Datameer Blog Page 2

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Having spent some time in the retail business, specifically apparel, and at a company that focused on helping e-retailers, I have an appreciation for the challenges these organizations face. With the entire retail world turned upside down from the pure-play e-commerce giants like Amazon, many incumbents are trying to transform themselves in this new digital era.

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The insurance industry, in particular the property and casualty, life and annuity, and re-insurance sectors, is fraught with very interesting data and analytics challenges. While there is vast potential for big data and advanced analytics such as Artificial Intelligence (AI) and Machine Learning (ML), data challenges often hold insurance carriers back from fully exploiting this potential.

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Many CEOs see Artificial Intelligence (AI) and Machine Learning (ML) as a key component to gaining competitive advance in their respective marketplaces. A 2017 survey of Fortune 500 CEO’s found that 81% of the respondents listed AI/Machine Learning as a “critical area of investment”, ranking just behind Cloud and Mobile Computing (91% and 86% respectively).

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As always, one always learns something new at the Gartner Data and Analytics Summit (the 2018 North America version held last week in Grapevine, Texas). I attended a fascinating session with two of Gartner’s most knowledgeable analysts – Mark Beyer and Adam Ronthal – on modern data architectures. In this case, it was not so much learning something new, but rather being reminded of a concept I had used before.

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Digital transformation is disrupting the insurance industry with the digitization of underwriting at the heart of this change. Digitalization of underwriting can also enable a retail-style to reach new demographics that often prefer a more virtual experience.

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Over the past weeks, I’ve been covering some of the newest big data use cases we’re seeing emerge this year. If you haven’t already read parts 1-3 on blockchain, MiFID II and healthcare precision management, you may want to check them out or download all five use cases here. This blog will cover Personalized Omni-Channel Experience in Retail.

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What’s going on in the data world right now, and how will it impact the market in 2018? There are the obvious, banner headlines, of course: AI is everywhere and will change everything; Enterprises continue to move their infrastructure – and data – to the cloud; GDPR will make data protection every company’s priority. But you knew all that. And maybe you were a bit skeptical of the grandiose claims anyway.

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Every year, industry pundits hypothesize on the many ways big data can improve healthcare delivery and the overall healthcare system. Yet, adoption of big data in healthcare fails to keep pace with other industries.

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Back in 2004, Europe created a new set of rules for smoother stock trading called the Markets in Financial Instruments Directive, or MiFID. In 2007, new regulations called MiFID I went into effect designed to increase transparency and competition among the various European financial trading exchanges.

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Every year, more organizations in various industries take steps to maximize and leverage big data to improve business processes and stay ahead of the competition. Furthermore, emerging technology trends continue to prompt new ways to derive insights from data.

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Data security has never been as important as it is today. At Datameer, the security of your data is as important to us as it is to you. This is why companies working with very sensitive customer data – some of the world’s largest banks, healthcare insurers and telecommunications firms such as Citi, HSBC, Aetna, Anthem, Optum and Sprint/Pinsight Media – all trust Datameer for their data preparation and exploration needs.

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The nominations are in and – Who are we kidding? The results aren’t even close. The winner of Big Data’s Person of the Year is…The Chief Data Officer (CDO). Clearly congratulations are in order! But let’s step back for a second and take a look at the marketplace that’s made this all possible.

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