Most banks nowadays implement Analytics intensively to gain insights from their customers’ data. By generating reports with the help of queries and analytical tools, questions are answered for better decision makings. But still formulating and testing the hypotheses, tuning the model and tweaking the data structures are being done manually. Though much of the work is done by computers, the main part, which is thinking requires human intervention.

But, all these are set to change with the help of Cognitive Computing and Analytics. So, what is cognitive computing? Cognitive computing is the ability to master natural language processing and draw deductions that are not typically possible.

To provide impetus to the growth of its products and services, Global financial services firm DBS Bank has redefined its financial operations with the power of Cognitive Computing and Analytics and they are bearing fruits from it. Read more at http://www.baselinemag.com/analytics-big-data/bank-turns-to-cognitive-computing-and-analytics.html  on how they are doing so.

Big Data! While you are reading the two words and also this blog, you may be not aware that you already have Big Data right in front of you.

Many small businesses think Big Data to be very expensive to analyze. But, let me tell you one thing – we are analyzing Big Data freely for years! Sounds unbelievable right? Okay, so here’s the thing.

Nowadays, social media has become a great means of communication for every business. Many of them have their page on Facebook, LinkedIn, Google Plus, profiles on Twitter, etc. The social media platform can provide valuable insights about their products or services and also about their target customers. With low investments, you can get to know your customers’ behavior, know their demographics and much more. But seeing large volumes of data can make you puzzled.

Nicole Fallon from Business News Daily writes about some tips to get you started. Read them at http://www.businessnewsdaily.com/6190-smb-big-data-tips.html

A successful human capital management plays a significant role in achieving organizational goals. Nowadays, information technology plays an important role in human resource management, evolving from the automation of repetitive tasks such as payroll, to bottom-line driven processes aimed at aligning human capital with corporate strategy. Human capital management (HCM) software solutions offer a framework to manage the abilities, skills and experience of employees. Studies have shown that human capital management (HCM) practices explain over 50 percent of job satisfaction levels. Ultimately, the effects of HCM solution will extend beyond job satisfaction to customer satisfaction and revenue.

Read more to know the factors and elements of a high performing HCM system, at http://www.cmicglobal.com/human-capital-management.html

Lean and Six Sigma are popular techniques used in production industries to improve efficiency and quality. Now these process improvement techniques are also applied in healthcare and in software development. To read more about how Lean and Six Sigma can be applied in clinical and translational research, visit Sharon A. Schweikhart (Ph.D.) and Allard E Dembe (Sc.D.)’s, article link as given below

For more please visit: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2835466/

Before choosing a Professional Employer Organization (PEO), it is very important to know what we want from a PEO. PEOs vary widely, in their size, focuses, and concentrations.  A PEO that works fine for one company may not be suitable for another.

Read more about what to consider when choosing the right PEO, at http://www.nextep.com/peo-goals/

Legal firms are adopting Continuous Process Improvement as a part of their excellence program.

Yes, you have read it right.

Though Continuous Improvement, Lean and Six Sigma tools have touched almost every industry, legal firms are new ones to join. In fact, global giant Clifford Chance has rolled out training in Continuous Improvement methodologies as it is bringing up the concept of law in a more process oriented approach. The company is already reaping benefits from it. Their efficiencies have improved in several areas of operation – ranging from document review to reducing the cost of customary asset disposals for a client.

Sounds interesting? Read more at http://www.processexcellencenetwork.com/lean-six-sigma-business-transformation/articles/lawyers-jump-into-process-improvement.

Can enterprise IT learn some best practices from Industrial Engineering? Not so obvious? Yes. It can. Heavy engineering companies like automobile manufacturing or aerospace manufacturing, make use of process flow maps intensively to analyze steps, identify and eliminate wastes and more importantly get an accurate description of the process. Now, it is not that IT program managers do not use process flow maps at all, but a more holistic approach towards process flow mapping can give an idea of which steps can be automated to reduce cycle time. Well experienced program managers can implement this approach resulting in a more efficient and cost effective process.

