Big data has become a business issue, or at least an issue that business people are aware of. You don’t have to look far to see the coverage it’s getting in the press. Whether it’s the Wall Street Journal, the Financial Times, or Forbes, everyone is curious about how big data will transform virtually every industry. Why so much coverage? That’s easy: Data has the potential to profoundly affect the way those industries do business.
Data, a Natural Resource
Forbes really nailed it when they said that “Data Is the New Oil.” Data is a naturally occurring resource that will only continue to grow bigger. Like oil, it’s difficult to extract and is often hidden. It comes in a variety of forms. It is also difficult to refine or analyze.
Many organizations don’t even tap into this natural resource; they ignore data or use it for only one purpose. This is largely because it is difficult to structure and restructure all of the crude information for different purposes.
But other organizations have cracked the code and figured out how to process and analyze the data available to them, utilizing it to achieve incredible outcomes. If data is a natural resource, what is your company doing to capitalize on it?
A Major Financial Investment
A tried-and-true study by the McKinsey group provides a good foundation for understanding how you can get major return for your big data investments. In nearly every business and technology segment, big data can generate significant financial value. This value is available worldwide, with new uses emerging every day.
Every sector is starting to realize the value of this data, finding ways to solve problems faster with affordable and implementable technology. Organizations save millions of dollars using analytics. They are able to better serve their customer needs using a view that takes every sales channel into account.
Financial organizations have been facing hefty fines lately, so data technology that allows them to operate more efficiently and securely is vital. Whether your company is just starting out with big data or well on their way to POC and deployment, big data is a transformational business opportunity.
A Safe Bet for Insurance
Insurance is facing major upheaval. According to a report by Accenture, “The P&C insurance industry is currently facing an unprecedented set of challenges. In addition to challenging macroeconomic conditions, the pace of consumer and technological change is like nothing ever seen before.”
With this set of challenges, organizations are looking to reinvent themselves using technology and analytics. Efficient and proper data analytics is one of the key technologies they are using to reinvent themselves. Analytics drawn from customer behavior is driving new product offerings and the new business opportunities that follow.
Regardless of where you sit, data is the new currency, and how organizations want to use this resource for their growth is up to them. Intel has been working with industry partners and leading financial institutes to drive big data analytics solutions. Find out more about these solutions and their implementation.