Data- so much less exciting than AI, Blockchain and other hyped themes. Yet the key to digital AND enterprise transformation.
Nothing makes up for a lack of vision and strategy for which data and insights are a vital aspect. With the right strategy to delight customers, collapse costs and outperform competitors and disrupters you are on a potential roll.
BUT not if your data is locked in silos, predominantly unstructured and not accessible.
Insurers digitally transforming claims are amazed by the competitive advantage gained when all data is accessed, joined and analysed. Not as a separate analytics & BI solution but EMBEDDED in the digital claims platform.
Then every persona and every user that needs insight to make and execute better decisions has it visually in their day-to-day claims handler home screen.
Personalised, customised and for the power user, self-service.
Historic, current real-time and predictive analytics.
The insurance call centre of old is dead. Long live the engagement centre where technology augments the intuition and intelligence of homo sapiens to act faster and better to sort out customers and get their lives back on rack.
First task- unleash the 80% or so of data that is today inaccessible. Then join with the 20% you already analyse for better strategic and tactical decision making.
"... capture the raw data in simple way to enable AI tools to utilise in a more productive way".
Do the heavy data lifting if you are to truly digitally transform the business.
"By using smart insights, organizations are discovering new revenue streams," said Esteban Herrera, partner and global leader of ISG Research. "Business models driven by data analytics are empowering organizations to experiment more with new product and service offerings, business lines and service channels." The insights and intelligence developed from historical and real-time data analytics are proving to be an increasingly significant revenue stream for financial services firms, social media providers, entertainment companies, and logistics and transportation services providers, the report said. BI platforms are allowing enterprises to extract data seamlessly from multiple sources and locations, and create well-organized data warehouses, the study said. ML service offerings are still evolving, but their relatively low cost makes them attractive, it said.
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