Stephanie C. Hill, Vice President and General Manager of Lockheed Martin's Information Systems & Global Solutions Civil business, writes about how enterprise IT can learn best practices from Industrial Engineering. Read more at http://www.informationweek.com/government/leadership/what-enterprise-it-can-learn-from-industrial-engineering/d/d-id/1141589?piddl_msgid=207611.

To help your Enterprise IT team create detailed process flow maps, or to conduct Value Stream Mapping exercise or Lean Action Work Out to identify wastes and reduce Cycle Time, contact SigmaWay at contact@gosigmaway.com. We have experienced Black Belts and Master Black Belts who can chart out an operational excellence plan for you.

The Centers for Medicare & Medicaid Services (CMS) has announced the last date for the third round of new applications for 2015 Medicare Shared Savings Program (MSSP). The following five key decisions will help organizations before joining the MSSP program. They are:

•        Estimate the number of Medicare beneficiaries for whom the prospective ACO(Accountable Care Organizations) wants to be accountable.

•        Determine an appropriate contracting vehicle through which to operate the ACO.

•        Consider the types of health care professionals and facilities the prospective ACO should target as participants.   

•         Set expectations for prospective ACO participants in advance.

•        Gather the appropriate staff to address particular aspects of the MSSP Application early and set milestones in advance of submission deadlines where possible.

To read more about this aspect, please visit Stephanie D. Willis’s (Associate of Mintz Levin) article link as given below: http://www.natlawreview.com/article/five-key-decisions-acos-accountable-care-organization-looking-to-participate-2015-ms 

Companies do a lot of expenditure on resources to analyze big data. But surprisingly, in most cases they fail to address the question of why they are doing so. Many times they use different high end big data software unnecessarily when there is a simpler solution. Before starting the analysis of big data, a proper data thinking approach is necessary. This will not only save company’s time and money, but also optimize resources. So before mining big data, we have to think analytically with some small data. It is data thinking that can prove to be really big.

Robert D. Behn, lecturer at Harvard University’s John F. Kennedy School of Government, talks more about defining a proper question before analyzing Big Data here:http://www.govexec.com/excellence/promising-practices/2014/04/got-big-data-first-define-your-big-question/81661/?oref=river .   

Nowadays patients are demanding more and higher quality healthcare provisions. These have posed challenges to the healthcare facilities. Insurance companies in the healthcare sector are striving to keep claims at minimal. In most of the cases, these companies bear a negative perception in the minds of patients which forces them to leave hospitals prematurely. Also, they do not get critical treatments or medicines.

However, a shift is taking place with Lean Six Sigma’s holistic approach. Insurance companies are now looking for effective ways to bring their costs down while at the same time providing medical cover for improved healthcare provisions.

CIGNA, a health insurance company describes how it is using Six Sigma to bring down medical costs while simultaneously improving the outcomes. To know about it, please click here: http://ciaranmay.files.wordpress.com/2011/06/focusing-power-of-ss-in-healthcare-insurance-industry.pdf

A survey conducted by Cerulli Associates, a global analytics firm, reveals that 93% of the asset managers rely heavily on secondary market intelligence. This study was based on government agencies, trade organizations and research firms.

For more information: http://www.opalesque.com/650204/Majority_of_asset_managers_rely_on_secondary_market020.html          

Analytics can help businesses greatly to increase their online sales. Surprisingly, the potential of analytics is not yet fully uncovered. In most of the cases, either the business owners or the managers do not take the full advantage of it or they don’t know how to use it.

