Category: Blog

telemedicine services

Telemedicine Services in a Nutshell: All the Answers You Have Been Looking For

What is telemedicine in healthcare? 

In the broad sense, telemedicine refers to a practice of ensuring patient care in circumstances where the provider and patient are not physically present with each other. The boon of modern technology now enables patients to consult doctors and gain telemedicine benefits by using appropriate video conferencing tools. Telemedicine services make healthcare more accessible and cost-effective thereby increasing patient engagement.

Since making its debut in the late 1950’s, advances in telemedicine services contributed to seniors having the choice to age in place. In addition, the patients that reside in rural areas previously had difficulties accessing a physician, however, they can now leverage telemedicine benefits and reach doctors virtually. Patients and physicians can share information virtually and in real time through their computer screens. Furthermore, it is also possible to see and capture readings from medical devices at a faraway location. Using telemedicine services, patients can consult a doctor for diagnosis and treatment without having to wait for an appointment. Patients can now easily consult a doctor/physician at the comfort of their home.

The demand from a new generation of tech-savvy population has pushed for the rapid adoption of telemedicine services and further fueled by telemedicine benefits including convenience, cost saving and intelligent features it brings.

How does telemedicine work? 

While leveraging telemedicine benefits can be a simple process for some providers, for some it could be a complex one. For a solo practitioner and clinic, only a basic HIPAA compliant video conference software to start delivering telemedicine benefits and consultation is required. For telemedicine services providers a more complete virtual clinic solution needs to consider their existing workflow and incorporate the telemedicine services software solution into their practice. It is essential that these software have a waiting room, EHR and payment function. For large medical group or hospitals, they usually require custom telemedicine services to fit into their existing workflow to lessen the disruption of adopting telemedicine as its harder to train a large number of physicians to change their behavior. Moreover, it’s advisable for telemedicine providers to do due diligence on the regulations for telemedicine services, and reimbursement policy for their country or state. Organizations will have to change operationally and have knowledge of the regulations, legalities, and technological aspects of implementing telemedicine services. Many organizations consider partnering with telemedicine providers to make the transition and implementation easier.

Traditionally, telemedicine services use an online account or a toll-free phone number. Patients can request a visit by submitting some basic information on their condition, and then the physician either accepts or declines the visit or schedules it for the future.

A 4-step guide before starting telemedicine services 

Understand the Basics

Before setting up telemedicine services, an organization’s administration and providers should know how laws differ when using telemedicine services. It is also advisable to consult with an expert to determine what equipment they need and have a basic understanding of why they want to offer this in the first place.

Deciding on Telemedicine Solutions

After laying out the basics, an organization should decide what type of telemedicine services to offer. The organization should undertake measures to respond to their current pain points, such as overcrowded waiting rooms or difficulty reaching patients in rural areas.

The Equipment

organizations should ensure they have compatible webcams, speakers, microphones, and more importantly a reliable internet connection. Telemedicine technologies should be identified within the practice to help others get acclimated and resolve tech issues.

Understand Regulations and Reimbursements

Policies and regulations in the telemedicine services can often prove to be confusing for providers, vendors, and payers. Organizations who are considering implementing telemedicine services should be familiar with the laws in their state. For instance, some states require informed consent from patients, while others do not. Also, some payers may not pay the same rate for telemedicine services as in the case of in-person services. Organizations should clearly identify how providers will be paid, as some companies seek grant funding.

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multi channel marketing

All You Need to Know about Multi Channel Marketing and its Role in the World of Medical Devices

For modern marketers, it is becoming increasingly difficult to stay one step ahead of their customers. Today, the average customer has much more control over their purchasing process than they once did. They have more choices than now more than ever when it comes to accessing information. This is because of the proliferation of new channels. Therefore, if your company doesn’t have a multi channel marketing strategy, you are definitely going to struggle to stay ahead of your competitors. Don’t believe us? Just look at the numbers:

  • 88% of customers use mobile applications to view content online.
  • The average customer has about 4.5 devices with internet connections.
  • 91% of customers move between at least 2 screens each day.

So, in simple terms, your leads are masters of multi-tasking. If you want to gain their loyalty, you cannot just sit and expect them to come and find you. Instead, you will have to make sure that you are highly active wherever your targeted audiences might be. The more relevant marketing platforms you use to share your marketing message, there are chances that you will connect with more people. The bigger your audience of interested customers, the higher your chances of sales. Makes sense, right?

