Top 10 Ways Big Data Impacts Business

Big data has revolutionized the world in more ways than one. From healthcare to marketing, from entertainment to education, it’s hard to find an industry that hasn’t been impacted by big data in some capacity. With such widespread use comes important implications for businesses both large and small. In order to make the most of these tools, we need to understand exactly how they impact our lives. Here are 10 ways big data impacts business. With this information, you can be prepared for whatever might come your way in this new digital world we live in.

1) Smartphones

Mobile has impacted how we interact with big data, and smartphones have become our biggest devices for interacting with it. Some 89 percent of consumers say they use their smartphone in some way to access information from big data companies.

Here are some ways these devices are impacting business:

1. Location-based services. Big data is increasingly being used to provide location-based services. These inform us about what’s around us at any given time. This includes restaurants or ATM machines, or stores that might be offering discounts.

2. Recommendations based on big data analysis-Big data enables businesses to make recommendations based on previous customer behavior. For example, if you like action movies, big data can help recommend other action movies you might enjoy.

3. Big data powering apps and social media platforms – Big data helps power many popular apps, including Facebook and Twitter; it also powers many mobile games (think Angry Birds).

4. Big data informing marketing campaigns- Big data can help marketers better target customers with ads and promotions. This allows them to create more relevant messages for specific audiences.

5. Big data informing product development. Companies can gain valuable insights into consumer habits by analyzing big data; as a result, they’re able to develop products that more effectively meet consumer needs and desires.

6. Big data improving inventory management systems- Big data can help companies improve their inventory management systems. This helps them keep track of supply levels and ensure they don’t run out of stock when demand spikes.

7. Big data providing insight into consumer trends. Businesses can learn a lot about consumer trends through big data analysis, which allows them to understand why people buy certain things when they do—and when people stop buying those things altogether.

8. Big data increasing operational efficiency and reducing costs- Big data can help reduce waste and increase efficiency across all areas of an organization, resulting in cost savings.

9. Big data making it easier to manage employees- Big data makes it easier for employers to manage their employees because they can track employee performance more easily using big data tools such as Salesforce or Workday.

10. Big data enabling better decision making- By using big data analytics tools such as Tableau Software, businesses can make smarter decisions that lead to greater success over time.

Big data market share

2) Big Data and The Internet of Things

The Internet of Things (IoT) will be a game changer for business. More and more, businesses will be collecting data from customers and employees. How they collect it and how they use it may very well determine whether they thrive or simply survive in a digital age.

These top ten ways Big Data impacts business will give you some inspiration to think about your own strategies for collecting useful information to help fuel your marketing initiatives as well as competitive advantage in business.

#1 Collecting Big Data is a must: If your company doesn’t already have a plan in place to start collecting big data, then now is not too soon. Whether it’s through loyalty programs or e-commerce tracking, you need to start gathering data on everything that moves—and quickly! You might have heard terms like Big Data and Internet of Things tossed around recently – these buzzwords are not just being used by people who work at technology companies anymore; instead, these phrases are starting to enter mainstream vocabulary as executives across industries begin to understand their impact on every industry sector.

Big data is big news, but what does it mean? What exactly does big data look like? And why should I care? This report gives you an overview of what big data means for your business and how it can be applied to improve your bottom line.

Here’s what we’ll cover: Big Data Defined – In order to understand big data, we first need to define it. We’ll look at various definitions that have been put forth over time, as well as discuss what makes big data so unique today compared with other types of datasets that came before it. Big Data Applications – Once we’ve defined big data, we’ll explore some examples of where big data has been applied successfully within different sectors and organizations — both public and private — including healthcare, education and government.

3) Big Data in Artificial Intelligence

Every company should use AI to help with operational costs, ensure a steady influx of new customers, reduce the possibility of current customers moving to competitors, increase efficiency and resource management, and other ways.  Artificial intelligence is a broad term that encompasses multiple technological advancements in computer technology. Big data and artificial intelligence are two peas in a pod, but they can also be very independent of one another.

While big data involves collecting and analyzing as much information as possible to make business decisions, artificial intelligence incorporates computers that learn and adapt over time to solve problems. It’s an important distinction between how big data functions without artificial intelligence applied versus how effective it can be with AI involved.

