SigmaWay Blog

In spite of a lot of buzz about big data and data analytics, only few organizations like Amazon and Google have managed to exploit them to the potential. With the shortage of doctors, lack of infrastructure and only 5% Indian population covered by health insurance, healthcare system in India is in a delicate condition. If used in the right way, the data analytics in healthcare system can push the sector to excellence by retaining right customers and assisting in providing cost efficient operations. Data analytics can also assist the insurers to increase the coverage of healthcare insurance from 5% to 50% of the Indian population. Read more at http://health.economictimes.indiatimes.com/news/industry/healthcare-analytics-in-india-opportunities-and-challenges/59028069

Financial inclusion is the process of achieving the development goal, but not the goal itself. It involves availing the financial services of financial institutions like maintaining savings account, having insurance or taking formal credit. Some but not all financial products are effective in achieving goals like eliminating poverty. Savings account which is earmarked for specific purposes such as school fees have quite an impact, whereas microcredit has mixed impact on low earning individuals. There is a lack of evidence of a link between financial inclusion and macroeconomic growth indicators as against that at the micro level. Results of field experiments cannot be replicated across countries. As technology changes better ways can be devised to link micro level benefits to macroeconomic goals. Read more at : http://blogs.worldbank.org/allaboutfinance/what-do-we-know-about-link-between-financial-inclusion-and-inclusive-growth

Looking at the progress of AI globally to assist the legal practitioners in providing legal resources, the Supreme Court has incentivized to incorporate AI in Indian legal system. India has launched its first virtual legal research assistant. Casemine, a legal start-up in the NCR have created a platform (CaseIQ) which goes beyond the old technology of finding keywords and understands the context of the present case. This algorithm searches through the entire Indian legal database and finds links between various cases which is relevant to the case. It has reduced the research time from 5 % to 50% of what is needed in old technique and important source of knowledge to senior lawyers. Read more at: http://analyticsindiamag.com/story-casemine-ncr-based-startup-thats-disrupting-indian-legal-system-using-ai/

Technology in the natural resources business is changing the environment for producers of major commodities like oil, coal, iron ore, natural gas, and copper by giving them better opportunities for increasing the production and lowering the cost. Combining robotics, internet-of-things technology, and data analytics with macroeconomic trends and changing consumer behavior will enable the producers to efficiently use the energy. Technology is also helping the consumers to utilize the energy in their homes, offices, and firms more efficient. Development of technology is also helping in reducing the transportation and electricity cost, increasing the safety of the miners, providing advanced forms of grinding and grinding of many metals and accessing the mines and wells which were once unexplored. By using the existing and new technology, the productivity, efficiency can be increased. The extensive use of technology in mining is not an easy process and will take a lot of time but its reward will be very attractive. Read more at: https://hbr.org/2017/06/how-the-natural-resources-business-is-turning-into-a-technology-industry

Predictive analysis is now coming to the mainstream. Companies are trying to recruit people with the knowledge of maths and economics together with the business. Evolution of analytics is changing its pace. Organizations are treating the data as their key assets and trying to analyze those to gain more from their business. Initially company didn't realize the importance of data analytics. But now it has become a common trend of trusting their data to the cloud as it seems more secure. Read more at: https://www.cio.com.au/article/620089/slow-evolution-predictive-data-analytics/?fp=16&fpid=1

Farmers are not getting the proper price for their products and a lot of produced are not being traded in the market due to lack of proper information symmetry, backward integration, insurance facilities, and infrastructural development. Proper data analysis can help in this respect and save many lives. Data analytics can integrate satellite, weather, and IoT analytics with the agriculture sector and machine learning and parallel computing techniques can be used to get a better idea about the crop phenology. Read more at: https://yourstory.com/2017/05/satsure/

Prosumer- the proactive energy consumers who design and customize their products using smart devices to manage consumption, add renewables to the mix and look for personalized service from his or her utility. The energy consumer gets connected to utilities in terms of both demand and supply and this makes them more vulnerable to ransomware attacks. The energy security benefits are designed to provide security, adaptability and personalization to the consumers with the help of Augmented Intelligence (AI) which help the organization to communicate with consumers and the press. Enterprises can succeed by focusing on consumer personalization, security and the technologies. This can be done with the help of automation, predictive analytics and machine learning. Read more at:https://securityintelligence.com/personalizing-energy-security-with-robust-analytics/

