There’s no question: data is a strategic asset for companies today. For years, we’ve been hearing, “Data is the new oil.” It’s true, Paul Carroll, Editor-in-Chief of Insurance Thought Leadership, notes, “But when you think about oil, you typically do something with it before you use it – refract it into gasoline, then transport it to the gas station and so on…”
Are we doing the same with data — turning it into information we can act on?
If you can’t transform your data into actionable insights, then all the data you routinely collect isn’t useful bringing us to the question: How do businesses know where to begin, how to think about the data, and start making sense of it?
“Sometimes you have to start with the end goal and work backward. Everyone’s talking about data, small data, big data… but it’s about taking that data and turning it into information you can then turn into action,” says Murray Izenwasser, Senior Vice President, OZ Digital Consulting.
Watch the full video for more valuable insights into how the insurance industry can harness data into meaningful insights that drive better customer experiences and a competitive edge.
- Add a time value to the data you capture, provide relevance, and turn that data into information you can then turn into action.
- Define an end state before you get started. Ask yourself: Where do you want to be?
- Remember the value of change management while implementing data projects: communicate, communicate, communicate.
- Collaboration is key to data sharing. “You could have the best data, but if that data is sitting somewhere in the organization and not on your screen when you need it to make a decision, then you’re not using it.”
- There’s value in incremental change. Little improvements add up and compound over time until the business starts to notice its impact and the value of that data.
- Newer technologies and platforms facilitate data sharing and can help you become competitive and enable you to share data upstream and downstream.
If you’d like to learn more about how you can leverage data and analytics to drive business transformation, get in touch with our experts. No matter where you are on your digital transformation journey, we will help you meet your customers where they are and grow your business.