In business everything begins and ends with data. As a far-reaching business asset, data can be leveraged to transform the way any organization in any industry conducts business. It can enhance day-to-day operations, optimize the customer experience, establish customer loyalty, enable digital initiatives, improve business decisions, and ultimately increase growth.
Regardless of industry, organizations that fail to unlock the full potential of their data will fall behind the competition. Let’s look at a few examples of how each industry is applying their data to gain a competitive advantage.
The financial services industry has a plethora of examples of how they are leveraging their data. One example is the omni-channel experience. Customers at any major bank can access their banking information from anywhere and on any device, with the ability to make deposits, transfer money, and even apply for lines of credit without ever having to step foot in their local branch. Customer experience is a key differentiator in many industries, and banks are exploring new ways to increase access and ease of service to set themselves apart in a crowded market.
Banks are also analyzing their customers’ income and savings, spending and borrowing habits, and actions to create more personalized product and service offerings. For example, if a customer opens a joint bank account for their child, that could be an appropriate time to offer them help with a college savings plan.
Banks aren’t the only industry using data to tailor product and service offerings for individual customers; the insurance industry is working to do the same with policy holders.
Data can provide auto insurers, for example, with a wide array of benefits. Insurers can identify potential fraud, opportunities for subrogation, and reduce inefficiencies and costs by shortening claim cycles—just to name a few. By analyzing data from multiple sources, predictive analytics can provide insurers with data that is specifically modeled around each policyholder, including their likelihood to renew or likelihood to file a claim. These are valuable pieces of information to help design the right product offerings for each policyholder.
In the future we expect to see data have an even greater impact on the auto insurance industry, as connected vehicles and smartphone applications that track driving habits increasingly share this data directly with insurers. These devices can track how fast someone is moving, the length of their drives, sudden stops, and much more. This gives insurers a lot more data to work with when underwriting insurance policies, helping them create more personalized policies.
Data technologies are also transforming the landscape of the telecom industry as they now have more data available to them today than ever before.
In the highly competitive telecom industry, today’s focus is all about gaining new customers, keeping existing customers and expanding offerings to current subscribers. To build loyalty and satisfaction, organizations are using data to try and enhance service and create a seamless customer experience. By combining third-party data with massive amounts of customer data, organizations can make the right offer to the right customer at the right time. This reduces customer churn and improves a company’s bottom line.
But leveraging data also extends beyond just increasing profits and competitive edge. In the healthcare industry, it is being used to improve health and even save lives.
In the healthcare industry, IoT devices are becoming lifesaving necessities. For example, wearables for blood pressure, oxygen, and heartrate monitoring, as well as at home devices for sleep apnea and diabetes testing, are alerting patients and providers alike to critical changes in health status. These devices are collecting and sending vital data to healthcare providers to enable medical professionals to monitor patients recovering from acute episodes or suffering from chronic conditions.
Every industry is using data to revolutionize their business. But regardless of industry, all organizations, large and small, have complex data supply chains requiring an all-inclusive big data platform to easily define, track and manage all aspects of their data.
To transform their businesses with data, organizations need an all-inclusive big data platform with a set of shared self-service capabilities, instead of individual tools that perform a single task. The solution should include data governance, data quality, and analytics capabilities to handle multiple steps like data ingestion and preparation to data analysis and operationalization.
With all three capabilities, organizations can quickly turn data into insights to increase revenue and gain a competitive advantage.
To learn more about an all-inclusive solution, download the data sheet below.
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