Undoubtedly defining and building well-optimized multi channel marketing strategy can be difficult. Also, if you are not properly prepared, you are more likely to end up spending unnecessarily and damaging the brand name rather than creating a powerful online presence. Fortunately, we are here to help. To assist companies in devising effective multi channel marketing strategy, our team of experts has highlighted fundamentals of a multi channel marketing strategy that every modern marketer must know to grow in today’s highly competitive landscape.

Optimizing multi channel marketing strategy is one of the biggest problemContact USs affecting the business outcomes of medical equipment companies. Get in touch with our industry experts to know how to beat other companies with the help of big data analytics.

What is Multi Channel Marketing?

Multi channel marketing refers to the practice by which companies interact with customers via indirect and direct communication channels such as retail stores, websites, direct mail, mail order catalogs, and mobile. Other means of reaching customers with multi channel marketing include via search engine optimization (SEO), social media, or GPS to track proximity of customers to goods and services. Multi channel marketing integrates the practices of inbound and outbound marketing with the goal of reaching customers on their choice of channel. This way, the buying process is more controlled by the customer than the marketer.

Key Challenges of Multi Channel Marketing

Every marketing strategy has its own set of challenges. The same applies to multi channel marketing:

Challenge #1: Marketing response attribution

In multi channel marketing, it is very difficult to know which campaign, channel, or sequence of touch points contributed to qualified sales and conversions. Multi channel marketing without the right attribution model and strategy can lead to confusion and make it difficult for the marketing team to make informed decisions on resources and budgeting.

Challenge #2: Managing several promotions

With the availability of multiple channels, it becomes very difficult to manage promotions and campaigns on all the platforms. Successful multi-channel marketing means using integrated marketing and managing cross-promotions so that multiple channels work in tandem with one another.

Challenge #3: Increased spend and time

With multi channel marketing, there is so much to manage. Consequently, you need to devote more time and need to even hire more resources to make campaigns move in sync.Request Proposal

Are multi channel marketing challenges stopping your firm from leveraging the true potential of analytics-driven insights? Request a free proposal below to check out our portfolio of solutions and stay ahead in the competition.

How to Create a Successful Multi Channel Marketing Strategy?

Creating an effective multi channel marketing strategy is no easy feat, but there are some considerations that come into play and some tips to get started:

Tip #1: Create and maintain an exclusive view of the customer

Having a single view of the customer is difficult because customers today often interact with your brand in different ways that involve multiple touch points. Therefore, it is important that you have detailed insights into their behavior across all channels, at each and every touch point. To access that single customer view, a centralized marketing data mart can help. It can consolidate data of all customers in one place regardless of source. It is essential to keep these points in mind while creating and maintaining a single view of the customer:

  • Having a lot of customer data is not the same as having a single view of the customer.
  • Your customer view must change with the change in businesses. That means refreshing old data, bringing in new data, updating old models, building new ones etc.

Tip #2: Establish a multi channel marketing platform

The saying “If all you have is a hammer, everything looks like a nail” undoubtedly applies to marketing, and this is the reason why it is so important to establish a multi channel marketing platform. And by “multi channel marketing platform,” we mean one that includes technology and processes to support. A perfect multi channel marketing platform should have the following:

  • Campaign management capabilities, which have capabilities for workflow creation, segmentation, and campaign execution.
  • Advanced analytics, including campaign optimization and predictive analytics.
  • Advanced execution that includes event triggering, content management, and real-time decision making.
  • Response attribution including the capability to perform scenario planning, marketing mix optimization, and marketing attribution analysis.
  • Digital marketing, including capabilities that proliferate marketing beyond traditional channels to newer channels, including the email, Web, mobile, etc.

By establishing a multi channel marketing platform, it is easier to integrate traditional and emerging channels. It can also help in simplifying the creation and execution of cross-channel campaigns by enabling marketers to create a single campaign that can be replicated across multiple channels. Furthermore, this can also help in reducing costs and improving the effectiveness and performance of your marketing efforts.

Wonder how to provide valued customer experience on multiple channels? All you need is a proper multi channel marketing strategy. Get More Info

Tip #3: Create consistent customer experiences across all channels

Customer experience is one of the most effective competitive differentiators. The quality along with consistency of the customer experience is important. This is because your customers experience your brand as a whole, whether their interactions with you are in a store, online or over the phone. If you handle each channel as a distinct entity, there is a risk of customers turning against your brand if you fail to deliver consistency.

