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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.

 The Digital Insurer reviews BCG’s Report on Enabling Big Data: Building the Capabilities That Really Matter

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



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