In a recent blog post Zane Hall, CEO SMG Technologies, discussed how the ‘Internet of Things’ shaping the world of sport will also shape the world around us. In the article Hall discusses SMG Technologies’ (SMG) rich history in sports, pointing towards the SportsMed Elite data analytics platform, and goes on to describe how these types of analytics platforms will find their way from the sports field to the boardroom.
The transition is already happening in the UK, the USA, and to a smaller extent in Australia. A recent article in The Weekend Australian notes how one Logistics Company and another insurance firm are adopting wearable technology to monitor staff well being – Wearables let firms monitor staff health.
It is certainly an interesting concept and one that most professionals would accept as the future but few truly understand the benefits or ramifications. I have no doubt that the adoption of wearable technology alongside intricate data analytics platforms within businesses to track, support and manage employee welfare will be rapid once a few current concerns are adequately addressed – for instance, employee privacy, employee interaction but most of all a true understanding of employee benefits. The analytics platforms and hardware are ready to go once the concept is accepted.
What is also fascinating – and a space which hasn’t been overly explored – is how these analytics tools and platforms will shape consumer experience.
Throughout the ages brands and businesses have worked hard to offer innovative customer experiences to raise awareness and ensure loyalty. Billboard advertising was once a novel concept. Do you remember when sports teams had shirts with no logos? And now, a strong internet-based social engagement strategy is imperative to the success of both consumer and corporate facing brands. But what is next?
There is a strong case to be made for consumer interaction via engagement on predictive analytics products. Essentially, an individual will track their daily activities and receive health and wellness analysis through their chosen platform. That data can then be voluntarily linked to that individual’s chosen brands and the brands then reward the individual based on their achievements.
To bring this to life I’ve chosen one industry within which this model would be successful – the insurance industry. At the moment, insurance companies are striving to differentiate themselves by offering the most tailored insurance plans possible. Through predictive analytics platforms insurers will be able to get a better understanding of an individual’s lifestyle which in-turn could allow the insurer to offer lower premiums or goal-based rewards.
The incentive for the consumer then becomes to improve their analytics results to save money or receive gifts by staying active or improving sleep habits, for instance. It’s almost impossible to say where the improvements could be made because it’s fundamentally unique to every individual.
The opportunity to offer a point of difference is huge for insurance companies when considering predictive analytics. It’s perfectly reasonable to expect that a company will be able to lead the conversation with its customers by predicting the user’s behavior, for instance, offering vouchers for a physiotherapy session to a user who is showing signs of muscular tension in their data.
These concepts may seem novel and possibly far fetched but the data capture and predictive analytics platforms have been created – SMG Technologies has products ready to go into such companies and is actively talking to firms in Australia. It is, however, South Africa that is currently leading the way as a country which is quickly accepting and adopting predictive analytics in business.
Insurance is only one industry that would benefit from these types of products. There is also exciting opportunities for sectors like education and governance each with its own unique requirements but all from the same underlying concept – analytics of human data.