Benefits of Multi Channel Marketing

Benefit #1: It’s fast

On an average, before buying any product or service, a lead interacts with your company 35 times. This process gets streamlined by following a multi channel marketing approach as you start to appear everywhere they look, and before they know it you become the preferred brand in their mind.

Benefit #2: Channel Preference

Reach your customers on the channels they prefer. For companies with a longer cycle of buying, you need to hit potential customers more than once. This means you need to target them with the right message, in the right place, at the right time within their journey. Benefits of multi channel marketing strategy are that it allows you to reach customers on the channel of their choice.

Benefit #3: More touch points

This is one of the most significant benefits of multi channel marketing that it provides several touch points. Having more touch points in your marketing funnel means the availability of more data. This data can help you develop a better understanding of the areas where your promotions work best and measure your growth.

How to Enhance Your Multi Channel Marketing Campaign?

Tip #1: Use the available tools

If you want to invest less into tech infrastructure and keep up with customers as they bounce across multiple channels, then you need some support. Automation tools allow you to qualify and lead faster, identify trigger events that suggest a lead is ready to engage, and send messages out to the target audience at the best times. There are several tools out there to choose from.

Tip #2: Become a data digger

In a complicated and omnichannel marketing environment, nothing is more valuable than data. The right information forms the pillar of your multi channel marketing strategy. you need to ensure that the insights are authentic, relevant, and constantly updated. Sometimes, a problem with integrated marketing can mean that the data you have lived in silos across your organization.

Tip #3: Connect the dots at every marketing platform

In multichannel marketing practice, every platform you use will have its own individual entity. However, that doesn’t mean that each of them should be completely disconnected. While it is essential to embrace the benefits of each channel, it is important that you don’t overlook the connections. You must establish your metrics for each separate channel, and then monitor on how your platforms work seamlessly together. You might discover that you can get more leads and an increased number of conversions if you fuse your campaigns together into an omnichannel marketing approach.

Tip #4: Personalize your campaigns

In today’s competitive landscape, consumers are sick of dime-a-dozen marketing messages. They look for a marketing strategy that appeals to their personal values and interests. So, you need to be careful while altering your multi channel marketing messages to not only suit the audience on each of your channels, but also the distinct benefits of the channels themselves.

Role of Multi Channel Marketing in the World of Medical Devices 

Patients are reluctant to experiment with medical devices. Most medical devices are used to manage different types of motor symptoms in conditions and diseases such as obesity, Parkinson’s disease, and overactive bladder. Today, consumers are caught up in the ever-changing whirlpool of healthcare and therefore, they are no longer relying solely on their physician to make decisions for them. The potential patient now digs for the information they need to make medical devices decisions.

Medical devices and pharma industries share multi-dimension marketing challenges. They aim at creating the most effective communication to best inform target consumers. Here comes the role of multi channel marketing that provides the right information to patients and helps them make an educated decision, and boost approval for medical devices. Here are a few ways in which multi channel marketing can help.

#1. Discover the patient behavior and needs

Multi channel marketing provides a 360-degree view of patient-consumers. This help medical devices manufacturers to gain insight into their unique characteristics including target value or segment and lifecycle stages. This discovery of patient behavior can drive the multi-channel campaign design for medical equipment companies. Furthermore, it can also help them to develop market-focused and customer-focused and analytical benchmarks that can be used to make decisions about a marketing campaign.

#2. Segmentation

A multi channel marketing plan helps in segmentation which further helps in identifying the proper message to deliver to consumers. Prospective patients can initially be segmented according to the time since they were diagnosed with the specific disease, and where they are now in their device decision-making process. This can help in specifying the medical devices they need at each stage.

#3. Fine-Tuning: The Final Step

In addition to delivering greater relevance and gaining important consumer insights, a finely honed multi channel marketing plan in the world of medical devices can help direct resources to when what, and how strategies should be improved to prove most economical and effective. Big data and machine learning can help build a business case for each campaign, predict ROI, and prioritize future campaigns.

Wondering how to enhance your multi channel marketing campaign? Request a free demo below and access your multi channel marketing data on the real-time dashboards.

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medical device industry

4 Necessary Steps That Medical Device Manufacturers Must Take to Improve Sales Force Effectiveness

One of the most sought-after goals of any growing business is being able to efficiently and profitably scale the business. This is true for virtually any business in any industry and the medical device industry is no exception. However, with unique regulations and requirements, medical device manufacturers face several challenges such as keeping ahead of shifting market dynamics, rapidly evolving and developing new sales models around physician access, creating alignment across all departments during the critical product launch phase, and enabling sales force effectiveness while complying with the ever-increasing regulations.

