I recently read an excellent article on McKinsey & Company report titled “Transforming into an analytics-driven insurance carrier” while conducting research for this blog post. It does an excellent job of describing the journey that the industry is currently undergoing and broke it into four phases that is useful to understand, and this excerpt says it all:
This is very much in alignment with the recent poll conducted by the Wall Street Journal-Custom Studios and discussed with Deloitte and Citigroup in a Qlik webinar held this summer.
Traditional query-based Business Intelligence & Data Viz Tools have common and widely documented limitations that end up being a bottleneck thwarting the journey and in most cases, outright preventing organizations from progressing through the cycle discussed by authors of the McKinsey article.
To be crystal clear, traditional query-based BI & Data Viz tools are “ships in a bottle” and without further delay, here are my “Top 5 reasons that ships in a bottle aren’t good for business”:
- Only point in a single direction and not aware of changing environment
- Cannot be combined with other ships to make a fleet
- Doesn’t scale (which is quite ironic)
- Rumored that the large ones often spin in circles
- Usually sits on a shelf while the actual work is done using other means
An alternative exists:
“Rigorous and widespread use of data” to grow profitably and properly manage risk has never been a more achievable goal. Technology that has shattered the bottleneck that has held Financial Services organizations from truly transforming their organizations into one’s being driven by fact based analysis and decision making.
Qlik currently has over 3,500 Financial Services and FinTech organizations across the globe using our visual analytics platform. Explore Qlik’s Top 12 Solutions in Financial Services and gain the advantage your firm needs to manage risk, improve profitability and build stronger customer relationships.