Tag: Big data solutions

Insurance fraud

How Big Data and Analytics Helps Prevent Insurance Fraud?

The insurance industry is witnessing a consistent annual growth but companies in this industry are struggling when it comes to insurance penetration among consumers. Globally, insurance fraud has become a major concern for insurance companies. To tackle these challenges insurance service providers are investing huge resources and manpower in insurance fraud detection.

Data analytics solutions can help insurance companies to reduce exposure to fraud, and credit losses by the timely identification of all insurance risks.

Companies in the insurance industry are under tremendous pressure to ensure adherence to claims decisions while striking the right balance under regulatory pressures, growth of digital channels and proliferating competition. This is the reason they are turning their attention towards big data and analytics solutions to identify misrepresentation, detect insurance fraud, and prevent identity theft. 

Talk to our analytics experts to know how our data analytics and visualization solutions can empower you to identify and tackle fraudulent activities.

INSURANCE FRAUDRole of Data Analytics in Insurance Fraud Detection

SWOT Analysis

Insurance companies can leverage big data and analytics to analyze their strengths and weaknesses first, to, detect insurance fraud. This can help them to identify gaps in their existing fraud detection framework. As a result, they can improve their insurance fraud detection techniques and modify strategies.

Quantzig’s analytics solutions can help companies in better management of insurance claims, underwriting, actuarial, pricing and marketing functions and insurance fraud detection. Request a FREE proposal to gain in-depth insights into our portfolio of analytics solutions.

Consistent monitoring

Data analytics helps in identifying new trends and patterns in the process of insurance claims as they emerge. This can help insurance companies to seamlessly update their models and rules in the monitoring system to prevent insurance fraud. With this fundamental approach to insurance fraud detection, insurance companies can continuously monitor the billing and patterns off-line as well to identify abnormal insurance claims.

By leveraging our analytics solutions insurance companies can better understand customers’ credit behavior to determine the level of risk in claims and relevant policies to suit and benefit customers. Request a FREE demo below to know more.

Data Integration

Big data and analytics play a crucial role when it comes to data integration. It can help insurance companies in building effective insurance fraud detection capabilities by combining data from disparate sources. Also, data analytics helps companies in the insurance industry to integrate internal data with third-party data. By leveraging big data analytics insurance companies can integrate data sources with derogatory attributes such as bankruptcies data, criminal records, and foreclosures into a model and can address the transient behavior. Furthermore, big data analytics can help in uncovering anomalies in insurance billing to identify insurance fraud.

To learn more about how data analytics can help you prevent insurance fraud and quantify predicted loss severity from claims, request more information below.

business analytics

5 Benefits of Business Analytics that Can Help You Drive Positive Business Outcomes

BUSINESS ANALYTICS

What is Business Analytics?

Business analytics refers to the skills, technologies, and best practices that empower organizations to iteratively explore and investigate past business performance to gain insights that help drive future business outcomes. Companies use business analytics for data-driven and smart decision making. Business analytics helps companies derive the desired outcome for businesses. It also enables companies to optimize and automate business processes and achieve a competitive advantage by offering insights that help them to :

  • Explore data and find new patterns
  • Conduct statistical and qualitative analysis effectively and explain the reasoning to certain results
  • Validate previous decisions using multivariate testing and A/B testing
  • Utilize predictive analytics and predictive modeling techniques to predict future results

Our business analytics solutions help companies in strategic decision-making. Want to know how? Request a FREE proposal now.

Benefits of Business Analytics

Benefit #1: Encourages smart decision-making

Jetting off in the wrong direction can derail a business process. Fast decision making is easy, but smart decision making is more important for businesses in a short span of time. Business analytics empowers companies to easily access crucial data to make smarter decisions and stay ahead of the curve.

Benefit #2: Offers actionable insights through data visualization

Business analytics uses customized dashboards, charts, and graphs that can make decision-making more interesting. By leveraging analytics solutions businesses can gauge their performance and improve their bottom-line. The visual representations of relevant and extracted data provide detailed information about the target market and enable businesses to offer personalized services to customers.

