New research from GE and Accenture reveals a growing urgency for organizations to embrace big data analytics to advance their Internet of Things (IoT) strategy. Most respondents believe that big data analytics can dramatically change the competitive landscape of industries within the next year. And, they are investing accordingly.
Though the research focused on industrial and healthcare sectors, I believe that the findings are as relevant to life insurers as they are to health providers. Most notably, the research points to several steps that companies can take to start combining big data analytics and IoT capabilities toward more value-creating activities:
- Invest in end-to-end security and establish interoperability standards to ensure data can be shared with confidence between companies.
- Break down the barriers to data integration, such as organizational, data and system silos.
- Concentrate on talent acquisition and development, hiring people with both industry knowledge and analytics skills to help resolve talent gap issues.
- Consider new business models needed to be successful with the IoT, as discussed in my last blog.
- Use big data to actively manage regulatory risk.
- Draw on mobile technology to deliver analytic insights, particularly to field workers.
The IoT is not just about massive amounts of data; that’s typical in life insurance. It’s also about being able to offer new value with the help of data delivered to workers in new ways.
Stay tuned for the next post in this series on preparing for the future of work.