Data is a force that is transforming industries before our eyes. Leaders are using all available information to:
- Monetize data streaming from their own products, systems and customer interactions
- Tailor loyalty and retention offers to individual customers in real-time, before they defect
- Analyze customer behavior to price risk at the individual level, opening up new markets
- Resolve maintenance issues before they disrupt operations
- Detect the probability of fraud in each transaction, as it happens
Over the next weeks we’ll be exploring how these developments are taking hold in specific industries, such as insurance, where data and analytics is helping insurers offer more personalized coverage. In some areas, this deeper understanding of the policyholder is enabling insurers to price risks for the first time, opening new opportunities.
Some other key industries and areas we plan to address:
- Banking, where we’ll study how banks are also getting closer to their customers by blending external and internal data
- Telco and automotive, where companies are using data from assets (networks and vehicles) to get closer to their customers and understand their products better. Both of these industries are creating entirely new, data driven businesses.
- The public sector, where open data is set to offer great efficiencies in the delivery of both healthcare services and government programs. By combining open data with other kinds of information, public organizations are seeing greater efficiency and precision.
Stay tuned to this series to see what several key industries used to look like, what they look like today and how IBM is making this change happen.