Post on AIG’s adoption of evidence based decision making: data analytics depends upon organizational management of decisions, which is influenced by decision culture and processes.
New developments in data science offer a tremendous opportunity to improve decision-making. Machine learning, pattern recognition, and other predictive analytics tools can constitute a source of competitive advantage for those companies that adopt them early on; but like any new capability, there is an enormous gulf between awareness, intent and early engagement, and achieving significant business impact.
How can companies better manage the process of converting the potential of data science to real business outcomes? How can companies go beyond merely generating new insights to changing behaviors — not only of their employees, but customers too? We would like to offer some lessons from AIG’s early experiences with deploying new analytical tools to leaders across industries who may be considering embarking on a similar journey.
In January 2012, AIG launched the “Science Team.” One might be surprised to find a Science Team in an insurance company. However, Peter Hancock, President…
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