TDWI The Data Warehousing Institute

With the huge focus on big data over the past year, it can be seen that data itself is becoming a new type of corporate asset that represents a key basis for competition. But big data is only part of the story. What we’re finding is that small data is actually playing as important, if not a more important role, than big data. With most organisations struggling to handle the volumes of data they already have, the priority isn’t overlaying more data, but using existing data to deliver better business outcomes. With the proper tools, protections and incentives this can now happen, and small data can become a shared network of knowledge and insight that grows every minute of every day. It can be used to deliver better customer experiences and help the organisation react faster to market forces and opportunities. For most organisations, harnessing small data is the most effective route to better productivity, faster innovation and greater agility.

Analytics and business intelligence has moved back to the top of the technology priority list for CIOs, followed by mobile technologies and cloud computing, according to cio.com.au.But while the intention to harness the beast that is BI and turn it into business gold is clearly high on the priority list, the question remains as to how it can be achieved cost effectively. Here we explore how emerging technologies and approaches can help in building a credible and convincing case to prove that BI is an affordable and compelling way to differentiate in tough competitive markets.

Everyone is talking ‘Big Data’…it’s the tech buzz word du jour. There is certainly merit in the discussion as Big Data will change the information landscape of the future and, for those who embrace it, will provide strong competitive advantage and insight like never before. Successful Business Intelligence projects of tomorrow will need to consider Big Data as part of their data landscape for the value that it delivers.

Business intelligence and analytics provides competitive advantage to insurers and has already been employed by industry leaders around the world to cement and grow their position in the marketplace today and into the future. Overall however, the BI maturity of the insurance industry in Australia is low so there is substantial opportunity for those brave enough to tackle it.