https://www.123articleonline.com/rss/author/280487/syntelli-solutionsArticles written by Syntelli Solutions from 123ArticleOnline.comen-usCopyright (c) 123ArticleOnline.com All rights reserved. https://www.123articleonline.com/articles/1183842/13-digital-transformation-opportunities-for-financial-services Financial institutions may be a part of everyday life in the United States but recruiting and retaining customers isn't easy. Satisfactory customer experience and customer trust are crucial to banking, investing, and loan services, especially when there are so many competitors nationwide. Bringing relevant services and products to clients' attention requires careful incorporation and analysis of existing company data and overall market trends. Some services, like mobile applications, are increasingly mandatory for financial institutions to offer. There is also huge potential in big data and analytics for financial services, especially when considering their applications in marketing. Computer programming and processing power have improved exponentially in recent years, making it possible for artificial intelligence to make predictions around client behavior and preferences. https://www.123articleonline.com/articles/1183822/5-ways-ai-transforms-healthcare An outbreak of a respiratory illness caused by a new coronavirus, first identified in Wuhan, China, has captivated the public since January 6. On this date, the CDC announced the coronavirus outbreak. An AI-powered disease monitoring platform detected the outbreak a week earlier. The speed of AI in health care is one advantage that demonstrates the impact of AI in all aspects of health care, including care delivery, research, early detection and pharmacovigilance, diagnosis, and treatment. The following list of examples of the impact of AI in health care covers all of these areas. https://www.123articleonline.com/articles/1184057/5-ways-cloud-computing-makes-data-scientists-productive Data science is becoming more prevalent now, so the typical approach of using local computers is no longer supporting the pace of this fast change. Extending data science work to the cloud provides data scientists with options that will make them more productive with less complication. At Syntelli, we help companies build the right infrastructure, develop and implement data science solutions that bring business value. Depending on the scale of work, we provide both standard and cloud deployments to companies. https://www.123articleonline.com/articles/1183814/5-ways-prescriptive-analytics-helps-deliver-better-financial-services Financial services companies are always striving to serve consumers better, but maximizing services requires efficiency and financial stability. Each service provided must be calibrated to provide what the customer needs without wasting company resources. Prescriptive analytics is a data sciences field that shows companies the best decision to make in a given scenario. This field uses specialized data analysis programs to consider a range of possible decision parameters, then analyze which one gets the desired results. Although predictive analytics in banking is helpful and essential, prescriptive analytics takes the data a step further. Predictive analytics shows companies the raw results of their potential actions, while prescriptive analytics shows companies which option is the best. Prescriptive analytics is useful in a wide range of applications, from manufacturing investments to self-driving cars. However, it can be particularly helpful for financial services analytics due to its ability to harness long-term economic trends and customer data, including big data. https://www.123articleonline.com/articles/1190595/7-reasons-to-start-using-customer-intelligence-in-your-healthcare-organization Healthcare organizations face an array of challenges regarding customer communication and retention. Customer intelligence can be a game-changer for small and large organizations due to its ability to understand customer needs and preferences. When it comes to data, more is not necessarily better, and organizations must carefully craft their data analytics strategies to make the most of the available information. Data on patient backgrounds are just as important as information about their current health and experiences inside the hospital or clinic. Most professionals agree that major decisions can be better made with a full array of customer intelligence information, but even minor, day-to-day judgments can be improved with the right data. Here are seven reasons why organizations should take steps to start using more customer intelligence and data analytics tools. https://www.123articleonline.com/articles/1183841/applying-ai-to-process-manufacturing What do Rolls Royce, Siemens, and General Motors have in common? All of them use Artificial Intelligence to increase production efficiency and reduce costs. According to recent studies, the AI market will reach a fascinating $190.61 billion by 2025, which only proves that more companies will adopt this technology and use data for their benefit. Here are some of the ways you can apply AI in manufacturing to achieve greater production speed and better user experience: https://www.123articleonline.com/articles/1184213/automated-reporting-vs-bi-which-do-you-need Growing or even maintaining a business requires careful attention to key metrics. Sales, new customers, returns, downtime, and other data points can vary based on industry, but every company has something they need to keep track of to function, thrive, and compete in their industry. Although automated reporting of current metrics is helpful, businesses can't thrive without in-depth business intelligence (BI) that digs deeper into the data. The difference between the two is key to unlocking a company's full potential in a competitive market. https://www.123articleonline.com/articles/1183839/cloud-migration-is-it-too-late-to-adopt 'Action is the