Quantzig’s business analytics solutions help clients in tactical decision making to support real-time responses through customized analytics dashboards. Request a FREE demo below to know more.

Benefit #3: Keep businesses updated

Today customers are digitally empowered and are easily influenced by better offers in the market. By leveraging business analytics companies can gain insights into customer sentiments and responses to any particular product or service. Business analytics can keep companies updated with the latest market trends and can protect against any unpredictable or volatile situation. This can also empower businesses to innovate and pre-empt their products according to customers’ needs and preferences.

Benefit #4: Makes business processes efficient

Since its advent, business analytics has improved the efficiency of businesses significantly. It has the ability to analyze clusters of data at a faster rate and with maximum accuracy. Consequently, this can help companies to achieve their business goals. Also, by leveraging various analytics tools, companies can encourage a culture of cooperative teamwork where employees can contribute to data-driven decision making.  

Are you finding it difficult to analyze trend data and assess the likelihood of future outcomes? Our business analytics solutions can help. Get in touch with our experts right away!

Benefit #5: Helps in quantifying company values

Every successful business has a set of core values that determine their success ratio. By leveraging business analytics, companies can gauge how these values are quantified and conveyed in a tangible way to drive maximum profit. Quantified values can help businesses in improving their analytical process by defining a common goal that should be followed by everyone associated with the business.

big data and analytics

Big Data and Analytics Helped an FMCG Brand to Analyze Customer Behavior and Build Targeted Marketing Campaigns

The client is a leading US-based FMCG brand with over 10 production plants spread across 5 mainstream countries of operation. Over the past ten years, the client has been able to dominantly sell its products across international market segments. However, they faced several challenges in analyzing customer data owing to the burgeoning nature of datasets, hence they wished to leverage big data and analytics to analyze customer data and build targeted campaigns.

The Business Challenge

To succeed in today’s complex business scenario, FMCG brands must stay well equipped to manage the overwhelming amounts of data by leveraging big data and analytics. These datasets are set to multiply in the coming years owing to the rise in digitization and hence, capturing and analyzing a wide variety of data generated from disparate data sources is just one part of the challenge. Furthermore, the time-sensitive decisions on campaigns, promotions, and other aspects of sales rely on a retailer’s ability to make sense of these vast datasets. Factors such as these make it even more essential to leverage customized big data and analytics solutions to harness the true potential of the gigantic troves of data that are available in today’s data-centric era.

Gain a holistic view of your datasets with our customized big data and analytics solutions. Request for a FREE Demo right away!

The client, an FMCG brand had deployed an analytical processing tool that turned out to be inefficient in processing the huge volumes of campaign data and other information retrieved from several other data sources. Most reporting tools used today are time and effort-intensive and fail to serve the purpose when it comes to processing huge volumes of data. Due to this, the client had to invest heavily in IT infrastructure and licensing fees for analyzing and visualizing the datasets. Also, the inability of key decision-makers and stakeholders to access reports on-the-go further resulted in misalignments across business units. They approached Quantzig to leverage its expertise in big data and analytics to deploy a dashboard to transform the massive volumes of data into valuable insights, accessible on a real-time basis.

Solution Offered and Value Delivered

The big data and analytics experts at Quantzig helped the client to deploy a robust platform that leveraged big data and analytics to address the key challenges. As a part of this engagement, we devised a big data analytics dashboard that offered an accurate, comprehensive view of campaign performance on the mobile applications and in comparison with other active campaigns. The big data analytics solution also helped them harmonize multiple format datasets gathered from disparate sources. This empowered the client to gain a uniform view of all siloed datasets for enhanced decision-making. Moreover, the ability to gauge customer behavior and analyze sales volume enabled the client to develop targeted campaigns to suit the demands of specific customer segments.

