4 Benefits to Becoming Digital and Data-Driven in Financial Services

mavenwave.com | February 12, 2020

The current explosion of volume in data coupled with the emergence of new tools and processes on the public internet has created a near-perfect storm when it comes to generating opportunities for the enterprise. In addition to the creation of all new forms of business think of Netflix and Uber the abundance of expansive data that can be utilized in cost-efficient applications can also drive insight and innovation in previously unimaginable ways. As explored in our white paper, Breaking the Mold to Become a Digital, Data-Driven Leader in Financial Services, innovation is not solely the province of disruptive start-ups as highly regulated and culturally conservative organizations also have the opportunity to embrace the best of new technologies and, at the same time, stay true to core values and principles. It may be patently obvious that an effort to become a data-driven leader will necessarily include advanced data analytics, but it is instructive to unpack some of the benefits that accrue from such an effort. For example, it accelerates the pace of change, shortens innovation cycles, enables previously siloed data to be integrated in order to produce new insights, and enhances both the customer and employee experience. Importantly, these new analytic capabilities are just that: new. The enterprise is not bound by old, outmoded methods to viewing situations but can, instead, take brand-new approaches that yield unique insights. The possibilities are potentially limitless.

Spotlight

Most of the data analytics processes have been automated into mechanical processes and algorithms that perform with raw data for human consumption. Meanwhile, managing a massive amount of data certainly poses both significant challenges and opportunities. So, what trends will shape the data analytics landscape in the coming years?


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BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT

Clarivate Expands Real World Data and Analytics Solutions with Addition of U.S. Specialty Pharmacy Data

Clarivate | December 06, 2022

Clarivate Plc, a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced the inclusion of linked specialty pharmacy claims data within real world data solutions. The new U.S. dataset will expand the real world data and analytics offerings from Clarivate. Researchers can access an in-depth view of high-cost medications and valuable insights into the patient's treatment journey in chronic, complex and rare diseases, such as rheumatoid arthritis (e.g., Humira, Enbrel), inflammatory conditions (e.g., Dupixent, Otezla), and cancer (e.g., Xgeva, Xeloda). Specialty drugs cover at least 20% of the market for chronic, complex and rare diseases. However, conventional claims data warehouses rarely include these high-cost medications, which limits the research potential of numerous diseases. Specialty pharmacy data enables life sciences professionals to: Track specialty drug uptake and understand market dynamics (market and launch analytics) Build brand-level patient profiles (brand analytics, patient journey) Measure non/adherence and switching patterns (persistency and adherence analysis) Target and appropriately engage prescribers and providers (commercial targeting) Researchers can leverage this real-world dataset to make evidence-based decisions -- developing successful strategies, optimizing commercial resources, and defining the right activities and messaging to improve patient outcomes. "Clarivate is committed to supporting customers across the drug, device and diagnostic lifecycle with timely, fit-for-purpose real world data solutions. The addition of integrated, high-capture specialty pharmacy data to the Clarivate portfolio further expands the set of questions that can be answered in the data by reducing fragmentation and bias and providing a more holistic view of the patient." Matt McKinley, VP, Head of Real World Data & Analytics The specialty pharmacy data covers over 500 specialty drugs spanning diverse therapeutic areas. The data enables a holistic analysis of complex clinical profiles reducing the need for additional data mapping or processing. The unique data and insights are updated weekly, allowing users to track changes in clinical pathways, product uptake and market dynamics. About Clarivate Clarivate™ is a global leader in providing solutions to accelerate the pace of innovation. Our bold mission is to help customers solve some of the world's most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of Academia & Government, Life Sciences & Healthcare, Professional Services and Consumer Goods, Manufacturing & technology. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise.

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BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT

March Networks Acquires Cloud-Based Data Analytics Platform from DoIT Software

March Networks | October 07, 2022

March Networks®, a global video surveillance and video-based business intelligence leader, is pleased to announce it has acquired the FOCUS Business Analytics Platform from DoIT Software Sp.Z.o.o based in Gliwice, Poland. The transaction fast-tracks its transition to cloud video and gives March Networks a new cloud-based data analytics platform that will be integrated into its existing Searchlight software, further extending its ability to deliver operational and business intelligence to its customers. March Networks completed the acquisition on October 1. The majority of the DoIT Software staff will join the newly established March Networks Poland and the facility will serve as the company's newly created development center for advanced data analytics and Artificial Intelligence (AI). Searchlight is a highly flexible platform that combines high-definition video surveillance with various data sources including transactional data from point of sale systems, metadata from AI-enabled cameras and other forms of sensor-driven data to give organizations a complete view of their business. Using the platform, corporations can address security and fraud concerns, while also gaining insights into operational, compliance, and sales and marketing issues. With the new FOCUS software integration, Searchlight will be further enhanced so all data lives in the cloud. A modern and intuitive user interface will also feature customizable reports and dashboards, allowing customers to configure a multitude of reports, establish key performance indicators (KPIs), monitor trends, and set targets for improvement. Multiple sources of data can be tied together, analyzed and visualized, giving customers a more comprehensive view of their business. Today, 15,000 business locations worldwide use March Networks Searchlight™, including multi-national retailers and financial institutions, major restaurant chains, as well as leading c-stores. Once the integration with Focus is complete, these customers will be able to upgrade to the new cloud-based platform and take advantage of its scalability and flexibility. "We are very excited to add the FOCUS platform to the March Networks product portfolio. This represents our first acquisition since being acquired by Delta in December. "Our product strategy continues to center on extending the value of video surveillance beyond security, and this new platform — with its ability to process large data sets from multiple sources — offers almost unlimited potential to gather new operational and business intelligence. We are very happy to welcome Leszek Tomanek and the staff of DoIT Software to the March Networks family. We plan to further invest in the area and expect to double the number of employees in our new Gliwice office." Peter Strom, President and CEO of March Networks Leszek Tomanek, CEO of DoIT Software, said the March Networks product vision aligns well with DoIT Software's technical expertise. "Our FOCUS software developers bring years of experience building scalable video and data analytics solutions. We're excited to bring this knowledge and experience to March Networks, and further enhance an already well-established and successful product in Searchlight." March Networks is targeting to launch the next evolution of Searchlight integrated with the cloud-based FOCUS platform in Q1 2023. Existing March Networks hosted Searchlight customers will be able to gain access to the new platform on a trial basis, while still enjoying the same features and functions that exist today. About March Networks March Networks® helps organizations transform video into business intelligence through the integration of surveillance video, analytics, and data from business systems and IoT devices. Companies worldwide use our software solutions to improve efficiency and compliance, reduce losses and risk, enhance customer service and compete more successfully. With deep roots in video security and networking, March Networks is also recognized as the leader in scalable, enterprise-class video management and hosted services. We are proud to work with many of the world's largest financial institutions, retail brands, cannabis operators and transit authorities, and to deliver our software and systems through an extensive distribution and partner network in more than 70 countries. Founded in 2000, March Networks is headquartered in Ottawa, Ontario, Canada. It is owned by Delta, a global leader in power and thermal management solutions. For more information, please visit marchnetworks.com. March Networks and the March Networks logo are trademarks of March Networks Corporation. All other trademarks are the property of their respective owners. About DoIT Software DoIT Software was founded in 2019 by a group of experienced professionals. The company's focus was to build software products based on the latest available technology with the goal of delivering valuable content to businesses. Using expertise around different types of data, the DoIT team built a big data platform accompanied by a web-based application. The solution allowed users to process a variety of data and give it a visual context.

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BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, PERFORMANCE MANAGEMENT

Dental Cloud Platform tab32 is First in Industry to Standardize EHR Data, Evolving the Industry

tab32 | October 27, 2022

tab32, the all-in-one cloud technology platform for dental, is the first in the industry to standardize electronic healthcare record (EHR) data by offering a cloud-based open data warehouse that allows for a standardized taxonomy for data collection, curation, and processing. Data standardization across the industry will inform business decisions and technological advances, and has the potential to help evolve the dental industry to have stronger legislation created to support it, which will impact overall healthcare outcomes. "Data is both a key asset and a large obstacle when it comes to the dental industry. " We are offering a modern solution that focuses on standardization, ensuring all data—from analytics to billing to clinical data and beyond—is easily accessible and interoperable. Standardizing these systems not only reduces time, making it easier for dental offices to respond to organizational crises and engage in same-day decision making, but it also allows for greater insight into the industry at a scale we have not yet seen before." Kiltesh Patel, CEO and co-founder of tab32 tab32 is providing DSOs and practices the ability to make business decisions from a data-driven approach. Designed from the ground up to bring best-in-class cloud services to dental practices and DSOs, tab32's platform turns dental providers' plethora of data into self-organizing warehouses, with uniformly formatted and consistently categorized patient records and business data. Using standardized and synchronized data and technology, DSOs can now use cutting-edge AI and business intelligence tools to surface new insights, unlock new efficiencies, and identify smarter and more effective ways to serve patients. "The idea of standardization of data in dental is extremely powerful for the entire industry," said Melissa LuVisi, CSO at tab32. "This will allow us to leverage that information and take everyone to the next level in terms of patient care, coordination, delivery model, and more. Medical has already standardized its data; what we've done will allow dental to evolve past where medical is at, which will impact overall healthcare outcomes. This is extremely important because oral healthcare is vastly important when we're looking at healthcare outcomes, yet it often gets looked over by regulators and care providers for a variety of reasons we're looking to change." The dental practice management platform sits on the highly secure Google infrastructure and is monitored 24/7 by its own security team, utilizing HIPAA-compliant solutions for all data-associated efforts. About tab32 tab32, an Inc. 5000 company, is the industry's #1 all-in-one cloud technology platform with three major products, Open Data Warehousing™ (BI and analytics tool), Dental Practice Management System (Dental PMS), and their stand-alone Image Cloud for radiology. Headquartered in Sacramento, California, and founded in 2011, the leadership team is made up of former researchers, data scientists, and engineers coming out of the University of California system. Providers use tab32 to track 17.2M appointments, 13M patients, and over 100M radiology xrays, with over 1.8M monthly patient text messages (not including email engagements) and $1.8B annual revenues flowing through the platform.