foundational key to all success.' - Pablo Picasso No technology gets adopted overnight. On-premise environment provides full ownership, maintenance, responsibility. You pay for physical machines and virtualizations to meet your demands. Lately, such on-premise environments are less reliable, have a high total cost of ownership (TCO) creating frustration and a desire to alleviate this scenario. If you or your company are facing such frustrations, it is time to act and think about cloud migration. https://www.123articleonline.com/articles/1183826/covid-19-navigating-the-ship Background: COVID-19 On January 30th, 2020, the World Health Organization (WHO) officially labeled the COVID-19 virus as a 'public health emergency of international concern'. In the weeks that followed, the world watched as the virus grew and began to spread across Asia and Europe, and the concern over the virus spreading to the United States no longer became a question of 'IF', but rather 'WHEN'. In a proactive effort to reduce the spread of the virus, some American businesses began to limit or shut down operations entirely, while most continued business as usual, waiting until more concrete information became available. Over the past week, that much needed information became more accessible and the impact on American businesses became clearer. On March 11th, 2020, the WHO officially classified the COVID-19 virus as a Pandemic, and two days later, the President of the United States declared the COVID-19 outbreak as a National Emergency. We've now seen the cancellation of the NBA season, the NCAA Tournament, concerts, and virtually every other organized event of over 100 people. As a country, the COVID-19 virus is no longer a story we're hearing about on the news, but a reality that we must take seriously and act accordingly. https://www.123articleonline.com/articles/1184212/data-governance-how-to-start-with-success Data governance is a hot topic in every industry. - How do we get consistent reporting each department trusts? - What do each of these values mean to different teams? - Are we are looking at the same information? - How do we audit our reporting properly? https://www.123articleonline.com/articles/1183823/data-science-techniques-for-fraud-detection In a recent post, we discussed the importance of data science techniques for detecting fraud. In short, data science-driven anomaly detection finds suspect behavior, even as fraudsters adjust their behavior. With data science techniques, the people working to prevent fraud have shifted the battlefield in the war against fraud. But fraudsters use data, too, and these criminals are using speed and big data AI to shift the battlefield again. Criminals use AI to automate cyberattacks, and, alarmingly but not surprisingly, criminals used AI to impersonate a CEO 'to impersonate a chief executive's voice and demand a fraudulent transfer of 220,000 ($243,000)' in March of 2019-almost a year ago. Companies need to stay on top of the techniques needed to prevent fraud. https://www.123articleonline.com/articles/1184058/data-science-vs-data-analytics-whats-the-difference Improvements in data collection and storage have allowed companies to prevent fraud, streamline operations, and gain new insights into consumers. However, implementing new measurement systems requires a team of professionals who can create software, run programs, and interpret results correctly. Data science and data analytics are two closely interconnected fields that rely on statistics, programming, and other sciences to allow individuals and companies to interpret data. The skills and resources required for data analytics and data science vary somewhat depending on the industry, but the concepts behind the two are always the same. In short, data science is the back-end theory behind modern data analytics but understanding the full differences between data analytics vs data science is essential to making the appropriate investments in both. Each has different boundaries and potential applications that can be revolutionary for businesses in the 21st century. https://www.123articleonline.com/articles/1183812/gdpr-and-ccpa-compliance-a-cheat-sheet-for-data-privacy Both the California Consumer Privacy Act (CCPA) and the EU's General Data Protection Regulation (GDPR) aim to protect consumers' privacy rights. Because both laws attempt to fundamentally change business practice to establish and protect new data privacy rights for individuals, any business - regardless of where the business operates - needs to be familiar with how these laws could require changes to operations now or in the future. While both laws address data privacy, the laws have important differences. This post outlines some important aspects of the laws and compares and contrasts CCPA and GDPR. As always, seek appropriate legal guidance as this post is not legal advice. https://www.123articleonline.com/articles/1188845/how-big-data-analytics-helps-healthcare-providers-shift-to-digital-value-based-care Many healthcare providers are attempting to improve their patient services by enhancing patient outcomes and lowering costs. Big data in healthcare can make this shift possible by creating actionable information out of big data databases. https://www.123articleonline.com/articles/1190794/how-predictive-analytics-in-finance-can-accelerate-data-driven-enterprise-transformation As the U.S. economy faces unprecedented challenges, predictive analytics in financial services is necessary to accommodate customers' immediate needs while preparing for future changes. These future changes may amount to enterprise transformation, a fundamental overhaul of how an organization does business. Small and large organizations will have to learn to operate in new ways, even if the economy rebounds quickly. Consumer confidence will likely be low after COVID-19 and financial services companies must learn to react in real-time to rebuild relationships and increase