Is Big Data Insurers' Savior β Or Destroyer?
Mo Data stashed this in Big Data in Insurance
"The level of effort and locus of value changes from gathering to analyzing. It used to be possible to know more than your competitors by gathering more information. But that locus of advantage is rapidly diminishing because of all the third-party data. Everyone is able to ask the same questions and buy the same data." The competitive advantage will come in organizations' varying abilities to analyze the data, he predicted"
Bigdatabigdatabigdata we hear it over and over again until it loses its meaning. Historically competitive advantage lay in finding the answers, so we build data warehouses that were efficient enough to answer the questions we already knew. Today, the technology is fast enough and rapidly coming down in price. The data scientists are available (although a little expensive still). So the playing field is leveling. The scarce resource now is 'the right questions' - can we find the people who will ask the right questions - this is where the competitive advantage now lies.