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BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT

Privacera Expands Data Governance Capabilities for Cloud Data Lakes with Native Aws Lake Formation Integration

Privacera | September 12, 2022

Privacera, the unified data access governance leader founded by the creators of Apache Ranger™, today announced the availability of its AWS Lake Formation integration in private preview, which offers complete data governance automation and fine-grained data access for AWS services including Amazon S3, Amazon Redshift and Amazon RDS. Privacera helps enterprise data teams protect sensitive data and enable privacy across all on-premise, hybrid and multi-cloud data sources while reducing time to insights by automating outdated, manual governance processes. Privacera is expanding its support and native integration for diverse AWS environments with the new AWS Lake Formation integration to simplify data access governance for complex and heterogeneous data lake and data mesh environments by extending Lake Formation enforcement to third-party services like Databricks, enabling additional governance use-cases. With this new integration, organizations will be able to accelerate their migration to the cloud by leveraging Privacera to securely manage data access policies within a single governance platform across diverse on-premise and cloud data sources. This will significantly reduce the efforts around data migrations to the cloud through increased automation and consistent policy management, and the ability to ensure compliance through an open, consistent and proven standard. "Organizations operate in diverse data ecosystems, and it's becoming increasingly challenging to not only manage the data from a governance perspective, but ensure that organizations are gleaning timely insights securely through appropriate access controls and automation, and that's why Privacera exists," said Privacera CEO Balaji Ganesan. "As an AWS partner, expanding our capabilities with this new integration allows us to deliver a solution that leverages the strengths of both Privacera and AWS Lake Formation, helping organizations with a secure and simple approach to data access while delivering business value." The latest integration will give users: A unified data governance strategy including your lake formation data assets AWS Lake Formation policy enforcement extended to popular data analytics systems like Databricks An intuitive and easy-to-use interface to build data access policies on top of AWS Lake Formation Financial services company Sun Life uses Privacera to accelerate AWS migration and unify data access governance and compliance. "Because Apache Ranger is critical to the success of our entire analytics platform, so is Privacera as it allows us to capitalize on existing technology and deliver critical data to our analytic teams quicker," said a Director of Cloud Infrastructure & Operations at Sun Life. "Our goal was to get our data into a data lake as quickly as possible and then apply access rules so approved Sun Life professionals can actually use the data to generate important insights. Requests that used to take three to four weeks to program can now be reacted to in less than two days." About Privacera Founded in 2016 by the creators of Apache Ranger™, Privacera's SaaS-based data security and governance platform enables analytics teams to simplify data access, security, and privacy for data applications and analytical workloads. The Privacera platform supports compliance with regulations such as GDPR, CCPA, LGPD, and HIPAA. Privacera provides a unified view and control for securing sensitive data across multiple cloud services such as AWS, Azure, Databricks, GCP, Snowflake, and Starburst. The Privacera platform is utilized by Fortune 500 customers across finance, insurance, life sciences, retail, media, and consumer industries, as well as government agencies to automate sensitive data discovery, mask sensitive data, and manage high-fidelity policies at petabyte scale on-premises and in the cloud.

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Spotlight

Most of the data analytics processes have been automated into mechanical processes and algorithms that perform with raw data for human consumption. Meanwhile, managing a massive amount of data certainly poses both significant challenges and opportunities. So, what trends will shape the data analytics landscape in the coming years?

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