Nowadays, the big data and analysis are in demand as the political and economic conditions are full of uncertainties. Organizations of Asia Pacific are investing rapidly and heavily in digital labor, cognitive automation or robotics process automation to make them technologically advanced and place them ahead of the rest of the world. According to a CIO Survey, it was found that many technology executives are turning this uncertainty into opportunity and are becoming the driving force in making their organizations nimbler and digitally innovative. Technology leaders are becoming influential, as chief executive officers and boards turn to them for help in navigating through these uncertain times. The global security crisis has increased the demand of technological improvement. Read more at: http://www.todayonline.com/business/big-data-analytics-skills-hot-demand-amid-tech-boom

Acquisition -in the world of advertisement, this refers to the ability to attract new customers. According to an IAB report,2017 will witness the growth of native advertisement while the virtual ads will become a popular format. Customer's desire changes every minute and this will assemble a massive set of data. To get the best analysis of this data, big data analysis will give a better understanding of the customer and in turn will help the company to find the target customer. Thus, the use of data analysis is profitable and cost effective. Read more at: https://customerthink.com/how-big-data-analytics-are-empowering-customers-acquisition-in-native-advertising/

Right data insights now have the potential to be a valuable resource to a marketer. It helps brand observe consumers, provide seamless brand experiences, etc. Goals of data driven marketing are: Real time personalization, App-based marketing, Location-based Marketing, Virtual assistants, Using Big Data to predict trends. So, ultimately its goal is to understand and target the suitable audiences. Most marketers have realized the need to be data driven. But to be successful they must choose their own internal data sets and apart from that utilize third party data to gain an in-depth view of consumers across the customer journey. Social Media Data, mobile data and DMPs provides deeper insights into customer's preferences. Read more at: http://www.business2community.com/big-data/state-data-driven-marketing-use-data-fuel-new-revenue-streams-01856921#RcsPHSImrRGOfL8c.972

The product, service or program one offers is to help or reach out to the people who needs. So, choosing the platform wisely to reach out to the audience is important. One should be different in advertising or delivering promises. If one's marketing isn't different he will simply compete on price and compromise on quality thus starting a downfall. Instagram offers value in one's Instagram bio telling others why they should like the page and how will they be benefited. Using the power of hashtag, making sure that the posts and ads is about target audience, interacting with followers and convincing audience how one’s product can be beneficial is important. Following all of these will help one be the leader of the marketplace. Read more at: https://www.entrepreneur.com/article/293713

It is believed that payments enabled by QR code or carried out through NFC-based cards will gain popularity. In India, wearable technology like smartwatch is restricted to fitness purposes and contactless technology in the field of payments has been introduced with the trend of pay using NFC technology. If a debit or credit card is NFC-enabled, one can near a PoS machine that also boasts of the same technology. The debit cards of the NFC-enabled chip cards, requires one to wave and pay with wearable or contactless payments, but security is a big concern. The idea of a card being stolen still exists and the prevention of misuse should be taken into account on priority basis while building these products. Security Concerns such as Remote Access must be addressed. Read more at: https://www.entrepreneur.com/article/295401

Statistics shows that 93% of Road Accidents happens due to the mistake of a driver. Very soon there will be a new breed of cars called ‘connected cars’ because of IoT becoming a Mainstream technology across the world. These cars will be smarter than computer. They will have Innovative business models, cost reduction and competitive edge. Benefits of Telematics and Vehicle diagnostics, Autonomous Infotainment, Safe Driving, Commercial benefits for car Manufacturers, Predictive Maintenance, usage Based Performance can be received. With connected cars, driving around bottlenecks the journey can be a whole new experience. The Future Cars will be intelligent enough to keep drivers drive safe and also to take care of themselves through data analysis. Telematics and sensors will also allow passengers to control the car entertainment console, navigation, climate controls, etc from their Smartphone. Read more at: https://www.entrepreneur.com/article/295399