Without an effective sales force, it is very difficult for companies in the medical device industry to identify, prioritize, and close gaps in their sales strategy and execute capabilities to capture specific growth opportunities. At Quantzig, we understand the value that analytics can bring to your business. And to help companies in their venture to boost sales force effectiveness, our team of experts has highlighted four necessary steps that medical device manufacturers can take to improve sales force effectiveness.

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patient journey

3 Strategies for Leveraging Patient Journey Mapping to Improve Patient Experience

As patient experience moves towards the center stage for many of the nation’s health systems, leaders and pharmaceutical companies responsible for this function are tackling issues like lack of leadership to drive patient centricity, separating quality care from hospital amenities, and understanding patient journey, needs, and wants.

When a patient’s needs and demands are not understood or there is a breakdown in the communication, they feel lost, vulnerable, and afraid. This is where marketers and communicators should be contributing to the patient experience. While the healthcare professionals or pharmaceutical companies may not be able to change what happens in the examination room, there are several ways they can support and enhance communication throughout the experience, and patient journey mapping is a key strategy.

At Quantzig, we understand the power of patient journey mapping in boosting patient experience and the huge difference it can make in the growth graph of your healthcare business. And to help pharmaceutical companies excel in an ever-competitive healthcare Contact USmarket, our team of experts has highlighted three key strategies for leveraging patient journey mapping that can help pharmaceutical companies improve their patient experience.

Strategies for Leveraging Patient Journey Mapping to Improve Patient Experience

Strategy #1: Treat your organization’s website like the North Star

Pharmaceutical companies or any healthcare organization should ensure that their website should be truly patient-centric and offer clear, strategic calls-to-action to tap into the mindset of the patient. This helps your prospective patients to be just a click away from what they need. Patient journey mapping at the trigger event phase will likely drive the critical first impression and begin a positive or negative patient experience.

Strategy #2: Ensure your calls to action are an impeccable experience

Whether patients are calling for an appointment or scheduling services online, they should experience the ease of access. Lengthy hold times and arduous steps to see a provider creates friction for your patient audiences. Patient journey mapping at the cRequest Proposalonsideration phase pushes pharmaceutical companies to strive for improving the ease of access.

Strategy #3: Communicate to patients about the next step clearly

Ensuring that the patient understands the next step, and the step after that is very important. The intent and experience phase of patient journey mapping makes it mandatory for hospitals and pharmaceutical companies to have a clear communications protocol to guide patients through the scenario that may come next, making them feel well-cared for and delivering the utmost patient experience.

Wondering how to improve patient experience and reconfigure your approach to care? Patient journey mapping is the key. Request a free demo below and access patient data on real-time dashboards.

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banking services

Is Customer Analytics the New Kingpin for Banking Services Companies?

For modern banking services providers, understanding the customers is the foundation for a sustainable competitive advantage. The internal and external data sources available to banking services companies can be great sources for guiding product development, customer communication, innovation, and growth. This data can be further meticulously analyzed using advanced capabilities such as customer analytics through which banking services companies can get to know their customer at a more granular level. Furthermore, it can help in effective customer segmentation that reveals specific intelligence that could otherwise be obscured by the sheer volume of data. These insights aid banking services companies identify messaging strategies for marketing and customer service strategies and also gain a better understanding of the customer lifecycle and predict customer behavior.

Why is customer analytics important in banking services?

It is high time for banking services companies to up their game in customer analytics. Here’s why:

Analytics is the new normal

 As a result of low-interest rates, moderate fee revenue, onerous regulation, and a less than robust economy, the banking services providers are expected to remain revenue challenged for the foreseeable future. So, it will be more important than ever for banking services providers and credit unions to focus on all possible strategies that would help them reduce costs and increase revenues. Some of these strategies that can be achieved by customer analytics include:

  • Better management (and measurement) of sales leads across channels
  • Inclusion of custom customer incentives/rewards to influence behavior
  • Improved targeting of customer segments
  • Moving from a product focus to a customer focus 

Achieve customer centricity

Customer delivery and communication channels are expanding. This means that more customers interacting with their financial providers and banking services companies are using online and mobile channels, making it easier to gain insights into real-time sales and services. Analytics can respond to this rapid migration to digital channels by:

  • Integrating sales and service tools within a new digital environment
  • Improving branch efficiency and effectiveness
  • Helping to drive high value, high touch traffic back to branches

Technological changes

Customer analytics is no longer a domain that can be used and accessed solely by highly skilled specialists. Today, these solutions can be easily accessed and used by marketers and other business users to answer complex inquiries. Improvements include:

  • Increased number of specialized vendor solutions and expanded talent
  • Collapsing of product silos and ability to process increased data sources
  • Cloud-based solutions

Establishing analytics as a true business discipline can help banking services prContact USoviders to grasp the enormous potential. Get in touch with us to know how we can help banking sector clients in establishing a customer analytics program to suit their organizational requirements.

