Wood Mackenzie drives innovation through collaboration
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By setting up a single centre of GIS expertise and encouraging data sharing, Wood Mackenzie is helping all businesses in the Verisk group to gain valuable new intelligence about global markets and implement innovative new solutions to improve client services.
A global leader in natural resources intelligence, Wood Mackenzie is part of the Verisk group. This year, Wood Mackenzie has established a new centre of excellence for GIS and is helping all the businesses in the group to share their geospatial data for the first time, using the ArcGIS platform. This new centralised GIS service is delivering cost savings and efficiency improvements throughout the group, by simplifying GIS licensing and removing duplicated data management tasks.
Most significantly, the new collaborative approach gives Verisk business units and subsidiaries access to a larger quantity of global geospatial data and the ArcGIS tools to analyse and visualise it. They can, therefore, take greater advantage of geospatial information to gain valuable new insight into factors that impact on global markets. For instance, data on political, human rights and environmental issues that was previously held by just one subsidiary for assessing insurance risks can now be used by another business unit to identify factors that might impact equity valuations.
In addition, Wood Mackenzie is sharing ArcGIS best practices with Verisk business units and subsidiaries, paving the way for all businesses in the group to benefit from state-of-the-art GIS apps incorporating AI and modelling.Using the rich features of the ArcGIS platform, some data layers can now be updated in six hours instead of daily, enabling businesses to provide more up-to-date information to clients.Wood Mackenzie is also using ArcGIS tools and agile development techniques to create a series of innovative proof of concept solutions, which are expected to help group businesses deliver new, value-adding services for their clients.
“We are improving access to geospatial data and developing advanced ArcGIS solutions for the wider organisation, so that all business units can gain a deeper understanding of global issues and make better decisions about risks and opportunities for clients.”