Actuaries Institute says data analytics gives consumers what they want and firms more bang for their buck
1 May 2012, MELBOURNE -
The future survival of Australian businesses will rely heavily on smart data analytics and modelling to better understand consumer behaviour and give firms more of a competitive edge, according to the Actuaries Institute.
Data analytics is powered by sophisticated statistical modelling techniques that can profile and predict customer behaviours and how they impact on the commercial performance of a business. It essentially gives firms more bang for their buck by painting a much more accurate picture of the consumers they are trying to reach.
Actuaries Institute CEO Melinda Howes said data analytics was a prime example of how actuaries’ analytical power can contribute to the commercial health of Australian and global businesses by helping them understand their customers needs.
“Australians interact with products and services born out of actuarial smarts every day without even realising it. Data analytics is becoming one of the biggest success stories not only for the actuarial profession but for all Australian businesses, where having a competitive edge will be more important than ever before,” she said.
According to Quantium, one of Australia’s fastest growing consulting firms, data analytics can change the way business operates. Quantium combines data and analytics, strategic insight and innovative software tools to enable many of Australia’s most progressive businesses including NAB, eBay, Telstra and Qantas to capitalise on the value of their data.
“We’re a big employer of actuaries and firmly believe only companies who truly understand their customers will succeed in the future. Many businesses are sitting on a gold mine of information just waiting to be tapped in to. Data analytics has the dual advantage of delivering more tailored products and services to consumers which should in turn drive greater profits for companies,” said Adam Driussi, Director at Quantium.
An example of Quantium’s innovative use of data and analytics is the NAB Online Retail Sales Index launched in February 2012. The index provided NAB with a detailed analysis of customers’ shopping trends to share with its customers and use as a valuable business intelligence tool.
Data analytics is one of the main themes covered at the Actuaries Institute Financial Services Forum, a major industry event covering banking, finance, insurance, risk and superannuation held in Melbourne.
For more information on data analytics or an interview with Quantium please contact Honner Media on 0420 949 852.