.
Originally posted by MarketWired: http://mwne.ws/1QQYLdh