investments. Predictive analytics in financial services is a growing area of interest with constantly emerging technologies. It can make a huge difference in customer experience and your organization's digital transformation, thanks to its ability to help you make smarter decisions and plan for the future. Even during unprecedented times, predictive analytics' ability to deal with ever-changing circumstances and new data can be the key to success for organizations across industries. https://www.123articleonline.com/articles/1183829/how-your-healthcare-organization-can-use-marketing-analytics-to-drive-decision-making-in-2020 Although medical treatment is at the core of every healthcare organization's mission, patient outreach and marketing are essential to its survival. Marketing teams must work hard to strategize, create ad campaigns, and gather data to ensure continuous growth. Healthcare marketing analytics is the key to determining which strategies are working and guiding future decision-making. They can even help leaders decide which demographics are likely to increase in the future, as well as which services need changes and improvements. They are part of a broader set of data-driven strategies to help organizations manage their resources more effectively and grow to serve the community better. https://www.123articleonline.com/articles/1184054/implementing-fast-healthcare-interoperability-resources-fhir-for-compliance 'In early March, the Centers for Medicare and Medicaid Services (CMS) and the Office of the National Coordinator for Health Information Technology (ONC) released two sets of rules on information blocking. They made two dramatic changes: patients would be able to more easily access their health information through apps, and health IT companies and providers could be penalized for failing to securely share health information.' (Med City News, 2020) However, considering the recent pandemic, the timeline for hospitals and health IT vendors to comply has been extended by 6 months, making the new requirements in effect by 2021. https://www.123articleonline.com/articles/1184043/leveraging-data-and-analytics-in-radiology Healthcare, indeed, is a complex domain to unravel but it is not impossible. Over time, clinics and hospitals have gathered different technologies to solve different aspects of clinical or medical problems. Now that analytics is the norm of running a more impactful business, the challenge of working with disintegrated applications with unstructured data is more evident. https://www.123articleonline.com/articles/1186944/leveraging-healthcare-data-to-support-patient-engagement Patient disengagement leads to serious negative consequences including hospitalization and preventable deaths. It is imperative that healthcare providers take innovative steps to improve patient engagement and consequent health outcomes. As in many other fields, big data can lend valuable insights into viable engagement strategies. https://www.123articleonline.com/articles/1183840/python-r-vs-spss-sas Although computer programming has improved exponentially in the past several decades, not all programming languages are capable of processing the data used for machine learning. Big data has grown significantly, and the resulting data sets are both larger and more complex. Text data analysis, commodity modeling, and other processes must have the appropriate coding infrastructure in order to give detailed and useful results. Fortunately, computers and their languages have largely caught up. With well-crafted statistical analysis programs, AI can now make stunningly accurate predictions about everything from healthcare trends to traffic patterns. SAS and SPSS are statistics-oriented softwares that have been widely used across a variety of industries. However, the open-source capabilities of Python and R have allowed them to surpass SAS and SPSS in many ways. https://www.123articleonline.com/articles/1183836/the-power-of-big-data-and-ai-in-the-fight-against-covid-19 The emergence of a novel coronavirus in December 2019 has had the medical community on edge. Public health officials around the world have faced an uphill battle in treating current cases and preventing the further spread of the virus. The 2002 SARS outbreak, and later the MERS outbreak, did not spread nearly as rapidly as COVID-19 has, which has led the world to an unprecedented public health crisis. China, where the virus first emerged, quickly used its existing big data infrastructure to contain the virus as much as possible. The success of these efforts has had major ramifications for other containment efforts around the globe. Big data and artificial intelligence experts can work together with public health officials to monitor for new cases, project the spread of the virus, and even enforce quarantines. https://www.123articleonline.com/articles/1184047/the-role-of-big-data-in-preventing-healthcare-fraud-and-waste Due to the complexity of medical procedures and the variety of goods and services available today, medical billing is prone to errors and waste. Mistakes in electronic medical records are common, and many patients don't examine their monthly insurance Explanation of Benefits closely enough to catch them. Fraud, waste, and abuse (FWA) is the term used for both intentional and unintentional billing errors that end up costing insurers money. Although deliberate acts often target Medicare and Medicaid recipients, they are sometimes aimed at private insurers. Sometimes, the patients themselves are in on the fraud. Fraud in the healthcare industry is not a new problem and eliminating it may be impossible. The National Healthcare Anti-Fraud Association estimates the cost of healthcare fraud to be $80 billion annually in the U.S. Other sources determine it is closer to $200 billion, or 3-10% of the total spend on healthcare. However, big data can tackle not only deliberate fraud, but also unintentional input errors that staff make. Machine