How can customer analytics help banking services?

We at Quantzig have identified six levers that make customer analytics a core component for banking services companies to consider:

Customer Insights

Most financial marketers are highly interested in the ability to gain a better insight on current customers. Demographics and current product ownership form the foundation of customer insight. However, behavioral and attitudinal insights are gaining in importance as channel selection and product use have become more differentiated. Take the instance of sentiment analysis and social media analysis that are helping companies analyze in-depth about their customer emotions on social platforms. Furthermore, scoring models such as FICO is especially useful for banking services companies to analyze consumers’ credit history, loan or credit applications, and other data to assess whether the consumer are likely to meet their payment obligations on time in the future.

Business strategy

Customer analytics proves to be highly useful in banking services companies for product and channel development as well as economic forecasting, business improvements, risk analysis, and financial modeling.

Managing customer experience

Using customer analytics for customer experience management (CEM) helps banking services providers in delivering personalized, contextual interactions that will assist customers with their daily financial needs. Moreover, if done correctly, customer analytics enables the real-time delivery of product or service offerings at the right time, thereby ensuring a better customer experience.

Risk management

One of the more common uses of ‘big data’ today especially for banking services companies is in the area of risk and fraud management. The applications of data mining have expanded well beyond providing internal purchase and balanced insights. It now even includes transaction patterns and social media interactions that can provide a leading indicator of potential losses or fraud. The integration of structured and unstructured data in banking services can also be leveraged for traditional risk management including pricing decisions.

Marketing

Another traditional use of customer analytics in financial services is the ability to increase the effectiveness and efficiency of sales and marketing. The ability to derive insights on the likelihood of purchase based on the available information on individual customers has ushered in a seismic shift in marketing from product centricity to customer centricity. Banking services companies and credit unions are now able to make unique, timely, and relevant offers based on available customer insight rather than offering products and services based on what the financial institution would like to sell. This allows banking services providers and financial marketers to significantly improve the efficiency of marketing spending and the close rate of sales leads.

To learn more about how Data analytics solutions work in banking sector companies, request a proposal.

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Implementing customer analytics for banking services

The future is already here. The only drawback is that it is not evenly distributed. Banks services and companies in every other industry are already deploying advanced analytics to move their businesses forward. Quantzig has identified that almost every top bank lists advanced analytics among its top five priorities. Most plan to invest further in these techniques. A few banking services companies are already seeing the rewards. By establishing data lakes and centers of excellence and using machine-learning techniques these leaders have already built substantial foundations for their business.

 How do you know what analytics capabilities to invest in for your business? All you need is an analytics expert that can guide you on leveraging the available data by avoiding pitfalls in banking services and accessing the broad set of opportunities. At Quantzig, we understand these needs of our clients and are committed to helping them bolster their analytics capabilities. Request a demo to know more about our analytics solutions.

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healthcare data analytics

4 Effective Ways Healthcare Data Analytics is Reducing Healthcare Costs

Despite its promising growth prospects, healthcare service providers are hard pressed to find solutions to multiple complex issues including regulatory and policy changes, medicinal and technological advancements, rising costs, staff, and trained employees, maintain efficient operations and services, and support other healthcare initiatives. With increasing concerns for living healthier, longer, and lead more active lifestyles, healthcare costs have increased. Research reveals that the spending and healthcare costs often rise at rates more than the rate of inflation and is expected to increase even more in the years to come.

With the rising healthcare costs, co-pays and deductibles have become expensive and employers are burdened to take a bigger cut of their employees’ wages to pay for insurance premiums. This surge in healthcare costs will soon become a big barrier to the growth of the overall healthcare industry. Therefore, leaders must find alternative methods to combat rising healthcare costs. They must do the appropriate research to find funding, grants, and contributors to help them conduct research, set up programs and implement processes at the pace of change.

At Quantzig, we understand the impact that costs have on your business plans. And to help companies excel in an ever-competitive marketspace, our team of experts has highlighted four effective ways in which healthcare data analytics can reduce the Contact USrising costs of care.