So, how should businesses use Analytics and interpret them to decrease attrition rates and increase sales on their website? See the tips here: http://cio.economictimes.indiatimes.com/news/business-analytics/8-ways-to-use-web-analytics-to-increase-online-sales/32728371

Whether it is elections in India, or a service delivery model of a market leader in any sector, the incumbent is always at a disadvantage. Be it their government, their services like banking or healthcare, or their retail experience, the consumer wants them to continuously evolve in a direction which they perceive as beneficial to them. As time bound service contracts become passé, disruptive technology becomes available at affordable prices (think 3D printers, e-books, digital content, Google fiber, multi-core smart phones) today’s consumers and clients are exposed to a plethora of choices. With lowered exit cost barriers it is becoming imperative that a business does all it can to retain their customers.

Organizations realize that they not only have to ward off direct competitors but also cope up with tangential attacks from substitutes powered by disruptive technology. The choice between a successful well proven business model and a new idea is never easy. In the first case the organization risks its immediate client base by diverting significant funds and effort for turning an innovative idea into a winning product. This strategy has a high probability of failure which might cost them a significant market share. HTC lost a large portion of its small-medium priced phone market share in its bid to create a premium flagship smartphone model. In the second case, it believes in its business model and tries to take incremental steps to make it more robust till it is too late for them. Blockbuster, Blackberry and Borders are examples of organizations which could not counter the threat of new market players like Netflix, Android (Samsung, LG etc.) and Amazon. There is also a third case of the likes of Barnes & Noble and Nokia where the incumbent tries to play it safe by not going all out for the new technology but yet has a back-up plan to survive. So what’s the magic mantra? To me it remains the quintessential quest.

Though one thing I firmly believe in, is that the fickle consumer / client has become even more choice aware and will try out the new flavor of the month if they feel that their implicit or explicit objectives are not being met in the vendor-client relationship. Thus it is essential that organizations know the pulse of their clients and consumers and be geared towards meeting their changing demands. Analytics can play a key role here. Predictive analytics can help organizations preempt attrition by taking mitigating measures while social media and web analytics can help them know what some of their consumers are thinking and provide insights into their future behavior.

While the objective of analytics i.e. to provide actionable insight, remains the same, the demands of the information consumer have drastically changed. They want a lot more data crunched in much shorter time frames and yet presented with all the bells and whistles. With today’s scalable cloud computing infrastructure like AWS available and tons of reporting packages which play well with them it’s almost possible. It is also possible for the security conscious to invest and manage the requisite infrastructure in-house. The JIT (Just in time) lean principle applies here as well. An organization should only generate information and insights at the speed which it can take action on. Anything more could be a waste of resources.

Thus at the end of day, know the customer’s pulse, make an informed choice between evolutionary and revolutionary changes to your business model and be prepared to be blind-sided by someone your organization may have never heard of. To be or not be is an incumbent’s curse but making an informed choice and being prepared for change must never be a dilemma.

An article by Carolyn Sokol, President of CompareHRIS.com, talks about how a Professional Employer Organization (PEO) can give your Human Capital Management function a more strategic perspective, rather than your in-house HCM team. The usual perspective of an HCM team is to provide services like recruiting and hiring, new hire on-boarding, training development, performance management, regulatory compliance, payroll and benefits delivery. A PEO would provide more strategic inputs like strategic staffing, policy development, career development, transition planning and company-wide communication.

CompareHRIS.com puts companies in touch with vendors who offer Human Resource Information Systems, Human Resource Management Software, & Payroll Software that most closely match their needs. 

For more information:

http://blog.peocompare.com/blog/bid/69688/What-s-Your-Human-Capital-Management-Team-Really-Accomplishing

SigmaWay has experience in delivering operational efficiency across processes in Human Capital Management, by applying Analytics and Lean Six Sigma methodologies. For more information on how we can help your HCM team achieve their full potential, reach us at contact@gosigmaway.com 

Six sigma can help healthcare providers to improve patient care and reduce uncertainty for care givers. This article speaks about how six sigma can be introduced in healthcare industry and improve the quality of care givers.

For more details please visit http://www.isixsigma.com/industries/healthcare/applying-six-sigma-patient-care

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#