What happens when advanced analytics and business-critical data come together? You get more relevant insights! Sounds simple, but the task of gleaning insights from enterprise data is only getting tougher. That’s because data is both qualitative and quantitative; it’s also structured and unstructured. It’s true that data scientists and analysts are heaving a sigh of relief, thanks to the arrival of a new paradigm in data and analytics  – augmented analytics.

Insight generation. Automated and accelerated.

What’s the use of presenting an awe-inspiring bar chart to a user who struggles to extract the required informationfrom it?

The traditional static reports and dashboards may no longer be able to provide the insights needed to take informed decisions. Augmented analytics uses machine learning and natural language processing to automate and simplify the process of insight generation. In other words, it’s like data interpretation on steroids! Truly a disruption, it’s expected to change the way data analysts create, interpret and share data with a diverse group of users. But the good news is that it’s the new way to add artificial intelligence to existing business intelligence tools. The result: work gets done faster and the results become more meaningful.

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The dearth of game-changing innovation is a challenge that the manufacturing sector has battled with for long but this is fast changing. The technology that is disrupting manufacturing in a big way currently is IoT. Business Insider estimates that global manufacturers will invest $70 billion on IoT solutions in 2020 – a jump of $29 billion since 2015. The reason: manufacturers around the world are now seeing value in the technology.

IoT is digitizing machinery and supply chains, making them ‘intelligent’ enough to make suggestions and take decisions autonomously within predefined rulesets. In the manufacturing context, IoT is a network created by attaching sensors to physical assets that can collect data, store and transmit it wirelessly, while also leveraging machine learning and analytics (supported by cloud) to take the expected action. When it comes to supply chain management, IoT lays the foundation to make it smart. In essence, the technology is poised to transform the way products are manufactured and delivered in the future. Here are two applications worth a mention.

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Background

According to the NTT DATA services survey, 59% of the healthcare consumers want an improved customer centric experience with the use of the latest digital technologies.

The integration of the digital technologies in the everyday lives of the consumers have led to the latent need of the improvement of the customer experience in the Healthcare industry. Following the same need, we have 80% of the Healthcare organization investing in the latest trends used to improve the customer experience.

The investment patterns have revealed major trends in the cultural transformation of the traditional healthcare delivery systems. The trends are the Advent of AI, Advances in Analytics, Intelligence of IoT and Extended Reality.

Digital Health

The concept of using technology to improve a patient’s health is digital health. The digital tool and technologies can be used anywhere across the patients journey and have an impact on it. These technologies include wearables, gadgets, mobile applications etc.

Advances in Analytics

The diverse offerings of Analytics works on the sole fuel of data. The capture of information at critical touch points in a patient’s journey is essential to improve and personalise user experience. The personalised experience in the Healthcare delivery systems is the most important dimension for improvement. Delivery of this personal experience to millions of individual healthcare consumers is possible through the power of Analytics. Analytics can help derive and predict the consumer preference and need at each step of the journey.

As we see it, an Analytics driven platform can help improve the patient experience under five broad categories.

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Background

According to the NTT DATA services survey, 59% of the healthcare consumers want an improved customer centric experience with the use of the latest digital technologies.

The integration of the digital technologies in the everyday lives of the consumers have led to the latent need of the improvement of the customer experience in the Healthcare industry. Following the same need, we have 80% of the Healthcare organization investing in the latest trends used to improve the customer experience.

The investment patterns have revealed major trends in the cultural transformation of the traditional healthcare delivery systems. The trends are the Advent of AI, Advances in Analytics, Intelligence of IoT and Extended Reality.

Digital Health

The concept of using technology to improve a patient’s health is digital health. The digital tool and technologies can be used anywhere across the patients journey and have an impact on it. These technologies include wearables, gadgets, mobile applications etc.

Advances in Analytics

The diverse offerings of Analytics works on the sole fuel of data. The capture of information at critical touch points in a patient’s journey is essential to improve and personalise user experience. The personalised experience in the Healthcare delivery systems is the most important dimension for improvement. Delivery of this personal experience to millions of individual healthcare consumers is possible through the power of Analytics. Analytics can help derive and predict the consumer preference and need at each step of the journey.

