John Irving, Ventiv’s very own Commercial Director, EMEA, had the opportunity to run an informative workshop on the topic “Unlocking the unknown, the future of risk management analytics”. He shared his expertise in analytics and using AI to support key business decisions, as well as giving a demonstration of Ventiv’s RiskConsole system and Watson analytics.
The Airmic conference took place across three days in June in Liverpool, UK. Just under 2000 people from the risk management community attended this prestigious event, with the main focus being– ‘The future is now! Draw your attention to today’s, not tomorrow’s risks, the power of technology and how this can help your business’.
It was great to see faces old and new at the Ventiv stand, enjoying a cocktail from our mixologist! (team pictured right)
Here are the top five things you should take away from my talk on analytics
1. Understand what analytics is
You might think you know what it is, but to truly make the most of analytics, firstly you must really understand what it is and how you can use it. Analytics is made up of two parts.
The systematic computational analysis of data or statistics. (i.e. the process)
Information resulting from the systematic analysis of data or statistics. (i.e. the results)
In other words, technology is used to read data and present this as meaningful reports and outcomes. Once you have these outcomes you can start to spot trends, make predictions and work out what else you need to know.
2. Make it good analytics
Analytics is only worthwhile if you have good (or even better, great) data to analyse and you know how to analyse it. When you get it right, analytics can transform your business.
The benefits of good analytics for an organisation are huge. You can
- Make informed decisions
- Build and support business strategy
- Identify hidden opportunities
- Shine a light on problem areas
- Deploy resources for maximum effort
Analytics is becoming increasingly important in business decision making and can have a real impact on spend prioritisation.
3. Drive your business forward with prescriptive analytics
While there are different types of analytics (descriptive, diagnostic, predictive and prescriptive), the highest value is prescriptive. This looks at the ‘how’. Being able to calculate how you can make your objectives come to life and take advantage of opportunities certainly comes with the biggest yield, but of course is the most difficult to get.
When you work with the right people and the right technology, you can begin to discover information that you didn’t even know to look for.
It’s simple really. When you ask the right questions, AI will do the work for you.
4. Think big. External considerations – integrating third party data into the mix
Data cannot be analysed in isolation. To get accurate predictions, you need external data. Depending on your type of business, where you trade and who your customers are, a whole host of factors could influence your market. It’s worth looking at
- Weather – historical and forecasts
- Location Services
- Almanac Services
- Current Conditions
- Census Data
- Industry Data
5. The future of analytics – what to look out for over the next few years
With technology and in particular, AI evolving at some pace, we only have to look to the next two to three years to see huge changes. Our key things to look out for are:
- By 2020, natural-language generation and artificial intelligence will be a standard feature of 90% of modern BI platforms.
- By 2020, 50% of analytic queries will be generated using search, natural-language processing or voice, or will be autogenerated.
- By 2021, the number of users of modern BI and analytics platforms that are differentiated by smart data discovery capabilities will grow at twice the rate of those that are not, and will deliver twice the business value.
It is becoming easier than ever before to conduct detailed analyses. You no longer have to be a data scientist to quickly produce meaningful results. With technology like RiskConsole Advance, combined with our analytics module, you can capture quality data and produce meaningful outcomes to start moving your business to the forefront of your industry.