SigmaWay Blog

In this era of advanced analytics, there are many new challenges involving privacy and security of individuals, as computing power allows nonprofits, businesses, and researchers to gather ever-larger troves of information. Though it can be observed that there is a colossal increment in the amount of available data, we still only have two eyeballs and one brain! How a traditional library will look without a librarian, or an encyclopedia without an index? Scale that prospect up to the realms of web analytics, astronomy, high-speed finance, or even basketball statistics, and the problem becomes clear.

Research scientist Fernando Pérezof, University of California, Berkeley, recently spoke about it at a symposium titled “Weathering the Data Storm: The Promise and Challenges of Data Science,” hosted by the Institute for Applied Computational Science (IACS) at the Harvard School of Engineering and Applied Sciences (SEAS).

To read more, Please visit Harvard university article link given below:

http://news.harvard.edu/gazette/story/2014/01/the-promise-of-big-data/

Communication is an absolute essential entity to allow successful improvement in healthcare industry. Effective communication will allow relevant and correct flow of data through the organization. With more relevant data, analysis will also be more accurate and will automatically lead to improvement in the healthcare industry.

Please go through the link for more details http://healthcareanalytics.info/2012/03/successful-healthcare-improvement-requires-analytics-and-effective-communications/#.UyhlIqIyX4s

Balancing privacy, policy, and innovation is important to achieve harmony in health care, but, it is also difficult. While both population health and patient centered care seek to improve health care, at some level they are fundamentally at odds. Managing the health of population in a sustainable and scalable way requires uniformity of care across large groups for prevention, wellness, resource utilization, etc. Often, the most predictive clues about our health, exist in information that lives outside of traditional health care. This can be unearthed with the help of new innovations in Big Data. With the right policies and safeguards in place, trust can be established that will give individuals greater comfort and confidence to share information with their healthcare providers.

Harry Greenspun, MD and Senior Advisor for Health Care Technology and Transformation at the Deloitte Center for Health Solutions talks more about it here: http://blogs.deloitte.com/centerforhealthsolutions/2014/03/balancing-privacy-policy-and-innovation-to-achieve-harmony-in-health-care.html?id=gx:2sm:3tw:chsblog:awa:chs:032214:deloittehealth#

Healthcare organizations are becoming proficient at creating and storing terabytes of data each month. Unfortunately, their skills to transform that data into knowledge and useful information are not quite so impressive.

The major primary obstacles to widespread analytics adoption are:-

·         Culture does not encourage sharing information.

·         Lack of understanding how to use analytics to improve the business.

·         Ownership of the data is unclear or governance is ineffective.

Please go through the link for more details:

http://healthcareanalytics.info/2013/11/three-main-barriers-to-widespread-analytics-use-in-healthcare-organizations/#.UyhkhqIyX4s

Big Data was the talk of the town in 2013 and the trend is likely to continue in 2014 as well. Though Big Data has been used in the finance domain earlier, it has been limited.But this year it is expected to take a giant leap in terms of its applicability.

Using the power of social media and analyzing the vast amounts of data generated by them, financial companies can directly interact with their retail clients to provide them with an insight to the customers’ experience. Finance sector being data-centric, Cloud technology will help companies store large volumes of data which was otherwise not feasible given the cost and technological setup constraints. The sophisticated mobile technology will help in generating more data from the customers within an exceptionally short span of time. And finally, Analytics will do the most interesting part – forecasting and predicting results with the help of Predictive Modeling and beyond. Together, the Social, Cloud, Mobile and Analytics (SMAC) will close in and will redefine the financial sector operations.

Additionally, Big Data and Analytics will be used more and more in solving different financial cases and also studying investment practices with the help of Semantic Analytics.

 For more information,read http://www.wallstreetandtech.com/data-management/big-data-use-cases-across-financial-serv/240165075 to know on how Big Data is about to change the Financial world.

While various Analytics softwares help you to track & get basic traffic and visitor data, they also have few yet hazardously significant holes. There are many reasons for getting irrelevant, non required and Null/missing data. Some examples of the areas from which you might be getting conflicting data are Internal Traffic, Direct Traffic, Mobile Traffic, Private Browsing Traffic, Keyword Traffic, Social Media etc.

