The insurance industry will be investing $2.6b in digital transformation projects by 2021.
The reasons why the insurance industry lags behind in projects:
At a time when major advances in machine learning , artificial intelligence and internet of things are being promoted in the industry, many manufacturers continue to struggle to incorporate advanced analytics into their business processes. Critical to the success of any data analytics initiative is having clean data. The data must be accurately labeled, free of duplicate records, and blended to generate the correct results.
Take for example a manufacturing company that wants to create a Quality Dashboard as an integral part of their Continuous Improvement Initiatives.
As hospitals and healthcare organizations like Munson Healthcare acquire new hospitals, outpatient facilities and practice groups, patient data needs to be brought together into a single electronic medical record system. Having an accurate and consolidated record of patient data has become increasingly important to ensure the highest quality of patient care and productivity for users. Such was the case for Munson, when the company decided to move to a new EMR to gain operational efficiency and ensure compliance with increasing healthcare regulations. After comparing several solutions, Munson selected the Naveego Complete Data Accuracy Platform to address the data accuracy challenges.
The Data Accuracy market is currently undergoing a paradigm shift from complex, monolithic, on-prem solutions to nimble, lightweight, cloud-first solutions. As the production of data accelerates, the costs associated with maintaining bad data will grow exponentially and companies will no longer have the luxury of putting data quality concerns on the shelf to be dealt with tomorrow.
In attempt to meet these challenges, companies will be tempted to turn to traditional Data Quality and Master Data Management solutions for help.
The NaveegoTM Complete Data Accuracy Platform is a hybrid and multi-cloud, distributed data accuracy solution that proactively manages, detects and eliminates data accuracy issues across all your data sources.
Working together, Naveego and Cloudera provide data accuracy at high volume with real-time streaming from any data source in any environment regardless of its schema or structure.
Streamlined Installation Deploy to hybrid and multi-cloud environments in a matter of minutes without infrastructure changes or custom coding.
Data cleansing is rapidly becoming more difficult and expensive. The growth of non-traditional data platforms like search engines, AI, machine learning, sensor information in the internet of things (IoT), social media, mobile devices and a myriad of other sources has led to a ‘data explosion’. The challenge of managing all this is a big one.
And then there’s in-house platforms
Adding to the data overload are the multiple platforms, databases, applications and legacy systems used within organisations. These can include:
As the number and combination of systems grow and data continues to pour in, so does the volume of incorrect data records and the cost of inaccurate data grows proportionately.
Mondelio Worldwide is an Australian company having commenced operations in 1982. Mondelio's single focus is to provide predictive data modelling and data analytics services to organisations throughout Australia and overseas.
Mondelio has partnered with Stonebridge Consulting, Naveego and Sisense expanding our product offerings to the wider APAC market.