Take Your Business to the Next Level With the Help of Big Data and Analytics

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Trends in Big Data Analytics

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Top 3 Benefits of IoT Analytics That Businesses Can’t Ignore

From consumers in a digitally rich era to enterprises harnessing new technologies, everyone and everything is connected in an internet of things world. IoT analytics has made it possible for businesses to gain actionable insights that can help them improve decision making effectively. Almost all businesses today are looking for real-time data to decide their next step that delivers a competitive advantage. IoT analytics is an analytical approach that involves analyzing data generated by sensors. The potential of these sensors can be deciphered from their ability to collect data about the physical environment. These data can be then combined and analyzed with various other forms of data to identify valuable patterns that can further help businesses in different aspects such as understanding customers behavior, customer sentiment analysis, detecting fraud, and ensuring security.

At Quantzig, we understand the importance of applying analytics to the incoming streams of data and the impact that it can create for businesses when the volume of data is growing continuously. And to help companies understand and leverage IoT analytics for their business operations, our team of experts have highlighted a few important benefits of IoT analytics.

Want to know how IoT analytics can help you improve your business operations? Get in touch with us.

Benefits of IoT Analytics

Benefit #1: Helps in identifying inefficiencies

Implementing IoT analytics can enable businesses to turn the big data that they gather into potential revenue. For example, If IoT analytics is used in mining businesses to monitor their processes of production, it can verify accurately whether automated mining systems are performing well or not. If performance is not as expected, it can further help in identifying the part of the process line that fails to yield the expected results.

Request a free proposal to know more about how Quantzig’s analytics solutions can help your business achieve desired outcomes in real-time.

Benefit #2: Assist in predicting future trends

IoT analytics solutions are leveraged by many industries today to identify future trends. The energy industry is perhaps one of the major industries that is taking advantage of IoT analytics today. Internet of Things is being used in several ways to improve this industry. One such application revolves around tracking the usage of energy to create reliable estimates of demands in the future. Also, analytics in IoT can help in tracking the performance of different business functions. This is a huge benefit of IoT analytics for the manufacturing industry.

Request a free demo to learn how IoT devices and analytics can help your organizations to leverage targeted marketing and promotions.

Benefit #3: Improves customer analysis and engagement

IoT analytics can help in identifying the trends of customers buying behavior and patterns. By combining Big Data with IoT analytics solutions businesses can track their customers’ buying patterns and their preferences. Also, it can help in sentiment analysis and provide customers the services they are looking for. Additionally, it also enables businesses to promote targeted advertisements to better serve their customers by offering a personalized experience.

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Weekly Round-Up: A Storyboard on The Benefits of Big Data Solutions

LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on the benefits of big data solutions and how it can help businesses derive actionable insights from huge and complex data sets.  With the availability of an enormous volume of data, it has become a daunting task for businesses to quickly identify, fairly evaluate, and continuously drive market excellence.

By leveraging big data solutions, companies can improve decision making and gain the ability to direct, optimize, and automate decisions, on demand, to achieve desired business goals. By applying big data technologies, businesses can make informed business decisions, while ensuring information privacy and security.

Quantzig’s analytics solutions have helped more than 55 Fortune 500 companies to make data-driven decisions and augment growth. Below, we have rounded up some of Quantzig’s recent success stories for this week and have also highlighted ways in which big data solutions have helped companies to drive business growth by delivering data integration and data management.

Are you finding it difficult to curate, process, and analyze the huge data sets available? Get in touch with our experts to check out how our big data solutions can help you.

#1: Identified and combated fraudulent activities by leveraging big data solutions: The unexpected surge in datasets, though a game changer, has become a major roadblock for many big players. Are you facing the same problem? Don’t worry, our big data solutions can help you just like how it helped one of our clients facing the same issue. By leveraging big data solutions, companies can capture massive datasets prudently and can analyze them to derive actionable insights. Also, big data solutions can help companies to develop a robust big data management system and can prevent fraudulent activities, which in turn, can lead to the growth of ROI.

