What is your business lacking that could unlock its full potential?

Insight

Published

19 April 2022

What is your business lacking that could unlock its full potential? 

Achieving a data-driven culture is one of the top three most important business intelligence trends in 2021. (BI-Survey)

Without digital business transformation - and data analytics to fuel that transformation - businesses cannot meet and exceed their potential. The need to increase efficiencies, make informed decisions, and create a data-driven culture is critical in achieving business growth. 

Countless businesses fail to investigate and understand the power of data and analytics, which, with the right strategy, will illuminate your opportunities and can clear a path for where you want to go.

Howden data & analytics

Why is data important?

Data-driven companies are 58% more likely to beat revenue goals than those who are not focused on data. (Forrester via Performance Improvement Partners)

Data is like the binoculars of your business - it enables you to see the future up close based on what’s going on in the environment, markets and industry. Data helps determine trends, patterns and where you need to be verses where you are right now. 

Data is delivered to us like a persistent tsunami from numerous sources around the globe. Understandably this can be daunting to dive into, but failing to explore and tap into the potential of what data teaches us can leave businesses trailing their competitors or miss an opportunity to excel above its competition.

What is analytics?

With only 15% of companies showing effective delivery of relevant, reliable customer experiences, investment in data and analytics can help provide a competitive advantage. (Salesforce)

Analytics is the process of turning information into action by combining unique datasets with strategic consultancy. “62% of companies still rely on traditional tools such as spreadsheets for data analytics, despite 76% reporting their analytical maturity has increased over the past year.” (Deloitte)

Analytics essentially involves crunching big data and presenting it in a way that enables the user to hone in on pertinent information in a clear, precise and digestible manner. Effective analytics allows companies to target specific business, client or financial outcomes, and implementing the right analytics strategy can be a huge differentiator. 

What does Howden Analytics offer?

Whether the insight required is high level or extremely granular, the manner in which Analytics can work is astounding. This goes beyond charts and graphs; Howden Analytics develops customisable dashboards and interfaces that condenses multitudes of data into precise, clear and brilliant outputs.

Our global network allows you to wield data like never before, backed by a team comprised of actuarial, advisory, business intelligence, catastrophe modelling and research specialists. The team brings their expertise to clients, helping them identify the most effective use of capital and risk financing solutions, including captives, discretionary trusts and parametric solutions.

“We’ve got a whole lot to offer with state of the art data indexing technology to assess, structure and price your risk in an easy to understand format using up to the minute data and analytics from around the world, in real-time.” Craig Harms – Head of Alternative Risk Management Services at Howden Australia.

Where to next?

Contact us to understand how an effective data and analytics strategy can unlock better risk and financial outcomes for your business.
 

Talk to us today.

If you would like to discuss further insurance solutions for your business, please contact Craig Harms at [email protected]