Big data and analytics projects will be managed by individual departments when the analytics solution at hand concern to a specific function that department does. The analytics solution is required to answer key questions that about the business, whether it is struggling with in a particular area of expertise or not. This makes the owning department the most logical area to start the search for an analytics solution. Some good practices can be: i) develop a compelling business case for the application ii) Get support for the project. iii) don't let IT run the project iv) Trial the new application v) Perform due diligence vi) Develop a roadmap vii) Don't let the technology take over viii) Create a super user ix) Always attempt for a "quiet" system. Read more at: http://www.techrepublic.com/article/10-tips-for-running-a-successful-analytics-project-outside-of-it/

The internet has now become an important part of our life. Looking at the past, we can see how the internet has developed over the years and made our lives faster and connected. But there are a number of problems that we need to solve for maintaining what we have achieved. Biggest Issues: i) Global Inconsistencies in Internet Availability ii) 30-40 % Annual increase demand for Bandwidth iii) Unexpected Fluctuations in use iv) Cybercriminal Access because it's available to all, so more potential targets v) Overreliance on Major corporations vi) Patchwork Fixes. It requires collaboration from multiple industries and multiple companies, from major internet providers to tech companies and even governmental organizations to make the infrastructural and cultural changes necessary to improve the internet's future.Read more at: http://www.datasciencecentral.com/profiles/blogs/the-6-biggest-internet-problems-we-need-to-solve

A decentralized network help banking database connecting unique chain to store transaction records. The technology allows the database to bypass the disruption of the payment network that are often slow, cumbersome and expensive also help in making strong fraud to die out from the system. The financial banks taking up the bonds and shares to get replaced in a decentralized structure. Furthermore, the middlemen are cut through the technology, moreover, it also cuts the cost of transaction records. Looking towards the new area of transformation the bitcoin technology is far approachable to adjust the use of database in decentralized form. Read more at: http://analyticsindiamag.com/blockchain-technology-the-immutable-database-revolution/

The basic premise behind the IoT is to connect everyday objects to the internet through tiny sensors, allowing them to communicate with businesses, consumers, and each other.

While hearing about the Internet of Things doesn’t necessarily signify a consumer would not use an item connected to the IoT, the survey results show a lack of awareness and understanding about what can be gained from it.

The Internet of Things sounds good in principle, giving consumers unparalleled convenience and access to the latest technology, but there is one requirement that can’t be ignored: the internet.

One idea for the Internet of Things is to place sensors on roads, traffic lights, utility grids, and buildings, but doing so represents an expensive venture.

Read more at: https://www.smartdatacollective.com/potential-hurdles-limiting-internet-things/

Software robots are playing an increasing role in workplaces. Robotics helps in improving productivity of the employees. America, at present, is the largest market for RPA (Robotic Process Assistant). RPI is a great fit to the Banking, Financial Services and Insurance sector. RPA has great market potential, but as of now, it has less than 5% share of the total potential share. The most important point is that the RPA will not replace humans completely, but it is likely to provide relief to humans from repetitive, manual and monotonous work. Read more at : http://www.cxotoday.com/story/robotics-in-the-workplace/

There are many challenges that are faced by marketing executives as well as compliance leaders in emerging markets with increased corruption and risks. Each country has unique sets of market opportunities and risks and cannot be transferable to separate market. Markets are also dynamic and applying the same outdated models might give inappropriate results. Strategic intelligence is the need of the hour, with updated market intelligence and multiple data sets. This updated market information would account for changing market conditions.There should be a right mixture of centralized and remote market intelligence and MNC's should extract information from various sources. Finally, there should be a mutual collaboration and sharing of responsibility between compliance and market intelligence leaders. Read more at : https://blogs.metricstream.com/can-marketing-compliance-share-playbook/

Fast data is the application of big data analytics to smaller data sets in real-time in order to solve a problem or create business value. The goal of fast data analytics is to quickly gather and mine structured and unstructured data so that customer experience can be improved by creating a more streamlined process for marketing strategies and customer service implementation. It has been observed that fast data analytics helped businesses turn their raw machine data into actionable insights by tracking transactions, identifying issues with hardware and software, and reducing customer complaints. It also helped in staying compliant with government regulations, avoiding preventable losses and improving the personnel’s efficiency by pinpointing errors. Thus, fast data analytics services significantly improve business’ customer experience by solving issues faster and more efficiently. Read more at: http://www.datasciencecentral.com/profiles/blogs/how-you-can-improve-customer-experience-with-fast-data-analytics?xg_source=activity