As we see it, an Analytics driven platform can help improve the patient experience under five broad categories.

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These are some exciting times for the healthcare space. With the growing volume of data collected through patient portals, EHRs, and what not, the industry faces not the lack of data but of tools and technologies to leverage it.

Healthcare analytics is the driver behind improving care quality, reducing costs, and offering an over-the-top patient experience. McKinsey has predicted that AI and ML could generate up to $100 billion in value annually for the healthcare industry.

AI and ML in healthcare are helping organizations optimize innovations, make better decisions- faster, make clinical and research trials more efficient, and provide new tools for clinicians, patients, regulators, and even insurers.

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IoT is yet to come of age – that’s the widely prevailing perception but it’s far from the truth. IoT is already everywhere, and by the coming year, “there will be 30 billion connected endpoints,” predicts IDC. The physical devices that were once offline are today transforming into online assets that communicate through enterprise networks. They are generating data, interpreting and communicating it constantly. It’s a complex mesh that gives rise to security challenges and enterprises must ensure that these intelligent machines do not double as potential points of attack. There is a need to broaden the scope of security that covers these new devices that are going online at a breakneck pace.

That’s not all. IoT systems currently achieve centralization through the cloud and all data moves to and from the cloud through the internet, even if the devices happen to be adjacent to each other. The whole cloud ecosystem is cost-intensive, marked by high storage and maintenance demands, supported by expensive networking equipment and huge server farms. As IoT devices proliferate to unprecedented numbers, the chance of the cloud turning into a bottleneck and the primary point of failure increases, giving rise to the possibility of disruptions that span the entire network.

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Harnessing the power of health data is now a top priority for healthcare organizations. The healthcare industry is becoming more patient-friendly, after its decades of ignorance in that aspect. Studies reveal ¹ 72% of providers feel consumer-centric strategies are important, with 25% investing in them and nearly 90% making related staffing changes.

According to a study, if a healthcare organization loses one dissatisfied patient, they effective lose nearly $200,000 in revenue over their lifetime.

This is because over 53 percent of patients say they value a great experience from their care provider.

The consumerization of healthcare is changing patients’ expectations as they have started demanding a retail like experience.

Going forward, healthcare organizations will succeed only if they improve their services to cater to patient sentiments and deliver seamless experiences.

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Harnessing the power of health data is now a top priority for healthcare organizations. The healthcare industry is becoming more patient-friendly, after its decades of ignorance in that aspect. Studies reveal ¹ 72% of providers feel consumer-centric strategies are important, with 25% investing in them and nearly 90% making related staffing changes.

According to a study, if a healthcare organization loses one dissatisfied patient, they effective lose nearly $200,000 in revenue over their lifetime.

This is because over 53 percent of patients say they value a great experience from their care provider.

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The age in which business analytics rule has arrived. Here’s a statistic by Forbes that proves the point, “52% of enterprises are leveraging advanced and predictive analytics today to provide greater insights and contextual intelligence into operations.” In fact, the rate at which data is being generated today has necessitated the use of technology to decipher it for humans. Why? Because it is our kind that ultimately has to take the decisions. However, for the decisions to be precise, one needs a holistic picture of what’s going on, especially in a complex setup such as a factory. This is where Factory Command and Control Center (FCCC) comes into picture. FCCC, in fact, is a successful attempt at combining analytics and human intervention.

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On customer experience, payers rank 19 out of 20 in the Customer experience quality index. A poor score of 57% is the average engagement score that was attributed to payers in Temkins’s Experience ratings. According to Forrester’s US Customer Experience Index, 2018, the topmost health plan ranked 184 out of 318 companies surveyed.

The above statistics lead to one undeniable conclusion. There is a lot of room for improvement in the user experience domain of healthcare. One of the most important levers to improve member experience is working on member engagement.

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