Big Data, Smart Data, Open Data... there's a lot of buzz around data, and rightly so, because the way we access and use data is going to revolutionize the business world.
In the case of Big Data, the first essential issue to be resolved was data management, and in particular increasing storage and analysis capacity for large volumes of data. Today, the quantity of information to be managed is no longer a problem, thanks to the availability of new storage methods, such as the distributed algorithms proposed by Google, for example, but also thanks to new calculation methods. We can now consider that we have removed most of the technical obstacles to the transition from "classic" data to Big Data.
The key consequence of this technical mastery is the creation of almost limitless value. Big Data will enable the retail sector, as well as banks and insurance companies, to gain more precise knowledge of their customers, in order to improve their services and optimize their production. In the e-commerce sector, for example, the aim will be to follow a customer on the Internet to find out about their preferences and purchasing habits, and to offer them targeted advertising aimed at bringing them to the point of purchase. This precise knowledge of the customer is a way for companies to understand and anticipate their expectations, even before they are aware of them. In banking and insurance, beyond improved customer knowledge, the stakes are many: anticipating risks or market movements, combating fraud... Algorithms, computing power, speed and artificial intelligence will be the watchwords of this new paradigm.
How can the data collected be used in the banking and insurance sectors? How can we move from BI (Business Intelligence) to the Big Data era? Discover our White Paper, which aims to provide an overview of the challenges posed by Big Data, with a particular focus on a few examples of uses in the Finance and Insurance sectors.
an article written by...
Eric LAPINA,
Data Practice Manager at Quanteam