“Big data is a big deal” says XL Group’s Kimberly Holmes speaking at a gathering of leaders from some of the most recognizable and innovative global brands.
Ms. Holmes, Head of Strategic Analytics at XL Group, said: “Companies that adopt data driven decisions are more profitable and productive than those which do not – that’s the bottom line.”
“And in today’s data rich world, the term “big data” is now being used across the Boardroom table because it is recognized that understanding and utilizing big data is core to business strategy and success. It’s not just a term used by IT when speaking about data capture and storage.”
Speaking on the opportunities presented by big data, Ms. Holmes said that demand and supply can be better understood by analyzing big data because it allows companies to see trends and patterns that looking at relatively small data chunks would simply not show. “In essence, you can discover golden nuggets of data you didn’t know you had and these can provide valuable insights,” she said.
Ms. Holmes concluded with a stark warning: “New markets and new players are making decisions based on big data insights, and in doing so they are squeezing out those companies which are not. Understanding big data is a big deal if you want your company to advance, innovate and ultimately survive.”
Ms. Holmes was speaking at FT Innovate 2013 (6 – 7 November) in London. Now in its 8th year; the conference focuses on innovation and this year specifically on cloud technology and changes in the global workforce. In addition to XL Group, there were speakers from Amazon.com and The Coca Cola Company, among others.
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XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
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