One of the most popular uses for artificial intelligence today is predictive analytics. By using historical data, algorithms, and machine learning techniques, businesses can forecast future sales figures or trends. Some systems have even become advanced enough to predict stock market movements before they happen! Predictive and prescriptive AI both use historical data from previous events to create predictions about what will happen next.

Big data graph

4) Big Data for Wearables

Wearables are currently a hot topic. They have various applications in healthcare, physical monitoring of patients, advanced tracking of elderly residents at old age homes. They are also entering the fitness market even though there’s still some doubt about how useful they’ll actually be. Yes, wearables give us more data about our bodies and make it easier to get information on the go—but so far, few wearables have proven highly useful for long-term health management or weight loss programs.

While wearable tech has yet to revolutionize healthcare, it has begun to show promise in other areas. For example, many companies use wearable devices to monitor their employees’ productivity levels throughout each day (with mixed results). But what if we could harness big data from these devices and use them as tools for change? In an ideal world, employers would be able to offer incentives based on employees’ activity levels throughout each day. Perhaps even encourage healthy competition between co-workers. Companies must adopt areas where they can use wearable technology to outpace the competition and keep their customer focus as a priority.

5) E-Commerce and real time data

When you think about big data, do you automatically assume it’s not relevant to your business? You couldn’t be more wrong. While some industries (finance and healthcare, for example) have been leveraging large sets of information for decades, others are just beginning to recognize big data as a tool for gaining a competitive advantage. If you think your company could benefit from big data analytics but aren’t sure where to start, take a look at these ways in which e-commerce is changing thanks to its use of data analysis. Whether you are considering bigger sources of information or simply want to boost results with existing information by applying some modern techniques to your business analytics, there is plenty here that will make an impact on your bottom line.

Here are a few things you can learn from big data. The advantages of using real-time analytics:

There are many different types of data available to businesses, but arguably none is more valuable than real-time data. A recent study conducted by Forbes found that real-time insights gleaned from social media interactions can lead to sales increases of up to 30 percent. But what exactly does that mean? Real-time analytics takes all forms of digital communication. This includes tweets, posts, likes, and shares – and turns them into actionable insights. These allow companies to respond quickly and effectively when faced with unexpected situations or opportunities.

For example, if a negative tweet gets posted about your product or service, big data tools can help you identify who posted it. They can also help determine whether the tweets represent a good customer to retain or someone who might become an advocate for one of your competitors. In addition to identifying potential customers, real-time analytics also allows companies to track competitors’ activities. They can do this across social media channels like Facebook and Twitter. This way they know how their own campaigns stack up against their rivals.

Big data graph

6) Big Data and Blockchain

The technology that underpins Bitcoin and other cryptocurrencies, blockchain can be thought of as a sort of distributed ledger. That means it is, a way to store records so that they are both highly secure and easily accessible. As digital currencies evolve and new applications for blockchain come to light, interest in blockchain has spread beyond cryptocurrencies into virtually every area of business. You might say Bitcoin paved the way for it, so let’s start there.

How does blockchain work? What is the difference between NoSQL and any other database? And what is all the hype about? Businesses must adopt blockchain over the next 10 years to advance their business model. Everything is becoming accountable and transparent. It is a matter of time before blockchain becomes part of the business model. Companies must explore this clearly.  It will impact every industry from financial services to retailing, health care to manufacturing. Start thinking about how you will embrace blockchain today! Make sure your business is ready for these changes.

7) Data Visualization

As data continues to grow, companies are getting better at making sense of it. That means one thing: The ability to spot patterns will have a huge impact on how businesses make decisions. Looking for insights and details in a large amount of information is now easier with tools that can perform statistical analysis and produce predictive results. This type of management is called dynamic reporting, where information is updated as quickly as it comes in. 

Big data analytics provides a platform for processing structured and unstructured data sets stored in any kind of database or file system. This helps in getting multiple dynamic visualized reports in real-time. It directly gives a clear understanding of the revenues, forecasts, receivables, payables, operational efficiency, and so on.  Through big data visualization, you can create meaningful and informative dashboards that communicate effectively with your team. You’ll be able to get new perspectives on what’s happening across your organization—and discover new opportunities for growth.

How big data is aiding business growth

8) Big Data for Predictive Analytics

Predictive analytics is a type of statistical analysis that allows business owners to identify patterns and behaviors in their data. It helps them understand what will likely happen next based on past behavior. This can be useful for marketing. However, predictive analytics can also help companies improve how they make decisions, predict customer actions, and retain loyal customers.

