The verdict is in: the
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Those companies that can closely integrate technology into their business to run smarter will see competitive advantage in the new economy that is emerging. Sustainable competitive advantage may come from the following areas:
• Employing analytics to better target customer needs, life stages and prevent fraud. Analytics may help prevent future financial meltdowns by better alerting companies to risk factors.
• Moving to public cloud, private cloud and hybrid cloud (integrating public and private cloud services) where it makes the most sense. Insurers may not need to build or maintain multiple data centers to gain access to technology.
• Taking advantage of shared services both within and from outside the enterprise, via service-oriented architecture and Software-as-a-Service.
• Embracing new forms of client access, such as mobile technologies, which are growing as a way to exchange data and communication with customers and between employees. INN editor Carrie Burns explores the possibilities in
• Leveraging social media tools to help employees collaborate on the inside as well as actively engage with customers on the outside.
• Being open to new ideas and innovation. This is easy to say, but difficult to put into practice. Social networks may help open the doors to innovation.
The world is a much different place coming out of the Great Recession than it was going in, and those companies that are technology savvy can ride the next boom.
Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.
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