Better customer interaction, preventing fraud, product development and overall risk management are some results of embracing big data and applying analytics, experts say. However, the perception of how big data works, where organizations are in their adoption and measuring hard results are still varied throughout businesses, says a report from Ventana Research.
In its “Benchmark Research: Big Data Analytics” report, Ventana collected responses from a number of industries, insurance included. The report shows that big data analytics is likely to remain challenging for many organizations, as a result of much uncertainty about its capabilities and confusion over the definitions. The degree to which participants see big data analytics in different ways is significant, Ventana says.
The first steps to handling the masses of data coming their way are to define the topic clearly, determine how they can use the technology most profitably and study successful deployments by others who have similar businesses and needs, Ventana says.
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