Companies must use Predictive analytics to gain insight into their customers, and their operations and use these insights to increase the lifetime value of their customers, save operational costs and focus to increase revenues through cross-product sales to customers. Nonetheless, Predictions are just an estimate. If you’re using predictive analytics, take corrective action when necessary. For example, if your data shows that your product won’t sell well in one region or with one group of people, don’t assume you know everything about those groups—go out and talk to some people. Ask questions about why they aren’t buying your product or service.

9) Big Data for Social Media (Bigger Than You Think!)

Social media use is huge. The Pew Research Center found that 71% of internet users aged 18-29 use social networking sites, and 45% of all adults in 2013 used these websites—which probably means your customers are on one or more. After all, Facebook has 1.15 billion monthly active users, which is up from 845 million in 2011! With numbers like that, it’s easy to see why companies want to be where their customers are. And, if you’re not there yet, you need to start immediately. Here’s how:

The first step in starting with social media is to figure out what networks make sense for your business. If you sell products geared toward young people (like a clothing store), then Facebook might be a great place for you to start. Also, consider which of these sites have an audience that’s likely to overlap with your target market. If there are any demographics you’re specifically trying to reach, look into whether those sites can help. For example, Twitter has become popular among older users and professionals, so it may not be a good fit for most businesses. Social media marketing works best when it’s integrated into other types of marketing strategies. So once you decide where to focus your efforts, use social networking as another way to promote your company—whether through links on your website or by using Facebook ads or other paid advertising options.

Industries using big data analytics

10) Online Customer Reviews

Online reviews and ratings have become an integral part of business in today’s age. These days, business owners cannot afford to ignore online customer feedback. The most efficient way to deal with customer feedback is by listening to it! It takes time, effort, and a fair bit of money but having a large number of positive reviews on your website will help draw in new customers while retaining existing ones. It helps build trust among customers and helps them feel confident about buying from you. In fact, research has shown that 91% of consumers are likely to buy from a site that has user-generated content. That means that almost 9 out of every 10 people who visit your site are more likely to make a purchase if they see other users talking positively about their experience with you.

To be successful in today’s climate, businesses must find new ways to grow and increase profitability. The keys to doing this is to prioritize providing opportunities for customer delight and feedback online. This decade, digitalization and AI will be in use for all businesses, yielding financial benefits in the future.

How to Prevent Claim Denials with Pre-Charting Your Recommendations

Healthcare Artificial Intelligence (AI) offers significant benefits to healthcare providers and their patients. One of the most important ways it does this is through helping them prevent unnecessary claim denials by pre-charting recommendations rather than waiting until after the treatment or procedure has been performed to code the patient’s records and submit them to the insurance company or other payer. The results are tremendous in terms of speed and cost savings, as well as better patient outcomes and satisfaction with the care they receive. It’s easy to see why these methods are growing in popularity among healthcare providers everywhere!

Healthcare Artificial Intelligence

What is Pre-Charting?

If a doctor has a system for pre-charting recommendations, she can confidently treat a patient, knowing she’ll receive payment for all of her efforts. An effective system depends on developing protocols and guidelines for each condition or illness. These should be tailored to specific scenarios that you may see every day. If you are able to anticipate how your patient will respond and handle them as soon as they come in through your door, then you’re more likely to succeed in getting reimbursed. The key is to make sure that your practice is well-equipped with an effective healthcare AI system. This technology can help streamline your workflow, so you have time to focus on patients rather than paperwork. The software also helps ensure compliance with federal regulations by providing feedback about codes and their proper use. In short, it ensures that when a claim is submitted, it’s done correctly from start to finish so there are no surprises when it comes time for reimbursement.

Advantages of Pre-Charting

Physicians aren’t always able to post-correct and code their treatments properly after a visit—particularly if they’re working in a busy hospital. This post-error approach, while common in most hospitals, is also one of the main causes for claim denials. By pre-charting your recommendations instead of post-charting, them, you can ensure 98% success rates on claims and reduce unnecessary stress during insurance claim processing. And by using healthcare AI, you can further automate these processes so that it takes just seconds for a patient to get approval.