How Quantzig’s Big Data Analytics Services Help Combat Fraud in the Telecom Sector

#2: How are big data solutions revolutionizing supply chain efficiency? Are you tired of supply chain waste and inefficiency? No more, as big data solutions are here to help you out. Big data technologies have the potential to help companies gain better insights into the ability to track and monitor supply chain activities in real time. Also, big data applications can help in analyzing market trends and suggest optimum inventory levels at various locations. Furthermore, big data analytics has made the collection, tracking, and timely delivery all possible through data.

5 Ways Big Data and Analytics is Revolutionizing the Food Industry

#3: Big data solutions improved decision making and offered actionable insights into day to day business activities: Adapting to evolving consumer expectations and increasing demand for transparency is one of the biggest challenges businesses facing today. Don’t you agree? This is where big data solutions come to rescue. By using big data applications, companies can sharpen their analytic skills and familiarize themselves with the complexities associated with the distribution networks and massive volume of structured and unstructured data. Big data analytics can be linked directly to the decision-making process to deliver the value for improved business performance.

How a Food Industry Player Benefitted from Infusing Big Data Insights into their Decision Making Process

#4: What are the common mistakes businesses must avoid while developing a big data management strategy? A proper, rigid, and reliable analysis enables you to make fact-based and rational decisions, but if mistaken, big data analytics can lead you astray and you might end up suffering a huge loss. So, you must avoid making some common mistakes such as going too rigid in processes and products, relying on the same KPIs always and many more. Therefore, data scientists need to utilize big data solutions properly as these solutions act as a pair of glasses that helps them see the actual reality of a business’ performance.

3 Common Mistakes to Avoid in Big Data Analytics

#5: Big data solutions enhanced the performance of business campaigns: Do you really think tracking demographics and consumption patterns of the end-users is a difficult task? If yes, then you must go through our latest success story where Quantzig’s big data solutions simplified huge volume of campaign data and translated the extracted data into intuitive reports and real-time dashboards that quickly conveyed the status of the ongoing campaigns. Furthermore, this improved the client’s business outcome and customer satisfaction.

Improving Campaign Performance with the Help of Big Data Analytics – A Case Study on the Media Industry

Empower Your Business with Analytics

For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Our analytics solutions can empower your business and real-time decision making. Request a free proposal now!

#6: Big data solutions increased periodical margins and visibility into manufacturing data: Understanding the best performing products, product families and geographic regions is not an easy task for businesses. But big data solutions can help in dealing with such issues efficiently. This is clearly evident in our latest success story where the client was facing the same challenge and approached Quantzig to leverage its expertise in providing big data services. Quantzig’s big data solutions offered unparalleled visibility into manufacturing data which in turn improved periodical margins significantly.

Quantzig’s Big Data Analytics Helps a Leading Car Battery Manufacturer Blend Data with Inventory and Order Backlog Data-Sets to Increase Periodical Margins

#7: What are the top big data use cases for modern businesses to zoom ahead? Organizations today have access to huge volumes of datasets, but it wouldn’t help them unless they decipher the method to draw insights from them. . Analyzing the benefits of big data is not as simple as putting all the data in a single place. Therefore, organizations should essentially take time to identify and crystallize the true benefits of big data for their business such as the use of big data for personalization of services, detecting fraud, log analytics and much more.

4 Huge Big Data Use Cases for Modern Businesses to Zoom Ahead

#8: Big data solutions helped to identify and explore the new area of investments: Are you facing difficulty in identifying new areas of investments for your business? If yes, then you must be going wrong somewhere in analyzing the unstructured data and curtailing wastage of your resources. Quantzig solved one of its client’s similar issue by offering its big data solutions that proved beneficial in effectively analyzing the unstructured data and uncovering the lucrative areas of investment in the marketplace. Furthermore, this paved the way for establishing optimal utilization management (UM) process.

