Big Data Analytics Adoption On The Rise, Says Gartner

By 2016, more than 25 percent of large companies will have used big data analytics to identify at least one security or fraud detection use case

Data analytics is gaining traction and will go mainstream in coming years. Research giant Gartner Inc. predicts that by 2016, big data analytics will be used by more than 25 percent large companies to counter at least one security or fraud detection use case. Presently, the figure is a mere 8 percent. Gartner also predicts that companies implementing big data analytics will achieve a positive return on investment within the first six months of implementation.

See also: US Insurance Market Report 2014

Avivah Litan, vice president and distinguished analyst at Gartner says, “Big data analytics gives enterprises faster access to their own data than ever. Enterprises can achieve significant savings in time and money when using big data analytics to stop crime and security infractions, by stopping losses and increasing productivity.” [@PCITplus]

Using Data to Analyze Claims Performance

The area of data analytics and to use them in gaining deeper insight into claims performance is growing rapidly mainly driven by advancement in technological and process management. Organizations are replacing their legacy systems with modern tools to collect more data. Alongside, business intelligence systems that collect and analyze such data are also growing in capability.

But before adopting a data analytics system, it is useful to track back the previous faced challenges. In other words, it is vital to understand the result we will be able to interpret by analyzing those data. Will it provide the insight we need to enhance our marketing strategies, or will we just end up having a huge chunk of useless data.