A recent PwC report on the insurance industry has me thinking. The report outlines how Big Data and smart analytics can be used to generate business insights. More specifically, insights which lead to scenarios enabling the development of solutions which generate value.
Gone are the days when businesses thrive by developing products, push these into markets and simply return results. Increasing levels of customisation mean that businesses need to tap into this customer / user trend and deliver meaningful value.
The volume of data being generated by customers and business processes is growing exponentially, this is valuable data which contains useful insights. Michael Porter outlined in his seminal work Competitive Advantage that primary advantage is gained from either cost or product differentiation.
What if we added data insight as a third factor?
This means that seemingly meaningless data is mined and the findings built into the business process. In common practice this means looking at data in unusual ways, using tools not commonly brought into strategic discussions. One such tool is Geospatial Technology.
Geospatial aka “mapping” platforms provide the strategist the opportunity to view data in new ways. The ability to overlay data such as traffic flow, demographic information, disposable income levels, etc, opens a window to generate insights previously invisible. Data which has or shows potential to have a geospatial element can be viewed and manipulated using a geospatial modelling platform such as MapInfo Professional.
The team at Spatial Insights are able to scope any data available which has been generated by value producing processes and assess potential for real insight opportunities. If you have good data, we’ll model it and generate insights. By good data, we mean any data which possesses geospatial or geographic elements.