How to be a market innovator and drive new client-centric products and services
A global insurance company seeking to be a market innovator and drive new client-centric products and services but hampered by data challenges; four years into existing technology-based data strategy with limited business value created.
Wavestone's mission and benefits
Wavestone helped develop a data product strategy and new operating model that accelerates innovation and delivery of high-value use cases. Strong executive buy-in and adoption and client is well into the first year of delivery.
Wavestone's vision and value
In a world where data is enabling innovation in both business and society, many companies are still struggling to drive data transformation and become data driven. Significant investments are being made in technology and infrastructure, yet our research shows the biggest challenges are human factors – culture, people, process, or organization. A sound data strategy is not just a technology blueprint, but a strategic plan aligned with your business goals, paired with an objective assessment of your data and analytic capabilities, and practical go-forward recommendations that can result in sustainable and exponential business value from your data.
Companies continue to focus primarily on the supply side for data and technology, instead of increasing demand for them by the business. It is a technology push rather than a pull from people who want to make more data-based decisions, develop more intelligent business processes, or embed data and analytics into more products and services. The supply-side focus is important, but equal attention, or more, must be given to the demand-side of data to unlock value. What is the demand-side of data? It is activity that helps businesses understand and use data to enhance operations, support new business needs, and gain timely insights.
Whether you need a new strategy, need to refresh an existing strategy, or pivot away from an ineffective strategy, our approach starts with and emphasizes business outcomes and business needs. Our best practices experience and your local knowledge, combined with our iterative, collaborative approach, accelerates development of the strategy and implementation of successful data and analytic products.
Our Data & Analytics Strategy capability will help focus on high-value business needs and use cases, assess current state strengths and gaps, and define a go-forward target state, strategy, and roadmap to drive data and analytic product development that delivers measurable business value. Example deliverables:
- Best Practice Assessment
- Ideation & Use Case Development
- Business Data Strategy
- Target State Architecture
- Target State Operating Model
- Business Case
- Change Management
- Strategic Roadmap
Wavestone is uniquely positioned to help you through your journey from ideation to strategy and through implementation.
Benefits:
- Quick alignment on business needs and high-value use cases
- Rapid assessment and feedback based on industry best practices
- Practical insights and recommendations founded on real-world experience
- Business-outcome focused roadmap, action plans and measurable results
- Access to expert, independent, and outside-the-four-walls perspective
Once the Data & Analytics strategy is defined and documented and the roadmap is created, Wavestone can also assist each client in executing some or all their portfolio of initiatives to ensure that strategic benefits are realized.
