How weather insights can grow your bottom line
Almost every weather-related headline in the media or corporate annual reports focuses on the associated negative impacts for organizations. Even “normal weather”affects nearly every industry on a daily basis, whether it's through food and heating needs, rates of crop growth, or the efficiency of energy and transport networks. But are all business consequences of weather negative?
According to new research from the IBM Institute for Business Value (IBV), weather can impact businesses' bottom lines positively and negatively. The IBV's new report, Just add weather: How weather insights can grow your bottom line, shows that an overwhelming majority of executives surveyed said better weather-related insights could reduce costs and increase revenues. In fact, 93 percent of executives surveyed report that improved weather insights could positively impact annual revenue growth. An astounding 99 percent of executives surveyed say improved weather insights can reduce annual operating costs, and 100 percent said that an improved use of weather data could reduce annual legal, insurance and risk mitigation costs.
So what’s keeping organizations from using weather data to their advantage? The executives surveyed identified six key business and technical challenges that inhibit their organizations from deriving more insights from weather data. Fortunately, these challenges are relatively easy to address. The report highlights lessons learned from companies that have successfully overcome these challenges and shares how actionable insights can help organizations quickly move from “blaming the weather”to capitalizing on it. To learn more, read the full report. You also can find industry-specific dating by clicking the links below.
Related links:
Weather matters to life sciences and pharma organizations
Weather matters to retail organizations
Weather matters to banking and financial markets organizations
Weather matters to insurance organizations
Weather matters to government organizations
Weather matters to energy and utilities organizations
Weather matters to media and entertainment organizations
Weather matters to travel and transportation organizations