Big data and analytics help insurance companies identify the next best action for customers. With the right solutions, companies can extract, integrate and analyze a large volume and variety of data, from call-center notes and voice recordings to web chats, telematics and social media.
Organizations in the petroleum industry are no strangers to large volumes of data. With the right technology solutions, these companies can move beyond traditional real-time monitoring to more agile real-time prediction. By rapidly analyzing incoming technical and business data—and applying that information to complex models in real time—they can generate tactical insights that help increase drilling and production performance while preventing problems. By quickly searching and analyzing a large volume and variety of competitive intelligence, such as news about competitive mergers, acquisitions or new investments, they can substantially improve strategic decision making.
Today, two major factors are poised to change the insurance industry in a way it hasn’t seen in more than 50 years—emerging capabilities enabled by cognitive computing and big data, and an empowered consumer. We are starting to get a glimpse of the possibilities these trends hold, as well as the challenges they represent. To understand their full impact on the future of the insurance industry, we need to look at the past to understand how paradigm shifts in the insurance industry follow paradigm shifts in the underlying computing technology. If history is any indication, these technologies will usher in a new paradigm for the insurance industry.
Harness the Power of Big Data is the latest book by several authors of Understanding Big Data, the hugely popular book that debuted in 2011. Big data represents a new era of computing – an inflection point of opportunity where data in any format may be explored and utilized for breakthrough insights - whether that data is in-place, in-motion, or at-rest.
Harness the Power of Big Data includes a chapter titled "If Data Is the New Oil—You Need Data Exploration and Discovery." This chapter covers many of the key benefits of IBM InfoSphere Data Explorer, a new product in the IBM big data portfolio that enables users to access all of the data that they need in a single integrated view, regardless of its format, how it’s managed, or where it’s stored. Being able to retrieve data from all available repositories in an organization is a key part of doing analysis involving Big Data, especially for exploratory analysis.
Authors: Paul Zikopoulos, Dirk Deroos, Krishnan Parasuraman, Thomas Deutsch, David Corrigan, James Giles
Rising costs, chronic illness, an aging population and a shortage of professionals are forcing massive changes in the healthcare industry. To gain insight into how they can improve service while reducing costs, healthcare payers and providers are turning to data and analytics. Leading organizations are treating data as a strategic asset and putting processes and systems in place that help healthcare professionals improve decision-making and drive actionable results.
This paper discusses the value that data and analytics provide, and gives examples of organizations that are already leveraging a wide range of big data capabilities to deliver clinical and financial benefits. Readers will learn the steps that organizations should take to become data-driven and the capabilities that IBM provides to help them improve business outcomes.
With a wealth of information readily available online, consumers are now better able to compare products, services and prices—even as they shop in physical stores. If retailers succeed in addressing the challenges of “big data,” they can use this data to generate valuable insights for personalizing marketing and improving the effectiveness of marketing campaigns, optimizing assortment and merchandising decisions, and removing inefficiencies in distribution and operations.
Big data offers organizations new ways to use enterprise data to deepen business insights and extend competitive advantage. Yet many companies are unsure of where to start. An IBM® Readiness Assessment for big data is designed to help. Available at no charge in half-day, single-day or multiday sessions, a Readiness Assessment for big data brings together your IT and line-of-business managers with IBM big data experts in a highly interactive engagement that will help initiate your big data operations.
The Saïd Business School at the University of Oxford and the IBM Institute for Business Value conducted this global survey of more than 1100 business and IT executives. The study highlights the phases of the big data journey, the objectives and challenges of organizations taking the journey, and the current state of the technology that they are using to drive results. It also offers a pragmatic course of action for organizations to take as they dive into this new era of computing.