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big data

5 Ways Big Data and Analytics Are Revolutionizing the Food Industry

The food industry is one of the largest sectors in the industrial world. With the increase in global competition, the food industry is facing numerous challenges like reducing supply chain waste, optimizing supply chain efficiency, boosting sustainable growth, implementing green policies and finding a competitive advantage. With growing complexities, businesses in the food industry need to keep close tabs on managing product and data throughout the supply chain.

Inefficient supply chain leads to low-profit margins and more wastage. Furthermore, if the supply chain is not optimized, it can result in the inability to adapt quickly to a problem and can increase operational costs. Therefore, players in the food industry must leverage the benefits of technology like big data and analytics to gain better insights into the ability to track and monitor supply chain activities in real time.

At Quantzig, we understand that to ensure the efficiency and performance of your supply chains, from sourcing to manufacturing to delivery, optimization is required. And to help food industry businesses thrive in the competitive landscape, our team of experts has highlighted five ways in which big data and analytics can help companies in the food industry to become market leaders. 

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big data analytics

Media and Entertainment Industry is Evolving with Big Data Analytics, Are You Keeping Up?

Big data analytics has become a huge game-changer in most, if not all, types of modern industries over the last few years. Some of the key big data applications for modern companies include enhancing customer experience, achieving cost reduction, better-targeted marketing, and improving existing processes. Several recent data breach incidents have also made enhanced security an important goal for big data analytics to accomplish.

Big data analytics in media and entertainment industry 

Media and entertainment companies are shifting to a content-centric model in order to embrace a customer-centric world. The ultimate aim of companies in the sector is to reduce customer churn by delivering top-notch customer experience. With smartphones and associated digital media becoming the major source of entertainment, it is high time for media companies to leverage big data analytics to create a connection with their customers. However, the ability to access, analyze, and manage large volumes of data while rapidly evolving the information architecture is becoming increasingly critical for companies in the media and entertainment industry who are determined to improve business efficiency and performance. Furthermore, media companies often face the challenge of correctly identifying why some customers subscribe and unsubscribe to their content or services. Media companies also face difficulty when it comes to analyzing why and how customers react to pricing and subscription models. Big data analytics can enable a better understanding of the consumer as the content is created to ensure success.

Analyzing large data sets is one of the biggest problems Contact USaffecting the business outcomes of media companies today! Get in touch with our industry experts to know how to beat other companies to the chase with the help of big data analytics.

Big data applications in the media industry 

The future of the media and entertainment industry is largely dependent on the amalgamation of both digital and big data analytics solutions. The rapidly rising digital consumerism offers a plethora of opportunities for media and entertainment companies to leverage big data analytics for better customer engagement. Below are a few examples of how media companies can benefit from big data analytics:

Predict what audiences want

One of the primary big data analytics applications in media companies is to understand what the target audience wants. The amount of data that media companies gather gives them ample opportunities to leverage big data analytics capabilities to understand the demand of the genre of shows, music, content for a given age group on various different channels.

Ad targeting

Big data analytics gives companies in the media and analytics industry a better understanding of the digital media and the consumption behavior of users across various platforms. By using traditional demographic data, companies can personalize advertisements to suit the needs of specific users. Using big data analytics and offering micro-segmentation of customers to their advertising networks and exchanges, media and entertainment companies can also increase digital conversion rates.

Content monetization and product development

One of the key big data analytics applications in the media industry is that it helps in additional revenue generation for media and entertainment companies. Accurate data gives companies the ability to incentivize consumer behavior and, in the process, reveals the true market value of the content that has been generated.

Scheduling optimization

Using insights from big data analytics, media companies are able to understand when customers are most likely to view content and the devices that will be used to access content. With the scalability of big data analytics, this information can be analyzed at a granular ZIP code level to facilitate localized distribution.

Insights on customer churn

A serious menace that media companies find almost impossible to tackle is customer churn. It has been found that a considerable population of customers share their reviews through social media. Until the advent of big data analytics, combining and making sense of all the user-generated data from multiple sources, including social media was next to impossible. With the advent of big data analytics, it is now possible to know why customers subscribe and unsubscribe from a particular type of content. With the help of big data analytics, it becomes easier to clearly gain insights on what kind of programs they like and dislike.

On the flip side, implementing big data analytics in media and entertainment comes with its own set of challenges that media companies must overcome.

