Volume + Velocity = ?

We all know and feel that the world is moving increasingly faster. Regardless of the current economic situation, events and issues (e.g. health care, climate shifts, regulatory philosophies) are rushing towards us at speeds we may not be able to reasonably deal with when they impact us.

Technology, particularly current and new forms of social media, are certainly bearing down on us whether we can manage them or not. Taken as a set of media channels, social media such as Facebook, Twitter, LinkedIn and others are acting like an amplifier creating an ever-growing volume of conversations, dialogues, and commentary that resemble more of a digital tsunami of unstructured data than coherent streams of manageable discourse.

Coupled with this never-ending volume is the fact that social media also acts as an accelerator by  increasing the speed or velocity that this tsunami picks up each second. Google’s new search appliance hopes to help us surf these break-neck waves in real-time but it is only part of the solution.

What is the answer to the dynamic equation “volume plus velocity?”

I suggest one answer is pattern recognition. But the pattern recognition response itself must be a contextual solution. All of those streams of unstructured data will have to be interpreted through the prism of each viewer’s needs. And those needs – of the same viewer – will change depending on that person’s requirements at the time of viewing as well as the robustness of the existing streams and the new conversations (writ large) added at the new ( possibly seconds later) time of viewing.

What do you think other answers are to the equation volume + velocity =

And most importantly for our industry, what are the implications for insurance companies, policyholders, producers, prospects, reinsurers, and regulators?

Published in: on December 10, 2009 at 9:41 am  Leave a Comment  
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Digital Marketplace Much More Than Web 2.0

It’s almost impossible to pick up a magazine whether business or technology and not see an article about Web 2.0. And the gist is almost always about the latest social media technology application. People can be forgiven if they equate Web 2.0 with the concept of the digital marketplace but these concepts are not the same. In fact, Web 2.0 is only a part of the digital marketplace.

The digital marketplace is the rapidly emerging environment where people can meet and greet people or transact business either totally within the digital domain or sometimes requiring both the digital domain and good old-fashioned Terra Firma. The digital domain is growing both because of the continual explosion of content (i.e., data) that is becoming digitally available (thank you, Google and Amazon) and the continual availability of devices or appliances people and businesses use to access these digital goodies.

More Than Web 2.0

The digital marketplace is all about the evolution of capabilities of the Web from Web 1.0 to Web 2.0 to Web 3.0 and to Web 4.0 and beyond.

Excuse me? Are you just creating new versions here of the Web? No, I’m not.

  • Web 1.0 was and is all about content. Content that is being digitally rendered to make it available to electronic manipulation, search, determination (in the ‘aha, there you are’ fashion) and navigation. Web 1.0 began to give life to the future ghost of e-discovery (that will bedevil countless corporations in the years to come).
  • Web 2.0 is all about communication. But not just between people (such as in MySpace, FaceBook, LinkedIn, Twitter, and the rest of the social networking technology solutions and platforms). But also communication between functionality – web services, WSDL, SOAP and associated determinants that make web services possible.
  • Web 3.0 is only now emerging. It is the “semantic web” and it enables smarter, more understandable functionality. Sort of like a combination dictionary / thesaurus driving communications, collaboration and commerce. (Rumor has it that Sir Berners-Lee thought that the Semantic Web would be Web 2.0 but the tsunami of personal communications pushed the semantic web to the next step in functionality)
  • Web 4.0 will be all about confluence. It will be the coming together, the blending of tangible artifacts (stores, inventory, documents, ….) with intangible artifacts (logic, behavior, needs, expectations). We see it now in its earliest phases with our smartphones and their ability to blend GPS with restaurant locations and particular desires to eat a certain type of food in a specific price range.
  • Web 5.0 …. don’t know yet. Stay tuned. But it will probably encompass more control as in enabling people or businesses to manage and control intangible artifacts (think either data or even physical infrastructure) with our devices that reach into the digital domain.

All of these evolving web capabilities and whatever comes in the future that impact or change the digital domain are part and parcel of the digital marketplace.

Published in: on July 26, 2009 at 4:13 pm  Leave a Comment  
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