Data Science: A New Era for the Consulting Industry – TCS
Article Synopsis :
An increasing number of connected devices and new data sources are transforming traditional business models at an accelerating rate.
In the whitepaper “Data Science: A New Era for the Consulting Industry”, TCS explores how emerging technologies, such as Big Data and Analytics, are disrupting traditional consulting models. As in Insurance itself, consultants to the industry must be more effective, agile and customer-centric. Key to this is the relatively new field of data science. Per the report, data science enables:
- Low-cost Collaborative Business Models: Increased competition from low cost, smaller service providers who bring closer interaction and collaboration with customers threatens the monopoly of larger consulting firms
- Technology Driven Business Transformation: Specialist consulting firms are helping insurers renew customer relationships with real-time analytics around customer behaviour leading to actionable insights, from strategy through implementation. For example, in auto insurance, specialist firms leverage advanced analytics to help insurers analyse customer behaviour with real-time monitoring to know accident vulnerabilities.
The paper posits a ‘Data Science Maturity Model’ to evaluate the data science maturity of consulting firms. The five stages of which are:
- Analytically Feeble
- Analytically Localized
- Analytically Aspirational
- Analytically Advanced
- Analytically Competitive
Very few firms, per the report, are Analytically Competitive.
Leveraging data science will bring about two crucial changes in the consulting industry: commoditization or disaggregation of certain parts of the existing value chain, and technology-driven business transformation.
Three high-level takeaways:
- Data science demands have shifted the focus from data storage and processing to analyzing data at high speeds
- Technology startups are targeting the demand for commercial technologies offering superior energy efficiencies to save operating costs
- Leveraging big data requires complex algorithms which is why advanced analytics is still in the nascent stage offered by a relative few startups
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Digital Insurer's CommentsData, information, knowledge, wisdom, and insight, in that order, form the individual layers of the pyramid of business knowledge.
While fast data offers shorter processing and query times, faster doesn’t mean smarter. New analytics tools, capable of crunching enormous terabyte-scale data sets, make it possible to convert data into information, and information into knowledge in near-real time.
Real-time wisdom and insight, fulfilling the ultimate promise of big data, aren’t far off. Consulting firms experimenting with these technologies – and helping clients do same – are forging a future that looks little like the past.
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