Pre-charting healthcare AI

Few Risks of Pre-Charting

Sure, using pre-charting recommendations can help you hit a 98% success rate. But there are several other advantages that doctors often overlook. For starters, a machine is doing much of your work for you. This is both good and bad—it’s good because machine coding frees up more time for doctors to concentrate on what they do best: diagnosing patients and making intelligent recommendations. However, it’s also dangerous if we rely too heavily on technology.  Doctors should never completely trust machines; instead, they should use them as tools to streamline their workflow and double-check their results. 

The Future of Health Care AI

According to research by IBISWorld, one in five Americans will be treated by AI in their lifetime. If you’re not already pre-charting your recommendations, that number is bound to increase – and so are your risk of claims denials. Simply put, if you aren’t pre-charting before patient treatment, you are at risk for claim denials… which could mean less money for you. Fortunately, there’s a solution: healthcare AI. Healthcare AI uses machine learning to analyze clinical data and provides real-time recommendations based on each individual patient’s care plan. This allows healthcare providers to create charts without coding errors or delay time between charting and payment settlement. In fact, it can reduce time spent on administrative tasks by up to 50%. So, what does all of this mean? More money in your pocket. That’s why we recommend healthcare AI as an essential tool for any healthcare provider looking to stay ahead of change while maintaining profitability.

Why Pre-Chart Recommendations for quicker and simpler claims settlement?

Currently, medical coders are at a huge disadvantage. They are required to check and recheck their work when a claim is denied for being incomplete or incorrect. However, coding does not have to be such an error-prone, inefficient process. There is a better way! By pre-charting your recommendations and treating them as code – Healthcare AI can generate error-free claims from any condition whether it’s a chronic illness or an accident.

How to Get Started

Pre-Charting Recommendations are simple and easy to implement within a few months. Quadratyx AI has developed the process, the skillset, and platform so that it can be delivered as a service. If your practice focuses on preventative care, Pre-Charting allows you to take data from tests administered prior to making treatment recommendations. 

If you’re looking for long-term integrated solutions, Quadratyx AI has developed products that help patients track their health and lifestyle over time, claims processes easier and quicker to settle, prevent patient attrition and create a win-win solution in harmony with the patient, healthcare providers, and insurance companies.

Are healthcare companies too focused on the bottom line and not focused enough on the customer?

If you work in the healthcare industry, there’s probably one word that causes your heart to sink into your stomach each time you see it or hear it: cost. The healthcare industry has been plagued by high costs and rising premiums for decades, and many companies are struggling to reduce their own overhead so they can pass along the savings to customers and patients. Unfortunately, many healthcare companies aren’t considering the customer experience when they’re trying to be more efficient, and AI is making it clear that this strategy doesn’t work in the long run.

Artificial Intelligence in Healthcare

Customer service can be automated

Customer service must be automated for better, faster, and more efficient healthcare services. AI Chatbots increase customer satisfaction by 95% and solve 85% of queries. They can connect to multiple apps and automate communication between departments. And best of all, they don’t leave for a better job at another company! More importantly, healthcare firms need to be fast. Too many customers are leaving because of poor service or excessive wait times. Chatbots can take care of routine questions (like checking in for a doctor’s appointment) without wasting your staff’s time (or yours). As self-service increases, you’ll be able to spend more time with complicated cases or those customers who still want to talk over the phone. 

The most expensive diseases can be detected at an early stage

The most expensive diseases such as cancer, heart disease, and Alzheimer’s can be detected at an early stage. This is crucial because when caught early they are usually cheaper to treat and increase our chances of survival. In addition, early detection saves lives and reduces costs drastically. Imagine if you could have saved a life for just $10 dollars! AI offers doctors access to more data than ever before and can help them detect disease earlier.

AI in healthcare industry

Diagnoses are more accurate

AI can be used to predict the probability of a negative diagnosis with 95% accuracy. This means that doctors will have access to more accurate diagnoses when dealing with patients, allowing them to delight customers with clear answers. Improved Accuracy is a Huge Plus for Patient Care and Growth. Not only does improved accuracy increase the experience for patients and their families, but it makes for happier, healthier employees that are likely to stay at the company for a longer period of time.