To know more, visit the following link:

http://blog.kissmetrics.com/what-analytics-is-hiding/

In USA, approx. 8o% of hospitals are using electronic health records, due to which it is possible to gather useful information for research & development. Now healthcare industries are actively looking for transformation of its major areas by meaningful use of analytics.

To know about its challenges and impact, please go through the link: http://ehrintelligence.com/2014/03/17/for-healthcare-analytics-you-need-to-have-goals-in-sight/

 “The future is like a corridor into which we can see only by the light coming from behind”, well said by Edward Weyer Jr..  Like that, to analyze anything, the first step is to collect relevant data and develop predictive score for each element, the second step is to assess these predictive score and then implement it into a model. Finally prediction and conclusion can be made accordingly.  The book, Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die by Eric Siegel explains how predictive and other insights associated with predictive analysis work.

Please go through the link for more details:

http://www.amazon.com/Predictive-Analytics-Power-Predict-Click/dp/1118356853

Laura Noonan, Marketing team lead at CallFinder, talks about how important  it is to monitor the call center agents for providing customer satisfaction. She also emphasized that the companies must also provide equal priority to employees, ensuring the satisfaction with their role. She also speaks about the different advantages of monitoring calls between the customers and agents.

For more information follow

http://www.callcentertimes.com/Home/tabid/37/ctl/NewsArticle/mid/395/CategoryID/1/NewsID/723/Default.aspx

An article by Mr. George Shen, information strategist and consultant with Deloitte Consulting, explains how analytics has become an inseparable part of any election process nowadays.

For More Information please visit

http://www.analytics-magazine.org/january-february-2013/731-big-data-analytics-and-elections

This whitepaper describes how HR Analytics is helping core HR business processes to make right business decisions.

For More Read Information : 

Advanced analytics is an opportunity to redefine the banking sector. Some banks will seize that opportunity and will be able to explore the market & gain significant market share. Just like, some banks had initiated providing ATMs & internet services to customers, in order to truly create a differentiated position for themselves, enabling them to achieve competitive advantage over the rest.

Innovators are using big data and analytics to sharpen risk assessment and drive revenue. Banks who are implementing data analytics will be in an advantageous position for some period of time, while other banks playing catch up. So there’s an opportunity to make some smart, targeted investments. If you want to sustain your banking business in today’s volatile market, Think big, Think innovation! Think analytics!

To Read more, Visit......

http://www.mckinsey.com/insights/business_technology/how_advanced_analytics_are_redefining_banking

Steven Rust, Ph.D., “the Battelle’s Inventor of the Year”, developed and demonstrated a very useful analytical tool which can predict risk associated with a patient in such a way that it can be prevented in an early stage.

 Please go through the link for more details:http://www.battelle.org/media/press-releases/rust-is-battelle-inventor-of-the-year

Stuart Rose, global insurance marketing manager at Cary, talks about how Insurance companies gather piles of text based data everyday about customers’ detail. It also addresses the different patterns used to explore unstructured information and analyze them. Text Analytics helps in understanding the details contained in the unstructured sources. The areas where text analytics can positively impact on insurer profitability are – Subrogation, Fraud Detection and Brand Reputation.

For more information please follow

http://www.insurancetech.com/business-intelligence/3-insurance-business-applications-for-te/240165269

Insurance organisations face problems in storing information. With the increase of information, innovations are required to handle information to detect risk properly. With the help of analytics in distribution channel, market products have improved. It also helps in taking decisions and reduces customer retention.

For more information, please go through: http://www.youtube.com/watch?v=KN-KgCgZdTE

The main threat of any insurance organisation is to detect fraud. To prevent fraud effectively, SAS has taken a Hybrid Approach, which enables detection of fraud 10times more effectively. The technologies in this Hybrid Approach are: Business rules, Anomaly Detection, Predictive Models and Social Network Analysis.

For more information, please go through: http://www.youtube.com/watch?v=HbJmJ_jK7gU

A recent webinar by INDUSTRYWEEK explains the different uses of predictive analysis in auto industry and how it is changing the competitive atmosphere.

For More Information :  http://www.industryweek.com/webinar/predictive-analytics-transforming