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Data Management // Big Data Analytics
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1/22/2016
09:05 AM
Lisa Morgan
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8 Ways To Monetize Data

Data may be a company's most valuable asset, but few are maximizing its economic benefit. Here eight ways that organizations are deriving real, bottom-line value from their data.
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Stop Revenue Leaks 

Busy hospitals, clinics, and healthcare providers can easily lose track of the services they've rendered. Each procedure has a description and an assigned code, both of which may include errors. Using analytics, those organizations can identify patterns associated with the codes and the procedures, so that patient invoices can be flagged for potential errors or missing charges. Intelligent data use also helps those same organizations improve the ROI of collections. Specifically, they are able to identify the right person to contact, the channel that is most likely to elicit a response, and the time of contact that is most likely to yield a positive result. 
'Who is likely to pay and how much they will actually pay are common predictive models,' said Alex Guazzelli, chief scientist at advanced analytics software company Opera Solutions, in an interview. 'Companies are segmenting their collections to see who's likely to pay, and who's likely to pay more so they can maximize their collections. A lot of people don't pick up their phones anymore, so it's important to understand which channels you should use to contact a person and the right time to make that contact.' 
(Image: Yourschanz via Pixabay)

Stop Revenue Leaks

Busy hospitals, clinics, and healthcare providers can easily lose track of the services they've rendered. Each procedure has a description and an assigned code, both of which may include errors. Using analytics, those organizations can identify patterns associated with the codes and the procedures, so that patient invoices can be flagged for potential errors or missing charges. Intelligent data use also helps those same organizations improve the ROI of collections. Specifically, they are able to identify the right person to contact, the channel that is most likely to elicit a response, and the time of contact that is most likely to yield a positive result.

"Who is likely to pay and how much they will actually pay are common predictive models," said Alex Guazzelli, chief scientist at advanced analytics software company Opera Solutions, in an interview. "Companies are segmenting their collections to see who's likely to pay, and who's likely to pay more so they can maximize their collections. A lot of people don't pick up their phones anymore, so it's important to understand which channels you should use to contact a person and the right time to make that contact."

(Image: Yourschanz via Pixabay)

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shamika
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shamika,
User Rank: Ninja
1/30/2016 | 8:51:15 AM
Re: Sysiphean work
In my opinion survey is very good method of collecting data for analysis. However it is important to get the right questions with the right measures which will help in performing a better analysis on the data. 
Where-Data-is-Wealth
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50%
Where-Data-is-Wealth,
User Rank: Apprentice
1/26/2016 | 7:39:32 PM
Re: Sysiphean work
You make some very good points, but I would like to point out that some of the research into Deep Learning has demontrated at least the possibility of unsupervised learning creating some kind of value out of unstructured data.
jagibbons
100%
0%
jagibbons,
User Rank: Ninja
1/26/2016 | 9:35:15 AM
Re: Sysiphean work
Companies that collect data without already knowing how they are applying it are making it worthless.

It could even be worse that worthless. If you have enough data, the systems analyzing that data will find patterns that appear significant but don't really mean anything. There are countless naturally correlations that have no causal relationship. Making a decision based on one of those faulty assumptions can be hugely detrimental to the business.
jagibbons
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50%
jagibbons,
User Rank: Ninja
1/26/2016 | 9:32:14 AM
Re: Pricing
That's a great question, soozyg. Prices do vary widely, even for legitimate merchandise. Compare prices at Amazon for items they are bulk buying versus the same item from the manufacturer directly. Often Amazon will be so much less that it can appear "too good to be true." There are other discount sites out there that have a similar story to tell. I wonder how the algorythm will tell if something is legitimately really cheap or stolen.
soozyg
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50%
soozyg,
User Rank: Ninja
1/24/2016 | 2:07:45 PM
Pricing
"One of our partners, which sells on dozens of e-commerce websites, builds datasets of their own products and pricing. When they compare that with their existing expected pricing data, they are able to detect stolen goods and suppliers who are mispricing their items"

That sounds like a smart idea; however, don't prices wildly vary due to the variety of retail sites our there?
soozyg
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50%
soozyg,
User Rank: Ninja
1/24/2016 | 2:00:51 PM
Under Stop Revenue Leaks
Each procedure has a description and an assigned code, both of which may include errors.

Yes, and if companies aren't streamlined, the codes could vary by department and location.
soozyg
50%
50%
soozyg,
User Rank: Ninja
1/24/2016 | 1:58:31 PM
Re: Sysiphean work
what is called Big Data is mostly worthless.

Well, it can be worthless out of context. When companies use Big Data correctly, they start with a purpose and plan and then use Big Data to support the plan. Companies that collect data without already knowing how they are applying it are making it worthless.
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