Open Source Business Intelligence Tools In Life Insurance Analysis

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Open Source Business Intelligence Tools In Life Insurance Analysis – Developing and implementing open source software is no longer a new concept. It is a strategic imperative in a rapidly changing digital world. Among the facts to know:

The open source community uses a collaborative approach to software development, which promotes innovation. It is no coincidence that the latest technologies, such as AI and ML, are powered by open source software.

Open Source Business Intelligence Tools In Life Insurance Analysis

Open Source Business Intelligence Tools In Life Insurance Analysis

• As commercial use of open source software continues to grow, the biggest risk is that no one person can take responsibility for the consequences.

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When the movement becomes general, its management requires strategy. In August 1991, Linus Torvalds, then a 21-year-old computer science student at the University of Helsinki, suddenly announced on Usenet: “I’m making a free operating system, just a hobby, it won’t be big. And a professional like GNU…” As it happened, his hobby led to the development of the world’s first free operating system, the Linux kernel, and launched the open software movement. In fact three decades later, “open” has become one of the most important ways to develop software. Companies are increasingly using open source software, and it is increasingly shaping the design of enterprise software. Developing and implementing open source software is no longer a new concept. It is a strategic imperative in a rapidly changing digital world.

There is no way around open source software, which can be defined as software that developers can view, copy, modify and redistribute. Commercial software providers still dominate the market, but open source software plays an equally important role. For example, open source Linux powered 75% of public cloud workloads in 2020, and its share is expected to increase to 85% by 2024. Some of the most popular software development packages—such as LAMP (Linux, Apache, MySQL, and PHP) and MEAN packages (MongoDB, Express.js, AngularJS, and Node.js)—are open source. Last year, about 85% of the world’s smartphones were running Android, an open source operating system built on the open source Linux kernel (see Exhibit 1.) Not surprisingly, the ability to run open source software is growing rapidly. becoming a requirement for all software.

Commercial use of open source software is increasing. About 80% of IT departments plan to increase their use of open source software in the next 12 months, with 95% of IT professionals agreeing that open source software has become strategically important (See Sidebar 1.) Software developers and analysts Data, the driving force behind digital transformations, relies heavily on the open source community. They often prefer to use open source software, especially as a foundation, because the software selection and verification process is easy and long negotiations are not possible. Therefore, this option enables rapid introduction and adoption of new applications. In addition to improving speed to market, using open source software also prevents vendor lock-in and, obviously, lowers costs.

Open source software will continue to be popular in the future, with the innovation cycle only strengthening its status. As open companies and communities drive innovation, open source software is likely to play a fundamental role in many areas of the enterprise software stack, from operating systems and programming languages ​​to middleware and development. (See exhibit 2.)

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Most of the main computers today use the Linux operating system. It is stable, cheap and – most importantly – customizable, unlike commercial systems like Windows. As a result, it is easy to create a kernel with only the most important code, removing everything that is not important for improving performance.

Linux is used as an operating system for all types of devices such as servers, desktops and smartphones for similar reasons, and its share is increasing. For example, the share of Linux in server installations has increased from 68% in 2017 to 75% in 2020. Data management has also become open, with companies such as HashiCorp, GitLab, Datadog, Elastic, Confluent and Databricks entering the market.

Open source software has leveraged emerging technologies such as containers and container processing platforms. Along with other technologies such as Mesos and Docker Swarm, Kubernetes has emerged as one of the standards for container management. It organizes more than 50% of all containers in the world, and its share is predicted to increase to 85% by 2024.

Open Source Business Intelligence Tools In Life Insurance Analysis

Modern companies are starting to identify the best open source technologies for every layer of the business – such as Spark for analytics, Kafka for messaging and streaming, PyTorch and TensorFlow for AI.

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Modern companies have begun to identify the best open source technologies for each layer of business packages – such as Spark for analytics, Kafka for messaging and streaming, PyTorch and TensorFlow for AI, etc. As a result, closed-source packages face a lot of competition, and must be the best in every layer to have a chance of being selected.

Software tools such as DevSecOps are witnessing a similar trend, with source code repositories such as Git, framework libraries such as React, and application frameworks such as Spring Build for proprietary software because of the appeal they enjoy​​​​ developers. . The success of open source software will cause a positive cycle, as more projects emerge, which will attract more developers, and the use of open source software will become more widespread.

In addition, companies are learning to use the open source community for talent and to improve themselves. Some have gone so far as to sadly adopt the use of open source software to encourage their employees’ participation in open source projects. CIOs and CTOs are waking up to the fact that they need to rethink their approach and prioritize open source software development to stay ahead of their competitors. They are increasingly asking: Do we have an open source strategy for the 2020s?

Open source software differs from proprietary software in several ways. Unlike commercial software, which the business must provide, open source software is owned by no one. It is available to use for free, but there is no community support unless, as we describe below, companies allow its use as a commercial vendor. Additionally, unlike the source code of commercial software, which is kept confidential by vendors, open source software is developed publicly so that it can be easily tested, modified, and distributed freely.

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Developing and implementing an open source software strategy has become imperative for several reasons. Open source software developers, individually and collectively, seek the best solutions to technological problems, making the software they create reliable, secure – and free. Due to their continuous efforts, the software improves over time. Several foundations, such as the Linux Foundation, which supports open source in several technology areas, the Apache Software Foundation, and the Eclipse Foundation, facilitate the process. In collaboration with major digital companies such as AWS, Facebook, Google, IBM, Microsoft, Netflix and SAP, as well as hardware manufacturers such as Cisco, Intel and Tesla, they set the standard. They also create agnostic houses for the project, provide financial support for the infrastructure, help with marketing and appoint committees to make important decisions about the project.

The first open-source repositories emerged three decades ago to provide support, paving the way for a second generation of companies that developed software in-house but released the source code to the community to test and refine. . Companies that use this open source model—open source based on proprietary code around it—offer free products that are limited in their features, as well as a rich business model where users have to pay a license or license fee— basically, a freemium business model. The degree of openness of the product ranges from a large, open core with a small closed skin, which can be called a thin skin, to another – a small, open core and a large closed skin, which is also called known as thick. skin offering.

Building on the open source model, several software vendors now combine open source and proprietary software and offer a licensed cloud-based service, trading off the support and services they provide. They offer a paid version of the software and subscription services. Customers get add-ons like dashboards and analytics, security and performance checks, security certifications and other regulated industry approvals. Vendors guarantee to support critical applications even if the software is outdated. They also provide software maintenance, configuration and installation of updates, and even provide live software support. They often act as software selection consultants and train customer staff. Using this Software as a Service license model, commercial open source vendors, both large and small, have been able to gain a foothold in the market. (See side 2.)

Open Source Business Intelligence Tools In Life Insurance Analysis

From the cloud to the edge, open source software is a critical component of many infrastructures today, and its use may increase in the future. (See Exhibit 3.)

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In the cloud, Linux has become the cloud operating system of choice, mainly because of its greater flexibility and lower cost than commercial software. It enables the use of containers, which is essential for the construction of cloud development architecture, ie

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