BCG ’ s four keys to successfully implementing Big Data
AI & DATA
BCG ’ s four keys to successfully implementing Big Data
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1 . Instigate the right company culture and mindset : “ Insurers need to create an innovative , risk-friendly big-data ambience that is separate from the traditional business organisation and its governance . This will help foster a much-needed ‘ greenfield ’ approach for developing , testing , and implementing solutions .”
2 . Don ’ t be afraid to reshape the organisation : Far from being a simple IT augmentation , Big Data can be is a pervasive and time-consuming aspect of business . Do not , therefore , be hesitant in amending processes to accommodate it or creating dedicated teams of people to handle analysis .
3 . Create partner ecosystems : Whilst some insurers may not have adequate resources to utilise Big Data at its full potential , they should refrain from settling for surface-level achievement . Instead , creating partnerships to help develop mutual understanding can be cost-saving and edifying .
4 . Leverage internal data : Although it could be supposed that external data is more valuable , BCG highlights that a company ’ s internal data can be just as insightful and more readily available . “ The challenge is to mine it thoroughly and make it useful . In most cases , individual strategies must be developed to achieve this .”
SEPTEMBER 2020