It’s no secret that the amount of data available to us today is growing exponentially. Much has been written about the rapid growth of Big Data and the progress being made in artificial intelligence. Analytical research is enabling us to extract even more meaningful insights from this data. However, in order to truly exploit the full potential the growing investments in big data, we must also look at the last mile: the suite of technologies used in translating data-driven insights into consumer action.
Long gone are the days of Lloyd’s Coffee House, where the risk was assessed and coverage granted based on the best available information, carried indirectly from the high seas. In those days, all available information was conveyed in a matter of minutes over a mug of rum. Relationships were built and maintained through face-to-face interactions and competition was non-existent. Customers were uninformed and without options, so they kept coming back.