learning powered by big data can identify abnormal patterns and outliers from individual providers based on historical data that is continuously updated to provide more accurate results. This can help insurers recover more losses, which research suggests is only 5% annually. https://www.123articleonline.com/articles/1183832/top-9-data-science-consulting-firms-in-jacksonville-fl So it's a foregone conclusion that Jacksonville is the fastest growing city of Florida. The riverside location and deepwater port have made the city a transport and logistics hub. The city's many banking and financial services companies, Fortune 500 companies, IT and manufacturing centers, insurance and media establishments have made Jacksonville a financial powerhouse. https://www.123articleonline.com/articles/1185827/using-big-data-analytics-to-create-customer-intimacy-in-healthcare Physicians sometimes see dozens of patients in a single day, making it difficult to build rapport with them. Even with in-depth efforts to collect patient data at the beginning of an appointment, physicians and nursing staff may find themselves puzzled by a patient's conditions and symptoms. This naturally translates into uncertainty among hospital administrators and other management as well. As a healthcare organization strives to improve patient outcomes and satisfaction, customer intimacy dramatically influences the future of the organization. Attaining customer intimacy requires careful use of customer data analytics to draw a clearer picture of patient needs. Using a wide range of big data is the only way to build rapport with patients in an era when patient and doctor time is limited. https://www.123articleonline.com/articles/1184050/using-big-data-for-financial-fraud-prevention Although technology has made banking more convenient for customers, it has also opened up new avenues for fraud. Financial fraud statistics show that account fraud, credit card fraud, insurance fraud, scams, and other fraudulent acts cause millions of dollars in damages to institutions and consumers every year. Financial fraud detection is essential for minimizing risk for institutions. Scammers can easily drain individual accounts or run up tens of thousands of dollars on credit cards. Worse yet, organized crime rings can execute elaborate schemes and steal millions of dollars. Big data fraud detection is a cutting-edge way to use consumer trends to detect and prevent suspicious activity. Even subtle differences in a consumer's purchases or credit activity can be automatically analyzed and flagged as potential fraud. Using data analytics to detect fraud requires expert knowledge and computer resources, but is easier than ever, due to improvements in programming languages and server technology. https://www.123articleonline.com/articles/1184714/using-big-data-to-attract-and-retain-the-digital-banking-customer As customers begin to use more online banking services, their expectations have increased and changed. In years past, customers were happy with basic online account management that let them view details for existing accounts. Now, customers want to have the ability to send money to a variety of accounts, access credit card rewards, and customize their account settings from anywhere. They look for a bank that has the features they need and the customer service they deserve, especially as they travel and spend online in more ways than before. As big data in digital banking gets smarter and faster, banks are brainstorming more ways to market their services and help their customers make better financial choices. Banks can increase new sign-ups and customer retention by investing in engaging, relevant features that take advantage of the wealth of data available on consumers. https://www.123articleonline.com/articles/1188295/utilizing-big-data-to-improve-patient-outcomes-in-home-healthcare The benefits of big data in healthcare have been established in the literature, although challenges remain in the collection and standardization of data. Similarly improved patient outcomes can result from the purposeful use of big data related to home healthcare. The healthcare industry can benefit from using big data to economize, target marketing, and better understand the needs of home healthcare patients. https://www.123articleonline.com/articles/1184056/why-does-healthcare-need-to-leverage-ai-to-save-lives The healthcare industry is one of the most popular industries for the implementation of artificial intelligence. The market revenue in 2014 was $633.8 million and it's estimated to reach $6,662.2 million by 2021. However, market growth aside, there are more important reasons why the implementation of AI in healthcare is critical for saving lives. https://www.123articleonline.com/articles/1183831/why-is-digital-transformation-important-for-healthcare We're already three months into the 2020 decade and companies are strategizing about how they can digitally transform to serve their customers better; whether to enhance current business processes, bring new products and services to market or deliver new customer experiences. In a 2019 study by International Data Corporation, Global Digital Transformation spending reached $1.18 trillion. The two industries that invested the most in digital transformation in 2019 are discrete manufacturing ($221.6 billion) and process manufacturing ($124.5 billion). For both industries, the top DX spending priority is smart manufacturing, supported by significant investments in autonomic operations, manufacturing operations, and quality. Retail will be the next largest industry in 2020, followed closely by transportation and professional services. Other digital savvy industries such as high tech, media and telecom have been at the forefront of this digital transformation engaging with customers enabling new experiences back to them. Nexflix, Amazon, Walmart and Target are among the most talked about in this area of digital transformation.