Big data challenges for media companies 

The unprecedented rate of growth of the media and entertainment industry is forcing companies in this sector to keep up with the rapid pace of change. The shift from traditional platforms to online channels paves the way for media and entertainment industry companies to implement big data analytics technology to gain a more profound understanding of customers’ needs. But, with the rapid adoption of digital technologies, the media industry does face a few big data challenges, which slows down their progression. To completely realize the potential of digital technologies, media companies should successfully tackle these big data challenges:

Data privacy

Numerous instances of the breach of personal data and media are making consumers more sensitive towards their data. Additionally, policymakers have also addressed their issues and have implemented regulations for companies handling personal data of customers. Regulations have also been imposed on companies that broker personal data to media houses. Such big data challenges can pose problems when it comes to accumulating sufficient user data, without which conducting accurate analysis is impossible.

Wonder how to overcome data privacy issues? All you need is the right analytics solution to combat such challenges.Get More Info

Lack of financial muscle

Media start-ups and SMEs often face challenges related to adequate financial capital. While accounting for cost factors to implement big data analytics, companies need to analyze several factors like data storage costs, infrastructure costs, data processing costs, and human resource costs. Although it is relatively easy to start a new company producing content, games, or apps, it can prove difficult to scale up without significant investments.

High bandwidth requirements

Today, audiences consume a large part of the content via online platforms. High-speed broadband is a must to facilitate this. However, the penetration rates of high-speed broadband services aren’t as impressive across the world as it is in metro cities. This largely reduces the potential customer base and allows data collection from only urban segment consumers. Analysts lose the opportunity to gain insights from customers who lack access to high-speed broadband and, therefore, resort to traditional platforms.

Piracy and copyright issues

Piracy and copyright issues have been a major concern for the media and entertainment industry over the past several years. However, the advent of the digital medium has created new big data analytics challenges such as the problem of account sharing. A large number of people gain access by sharing account information and passwords for the majority of video streaming sites. Analysts will have a tough time performing analysis on customer behavior and preferences as they cannot pinpoint the demographic details of the user. Furthermore, in some cases both the child and the adult may be using the same account, here an effective judgment is impossible on who prefers a specific genre.

Are big data challenges stopping your firm from leveraging the Request Proposaltrue potential of analytics-driven insights? Request a free proposal below to check out our portfolio of solutions and stay ahead of the curve.

How to overcome data security issues facing media companies? 

Companies in the media and entertainment industry are collecting and using a huge amount of data. This gives rise to concerns over security issues that can compromise even locally generated information. With several instances in recent times reporting data breaches especially in the media and entertainment industry, it has become imperative for companies in this sector to make data protection a priority and establish strict security measures. We, at Quantzig, have identified some of the critical ways in which companies in the media and entertainment industry can guard data against breaches in both big data analytics deployments and any software that accesses the data:

Ensure endpoint security

Trusted certificates at each endpoint will help to ensure that the company’s data remains secure. Additional measures that companies in the media and entertainment industry should use include regular resource testing and allowing only trusted devices to connect to their network through the use of device management (MDM) platform.

Prevent insider threats

It is not just external threats that media companies must combat but also several internal security risks which include disgruntled or simply careless employees. Such challenges are faced by media companies where employees who work with the data are not fully educated on proper security practices and behavior, including data scientists and software developers. So, it is vital to provide digital security training to all employees.

Analyze and monitor

A big data analytics solution that includes tools for both analysis and monitoring in real time can raise alerts in events where a network intrusion is detected. But this can result in large amounts of network data. The goal is to provide an overall picture of what’s happening over sometimes large networks from moment to moment. Companies in the media and entertainment industry may not have the resources to monitor and analyze all the feedback generated, including false alarms as well as real threats. Here, big data analytics itself can be used to improve network protection. The company’s security logs can be mined for abnormal network connections. This will make it easier to identify actual attacks as opposed to false alarms.

Final thoughts

Research suggests that a large number of companies across industries have already invested in or are planning to put in their money in big data analytics due to the huge impact of big data analytics globally. The media and entertainment industry stands out as a prompt adopter of big data analytics solutions because a huge volume of data is generated digitally in this vertical and enables change in the consumer research programs.

We understand the various challenges that companies face in analyzing the feasibility of big data analytics for their business. Our big data analytics solutions are tailor-made to suit the requirements of each business. Request a free demo for more insights.

