SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

This sections contains articles submitted by site users and articles imported from other sites on analytics

Prescriptive Analytics in Healthcare Provider Industry

A blog by Carlos Centurion, President, River Logic Solutions, talks about the third phase of analytics i.e. prescriptive analytics. Prescriptive analytics helps not only to anticipate what will happen and when will it happen, but also why will it happen.

Healthcare providers are using various tools of prescriptive analytics to enhance their performance and efficiency.  It also helps the provider to take better decisions. To know more about Prescriptive Analytics in Healthcare Provider Industry, please follow this link:

http://www.riverlogic.com/2014/02/prescriptive-analytics-healthcare-provider-industry/

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Recent Comments
Nitin Sinha
Excellent work bro..!!!
Monday, 10 March 2014 10:13
Nitin Sinha
Nice choice of topic and nice summary too.
Monday, 10 March 2014 12:54
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Bank meets Analytics

Imagine, in this IT enabled world, different departments of a bank are operating on a standalone framework, managing millions of customer data. So it’s obvious that they will not have a clear picture about customers’ demographic pattern, their preferences and their account usage patterns.

Thanks to Analytics, these problems are now being solved. Omar Sohail, Principal, Deloitte Consulting LLP and Banking & Securities, Business Analytics & Information Management Leader, writes how structured, unstructured and semi-structured data can help the banks in reaping benefits by getting more insights about customer data.

 

For detailed information please go to http://www.baselinemag.com/analytics-big-data/banking-on-big-data-and-analytics.html .

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How analytics can help Indian banks to improve customer life cycle?

Banks are the backbone of every economy. With the help of data analytics, banks are defining the modern age of customer retention & services through out the world. However, the Indian BFSI sector is yet to implement data analytics in their day-to-day operations. Mohan Jayaraman, Experian Credit Information Company of India, explains how Indian banks can improve their customer lifecycle by using data analytics. To read about his views visit:

http://www.informationweek.in/informationweek/perspective/287791/indian-banks-improve-customer-lifecycle-analytics

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Analytics: data to dollar

A report by McKinsey & Company talks about how usage of data analytics is transforming organisations. It also conveys that information on niche segments can also be important.

For more information follow

http://www.forbes.com/sites/mckinsey/2014/01/15/new-ways-for-turning-data-into-dollars-now/

 

 

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Big Data Analytics in Petroleum Industry

Adam Farris, Senior Vice President of Business Development for Drillinginfo, talks about how oil and gas industry is taking the help of big data analytics to analyze huge amount of unstructured data and use that information to optimize its operational performance so as to increase their profitability.

For Further Reference :- 

http://www.analytics-magazine.org/november-december-2011/695-how-big-data-is-changing-the-oil-a-gas-industry
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Dashboard View For All

Rural development is the backbone of a  country’s development process. Now a small team from Harvard University is helping  the ministry of rural development  to create dashboard which would help the government to present the information in a simple & visual format  so that the projects can be implemented and monitored in a better way.

For Further Reference :- 

http://governancenow.com/news/regular-story/rural-development-ministry-launch-mnrega-dashboard
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Analytics in Energy Companies

Canadian Electricity Association is taking the help of analytics to deliver their customer with superior services, streamlining their processes to forecast future energy demands and thus keeping them ahead of their competitors in the industry.

For Further References :- 

http://www.electricity.ca/resources/analytics.php
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Analytics and Rail Transportation in USA

Lyndon Henry, technical consultant, Light Rail Now Project, writes about the general applications of Analytics and Big data in modern rail passenger and rail transit systems. 

For Further Reference :- 

http://lightrailnow.wordpress.com/2013/09/03/how-rail-public-transportation-has-been-a-leader-in-the-analytics-and-big-data-revolution/
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Use of Analytics in Logistics

According to an article by Michael Passingham, a V3 reporter, DHL, a Global logistics firm, has been able to cut the cost of running its worldwide distribution network with the help of big data analytics.

External References:-

http://www.v3.co.uk/v3-uk/news/2302384/dhl-cuts-shipping-costs-with-big-data-analytics
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Utilising voice of customer

Voice of customer is the most important source of information for any organization. Verint, a global leader in actionable intelligence solutions, has developed a software, Impact 360 Speech Analytics Solution, to modify customers’ voice in order to optimize and provide proper action.