Costs can be reduced

Healthcare automation through AI reduces costs significantly. Additionally, AI can help to optimize schedules to allow for physician-patient interaction and decrease turnaround time in radiology interpretation. These methods help businesses increase revenue by delivering higher quality service at a lower cost than manual labor. Automation can also help you delight customers and provide top-notch service throughout all stages of treatment. The use of digital health assistants has been shown to improve quality of life when combined with more traditional care tools. Finally, technology helps you remove many administrative tasks that are no longer as valuable as they once were which helps businesses operate more efficiently and economically. Cost savings help in offsetting some customer costs making it a win-win for the customer and the organization.

To Sum Up

The bottom line is that hospitals, as healthcare providers, need to focus on patient care first. If they can do that, more automated health care processes will benefit their patients in both diagnostics and treatment. However, without an emphasis on patient care, these new healthcare technologies will only make systems more efficient for health care providers at a cost to those using them. When people become a priority in healthcare it makes sense to have automated diagnostic tools to pinpoint issues before they are critical and AI robotic surgeons such as da Vinci have increased safety while performing surgery under less invasive methods.

3 Ways AI in Healthcare Can Help Save Money For Healthcare Companies

A recent study found that AI could save U.S. healthcare companies up to $7 billion per year! That’s no small sum, and it’s even more impressive considering that this figure is just the potential of AI in healthcare and doesn’t take into account its many positive effects on other aspects of the business, such as customer service, employee satisfaction, and more. Here are three ways your healthcare company can take advantage of this powerful technology to boost your profitability and efficiency by leaps and bounds.

AI in Healthcare

AI in Healthcare Increases Efficiency

The issue healthcare companies face is that they have too many employees, leading to inefficiencies and low revenues. By using automation, they can improve their revenue while cutting costs at a high rate of return. Automation requires setting goals, automating tasks, and getting rid of everything else in between. This will lead to an increase in efficiency – an added bonus to hiring fewer employees. The main goal here is reducing costs without sacrificing revenue.

Once you have fully automated your company, you need to make sure your workers are happy as well. Workers aren’t cheap; paying them has been calculated as costing $1 million per year per employee on average. If workers don’t have reasons to stick around and do good work (or give 100% during their time), then your company’s value suffers and it may not be able to overcome losses elsewhere. To keep employees happy in an automated future, focus on helping them reach career milestones faster than if you were managing them directly – for example, by letting them choose what projects they work on each day or week.

Cost Savings With AI In Healthcare

Physicians and healthcare providers can use AI in different ways to save money. For example, there are Artificial Intelligence products that help evaluate and submit claims for higher settlement ratios up to 98%, optimize patient appointments to prevent cancellations. Artificial intelligence helps doctors get paid more quickly through faster and higher claim settlement—and in healthcare, every dollar counts.

Cost Savings with AI

There’s also an emerging technology called chatbots that some companies are actively using as customer service agents. Instead of calling a physician or healthcare provider directly to cancel their appointments, patients speak with chatbots who can answer their questions without burdening staff members. This results in a win-win for everyone. No one needs to spend unnecessary time on hold. Additionally, doctors are no longer having to split their attention between multiple cases or from patients they should be tending to.

AI in Healthcare Increases Revenues

Health companies using AI technology use their data to understand their patients better. The intent is to increase the lifetime value of their patients by preventing patient attrition. They are also able to cross-sell products/services increasing revenues.

Increased revenue with Artificial Intelligence

For example, if a patient is at risk for chronic disease and they have come into your clinic for an annual check-up, you may be able to offer preventative care on-site or refer them to a specialist. This will help in keeping costs down over time while increasing the revenue stream of the clinic/hospital. It’s not just about what happens in one transaction, but instead thinking about how you can increase the lifetime value of patients who are under your care. *Multiply those two benefits together (increase revenues+ cost savings), and that’s multiplied by 100s of customers.

In healthcare today, there is so much data, both from private citizens and from hospitals all collecting tons of information. Imagine what could happen when all these entities combined efforts with machine learning? The effect is a huge revenue increase while saving overall costs.

To Sum Up

AI may be threatening many jobs, but it’s also saving healthcare companies millions by boosting efficiency and eliminating inefficiencies. AI-powered computer programs can sort through vast amounts of health data more quickly than humans can. This helps in providing insights that help institutions better serve their patients and make wise investment decisions. These are just some of AI’s key benefits for healthcare companies today. With the rate at which AI is progressing, there will likely be even more advancements on its way.