The Bank of England has changed how it collects and analyzes their ever growing data sets over the past few years by adopting enterprise versions of open source technologies to help it modernize its data architecture. Computer World UK brought this interesting information to us in their article, “How the Bank of England redesigned its data hub around open source.”
Previously the analysts in the bank relied very heavily on their internal network to know what data existed and where. Unfortunately, the rapidly accumulating amount of data wouldn’t fit on their laptop, even if they managed to find it.
The new process and architecture collects data from the trade repositories, where it is then unzipped into CSV files and stored in an untouched status. Then a set of unique schemes and structures are applied. It is then loaded into tables, where the data is appended and structured for querying. Even though this seems intricate, the end result is user-friendly.
The bank had been criticized in the past for expensive and ineffective IT spending, this represents a more efficient use of technology and reducing silos.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.