For more information, please go through:

http://www.verint.com/solutions/enterprise-workforce-optimization/products/speech-analytics/index

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Mobile Business Intelligence

Working at a stretch of 8 hours is tiresome and that too sitting at the same desk. So, TIBCO Software Inc., a US based company, developed TIBCO Spotfire Mobile Metrics, a highly accessible and user-friendly Business Intelligence tool. With the help of this tool, employees can monitor the pulse of the business instantly and business leaders can act on business opportunities and problems using personalized key performance indicators.

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Usefulness of location analytics market

Mark Smith, CEO and chief research officer of Ventana Research, talks about how Location Analytics market is emerging to provide better business insights. With the help of this technology, companies can save time and money, decrease business risks and increase competitive advantage.

For more information follow

 http://www.directionsmag.com/articles/new-generation-of-location-analytics/311467

 

 

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Analytics to predict crime!

Even this may seem to be heard as unbelievable, but police departments are increasingly using Analytics to prevent crime by predicting them.

The Predictive Model makes use of algorithms, time/space analysis and social network analysis from where the police departments and other crime prevention authorities can get to know where burglary will take place or even what will be the probability that a car will be stolen.

 

Amazed on reading this? Go over to the link http://hub.jhu.edu/2013/10/24/predictive-policing for more interesting information on it.

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Analytics: a tool for energy saving

Nowadays army and navy are using analytics to identify energy saving opportunities. Boston based Retroefficiency has developed an automated energy audit which automates the entire process of an auditor. It also helps in depicting the amount of energy used by each specific building.

For more information, please go through: http://fcw.com/articles/2013/12/11/army-navy-energy-audits.aspx

 

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Objectives of business analytics

With the advancement of technology, business analytics helps to analyze huge number of data and create predictive models. It also helps in the areas like data mining, statistical sampling and forecasting. The main objective of business analytics is to cluster data from different systems into a common storehouse. Using Business Analytics, smart enterprise set up can be built that benefit businesses to combat the volatile demand.

For more information please follow 

http://dreamfireinteractive.com/industry_insights/accelerating-business-analytics

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New aid In healthcare

Health Catalyst, provider of data warehouse platform and analytics applications, has developed Healthcare Analytics Adoption Model. This model helps any healthcare organization by providing: 

• A framework for evaluating the industry’s adoption of analytics

• A roadmap for organizations to measure their own progress toward analytic adoption

• A framework for evaluating vendor products

For more information, please go through: http://www.healthcatalyst.com/healthcare-analytics-adoption-model/

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Analytics: neo hospitality and travel management

How can analytics help in hospitality and travel management? Though it is sounding bit unrealistic yet it can be actually done. Through data analysis companies can identify what customers are looking for in their site. Based on that companies can easily prioritize the customers’ needs through tokenisation. Moreover, companies can enrich their investment decisions, revenue limits. This can also help in integrated marketing.

 For more information, please go through: http://www.amadeus.com/hotels/newsrepository/articles/major-global-study-reveals-how-big-data-will-transform-hospitality-industry/

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The impact of big data analytics on Enterprise Performance Management

Enterprise Performance Management or commonly known EPM is a management field of Business Performance Management which considers the visibility of operations in a closed-loop model across all facets of the enterprise. 

Nowadays, big data analytics is helping EPM in factoring a lot more unstructured data than what was possible earlier, along with duly capturing customer sentiments and feedback. A second key impact of Big Data on EPM is that analytics will be a function not restricted to the IT team, but the wider organization will be able to deconstruct data with the use of easy-to-use analytics tools.

To read more, Visit the following link:

http://www.informationweek.in/informationweek/perspective/287755/impact-analytics-enterprise-performance-management

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Significance of analytics in insurance

Data Analytics is very significant for the insurance industry helping to reconstruct the processes. Around 74% of the insurance sector is creating aggressive dominance for their companies by using analytical tools. To challenge and succeed in this charismatic environment, insurers must amend the value of big data. While the industry has upgraded in evaluating the structured data linked with their products but the unstructured and semi-structured information is yet untried. By focusing on the appropriate expertise, the insurance companies will be on the correct path to contend and bloom globally.

For more Information please follow

http://www-935.ibm.com/services/us/gbs/thoughtleadership/big-data-insurance/

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Analytics: a forward step in business

Big data and analytics play a major role in any business. According to John Hagerty, program director of IBM, big data and analytics together can improve all the processes from management work to application in any business. Research revealed that with the proper use of these, any business can reach a limit where it can outperform its competitors by 75 percent.

For more information, please go through: http://www.zdnet.com/converting-big-data-and-analytics-into-real-results-7000026720/

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