Technology Enablers
Big Data: Building the Capabilities That Really Matter – BCG
Article Synopsis :
In today’s digital age business benefits can be realised by using big data techniques to deliver enhanced customer experience. Big data is already playing a vital role in gathering actionable intelligence and improving customer engagement in various industries.
Winning at big data requires strong capabilities throughout the organisation
In the research report “Enabling Big Data: Building the Capabilities That Really Matter”, the BCG team present the guidelines which companies should consider in order to realise the full potential of big data. The report identifies six capabilities that are necessary to design a solid framework for enabling and succeeding with big data:
- Opportunities: Build a culture of innovation and experimentation
- Platform: Leverage flexible, scalable, and efficient data systems
- Participation: Identify strategic patterns that can help unlock new economic opportunities
- Trust: Establish trust among consumers to enable broad use of their data
- Organisation: Develop capabilities to implement and leverage relevant data applications
- Relationships: Create an open culture to support partnering and the sharing of data
Link to Full Article:: click here
Digital Insurer's Comments
Even though insurers are sitting on a huge pile of actionable data, realising the benefits through big data intelligence presents a number of technical and business challenges. One of the biggest challenges is the sheer amount of data available and most are underprepared to deal with data at such a scale. The other challenges relate to a lack of skills and technical infrastructure to support big data innovation. However, there are a number of practical steps that insurers can take to overcome these challenges and insurers should consider a parallel approach of implementing quick-win solutions together with defining a longer term big data strategy.Link to Source:: click here
About the Author
Hugh Terry
CEOHugh Terry is the Founder of The Digital Insurer. Hugh has more than 20 years' experience in the Insurance industry including operational, consulting and entrepreneurial roles. He is an actuary by profession and lives in Singapore. He is passionate about the application of technology to insurance business models and as well as writing articles he actively shares his experience via consulting assignments, speaking opportunities and participation in entrepreneurial initiatives in the field of digital insurance
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Hugh Terry
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