The promise of analytics is expansive. As I shared last week, many organizations are leveraging the power of analytics and seeing real results. Others are still struggling to see a meaningful ROI. In fact, only slightly more than one in five firms told us they were “very” satisfied with the outcomes they have realized from analytics. On the journey to ROI, how can companies overcome barriers?
Accenture cross-industry research revealed three milestones to analytics success in 2013:
- Performance processes. Only one in five organizations integrate analytics across the enterprise. What can insurance professionals learn from this? Insurers must move from piecemeal, tactical use of analytics to strategic adoption.
- Technology. Half of the organizations we surveyed are concerned about the accuracy of data. For insurance companies, it’s critical to harness technology to maximize business value of data.
- Skills. Six out of 10 enterprises will partner with external resources to leverage analytics ROI. Insurers need to partner and source for success. Changing technology and market competition requires balancing the right internal structure and external resources for success.
ROI from analytics remains elusive yet relevant. Companies are seeking the value but have not yet realized it. Ask yourself, “Did we achieve the ROI we wanted?” If the answer is no, refocus. Try again. High-performing insurers make analysis a part of their everyday business processes—and developing a repeatable decision-making process that leverages data should be a high priority.