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benefits of data analytics

Top 3 Benefits of Data Analytics That Can Take Wearable Technology to the Next Level

From fitness and activity trackers to “smart clothing” and smartwatches, the possibilities are practically limitless within the industry for wearable technology. And this growth is further enhanced by the promise of high monetary rewards. But design and data collection are only a small component of the potential that wearables offer to both companies and consumers. Taking wearable technology to the next level of usefulness requires companies to build in additional analysis features that increase engagement levels, improves the usefulness of the wearable technology, and provides an unparalleled experience to the consumer. In other words, the benefits of data analytics can help companies to effectively determine what the wearable technology is actually doing for their consumers. But the question that arises here is, what are the benefits of data analytics and how can it help wearable technology to become even more popular. This article has answers to this question. Here, we have discussed in detail some of the significant benefits of data analytics that have potential to take wearable technology to the next level in 2019.

Benefits of Data Analytics

Detailed insights from collected data

One of the most crucial benefits of data analytics is that it can turn collected data into the foundation needed for actionable insights, and in doing so provides additional company and consumer benefits. For example, a sleep tracking device might collect data on how and when a consumer is sleeping. But without the analysis of the collected data, the device only helps in identifying the hours that a consumer sleeps or fails to reach a REM cycle. Does this knowledge help consumers in any way? The answer is simple, no! It is in this context that the real benefits of data analytics are realized.

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Personalized services based on habits 

By leveraging the benefits of data analytics, wearable devices can provide personalized offers to consumers. By analyzing the data captured by wearable technologies, companies can create marketing offers that are customized to each consumer. For example, a step-tracker can reveal that a consumer takes the most steps around lunch time. By leveraging this information viaRequest Proposal personalized offers, companies can encourage the consumer to take more steps throughout the day. 

Improved employee health and productivity

One of the key benefits of data analytics is their ability to improve the health and productivity of employees. Wearable technology can collect the data needed for a company to analyze the productive hours of the day of their employees. Additionally, the devices can also monitor employees’ health, so that the company can mitigate risks associated with lack of sleep, high levels of stress, and other health symptoms that contribute to an ineffective and unhappy workforce.

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Real World Evidence

Is Real World Evidence A ‘Life-Saver’ For the Healthcare Industry?

The advent of new, life-changing drug necessitates the need to ensure that the right treatments are being provided to the right patients. Real world evidence (RWE) is a great tool to ensure better patient outcomes and drug efficacy. Information collected outside of a clinical trial such as electronic medical records, medical charts or medical claims data, with patient identity markers removed to maintain patient privacy are useful data sources for real world evidence. Furthermore, this data is known to complement the knowledge gained from traditional clinical trials.

Real world evidence in patient care

Controlling costs and ensuring enhanced quality are two critical imperatives driving healthcare transformation. This can be achieved to a large extent with the help of real world evidence. Clinical trials are crucial to examine the safety, ethics, and efficacy of new therapies. Best practice clinical interventions, which can offer an improved means to prevent, screen for, diagnose or treat a disease are also equally important. Real world evidence represents a paradigm shift in how research is conducted by using data from actual events in heterogeneous populations that occur in clinical practice. It can include pragmatic trials in diverse clinical practice settings with everyday patients and clinicians. Real world evidence is derived from examining several factors when testing Request Proposalhow FDA-approved interventions affect targeted patient populations, particularly those with unmet medical needs, to create best practices for existing as well as new treatments.

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How does RWE benefit providers?

Most providers have been engaged in some sort of clinical trial. These engagements look narrowly at the effect of a therapy, usually a drug, with a homogeneous population that is being treated in a controlled setting with specialized personnel. But in reality, the front-line clinicians are the ones truly driving these therapies forward across a diverse range of healthcare settings. Real world evidence research is focused on short- and long-term outcomes, cost implications, patient-reported outcomes, and other data. It helps hospitals and health systems enhance clinical practices and drive greater value around targeted medical approaches – examining the efficiency and the quality of these interventions and how they impact short- and long-term patient outcomes. 

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How is RWE changing the healthcare industry?

Real world evidence is a science and data-driven best practice that provides a meaningful assessment of costs when delivering new and innovative treatments. Based on patient outcomes, real world evidence can also lay the foundation in establishing effective risk-sharing agreements between manufacturers, payers, and providers. The advent of electronic health records has proved to be a favorable step for real world evidence. Mergers and acquisitions are garnering greater importance in the healthcare landscape. Providers and life sciences companies in the healthcare industry should seek out partners with robust clinical and financial healthcare databases to provide easier and quicker access to insights derived from real world evidence.

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