News Roundup: Businesses Across Industries Finding Insights in Big Data
The big data news recently has touched on everything from talent analytics to health insurance, employee travel, international product lines and more. The thread between all of these stories comes down to this: companies are finding new ways to get insight from the data they’re generating and storing, and that insight is moving businesses forward. Here’s a glimpse:
New York Times, “When a Health Plan Knows How You Shop”
As companies learn how to analyze data housed in silos or disparate systems, healthcare providers and insurers are learning how to predict patient issues to improve healthcare outcomes and manage costs. This article delves into what consumer data can tell organizations when paired with healthcare data. Among the findings: catalog shoppers are more likely to end up in the emergency room, and patients who don’t own cars are more likely to make hospital visits.
Forbes, “Talent Analytics: A Crystal Ball For Your Workforce?”
This piece about how data can lead to better human resources decisions notes that analytics have helped to create championship teams in nearly every sport, and should do so in business, as well. Contributor Meghan Biro notes that, “…predictive talent analytics is…useful, because it asks questions in order to change the outcome, not reflect on it. What will our attrition rate be this year? Who may leave the company? What can we do to reduce that turnover?” Those are data-driven questions that can positively impact business.
Wall Street Journal, “Big Data Chips Away at Costs” (subscription required)
The data analysis that used to take companies weeks to complete now reveals critical information in a fraction of the time – and that’s translating into decisive, rapid business decisions. Transcripts from customer calls, video of in-store traffic patterns and other unusual data sources are helping chief financial officers “forecast sales, manage capital spending and increase cash flow.” The trick is in managing to bring together disparate data sources to reap potentially profitable benefits.
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