Article Synopsis :
While a report from Infosys suggests that the possibilities with data analytics are seemingly endless, it has identified four key areas where it is “extremely relevant”.
The survey was recently conducted among 1,062 senior executives at organisations generating more than $1 billion of revenue in the US, Europe, Australia, and New Zealand.
Respondents said that the most important benefit of data analytics would be better customer experiences (31%).
Next came risk mitigation (28%), followed by developing new business models (23%) and maximisation of revenue/profitability (18%).
There are common challenges faced by companies seeking to make use of data analytics, across different industries.
Integrating multiple datasets across sources was the greatest for 44% of respondents. 43% said their key challenge was understanding which was the correct analytics technique to use.
Different functions display different levels of knowledge and experience with data analytics. Finance and accounting lead the way with 32%, followed by marketing (20%), operations (17%) and sales (15%).
Lowest use is being made among human resources and research and development functions.
Artificial intelligence is viewed as the technology that would deliver the greatest return from being integrated with data analytics.
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Digital Insurer's CommentsThe insurance industry is not alone in recognising the benefits of the digitally connected organisation.
The challenges faced are equally common, particularly in bringing data together from different sources and then knowing how to interrogate it to deliver a return such as improved customer experience or risk mitigation.
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