Big Data Analytics Helps a Leading Health Insurance Company to Establish an Optimal UM Process and Identify New Investment Areas

#9: Big data solutions boosted customer satisfaction, retention rate, and reduced churn rates: Customer satisfaction and their loyalty can be a cause of concern for businesses, but you need not to fear if you have proper big data solutions in place. A leading probiotics food manufacturer was dealing with the same issue but experienced a great change in their overall customer experience by leveraging Quantzig’s big data services.  These solutions helped them to anticipate the future behavior of their customers and segment them accordingly in order of their importance. Additionally, it assisted in offering personalized product and services to the customers, which further aided them to efficiently calculate risks.

Big Data Analytics for a Leading Probiotic Foods Manufacturer: A Quantzig Case Study

#10: Why big data solutions have become a pre-requisite for every business? Today technology has made data one of the most crucial assets for companies. It is one of the important keys that can improve the competitive advantage of one business significantly. In fact, if you are searching for ways to empower the productivity of your business, then maximizing the amount of data being analyzed is one of the most important success strategies.  Therefore, it has become a prerequisite for businesses to leverage big data solutions in order to meet customer expectations and effectively manage the influx of data.

Top 3 Reasons Why Every Business Needs a Big Data Analytics Strategy

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4 Huge Big Data Use Cases for Modern Businesses to Zoom Ahead

Organizations now have access to more data than ever before, but unless companies decipher how to bring this data to work it proves to be absolutely useless. Understanding the benefits of big data is not as simple as putting all the data in one place. Their real value can be harnessed only through specific big data use cases and applications. Those applications tend to vary widely across departments and industries. While there are several technical challenges associated with integrating and managing all of this data, organizations should first take the time to identify and crystallize the right benefits of big data for their business. Let’s delve into some of the key big data use cases for modern businesses that we have identified with several successful customer deployments:

Top big data use cases for business

E-commerce personalization

With hundreds and thousands of search queries and customer databases, it often becomes difficult for e commerce companies to optimize their customer’s shopping experience. This daunting tasks of collecting, processing, and analyzing shoppers’ behavior and their transaction data open up a plethora of opportunities for big data in e-commerce. Using a powerful search and analytics platform e-commerce companies can clean and enrich product data for a better search experience on both desktops and mobile devices. They can also use predictive analytics and machine learning to predict user preferences through log data, and then personalize products in a most-likely-to-buy order. This would ensure maximum conversion. Quantzig’ s customer analytics solutions provide customer insights to drive sales and improve revenues through acquisition, growth, and retention.  

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Analyzing Benefits of Big Data: The Real Application of Big Data in Transportation

Today, the term ‘big data’ is being used to convey a variety of concepts like next-generation data management capabilities, huge quantities of data, real-time data insights, social media analytics, and lot more. Whatever be the industry, organizations have started to analyze and explore how to examine a vast array of information in innovative and new ways to derive the best possible business outcomes. Organizations across various transportation and travel segments like airports, airlines, freight logistics, railways, hospitality, and others are enjoying the benefits of big data in managing a large amount of data that they handle. In today’s interconnected and instrumentGet More Infoed world, every industry including the transportation segment captures an unprecedented amount of data. So, the benefits of big data and analytics help the transportation companies to accurately optimize and model capacity, demand, pricing, revenue, customer sentiments, cost and lot more. With the help of the analytics experts at Quantzig, we have listed few of the benefits of big data in transportation:

Benefits of Big Data in Transportation

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Top Tips to Get Your AB Testing Right

One of the most famous quotes in advertising is one which says that it is almost impossible to track down the effectiveness of an advertising dollar is proving to be untrue because of new digital technologies. AB testing makes it possible to instantly analyze which two versions of a website or ad copy perform better. Using statistical analysis, a marketer can analyze which variation performs better for a given conversion goal. AB testing takes out the guesswork out of website optimization and marketing promotions and focuses on informed decision making backed by data. However, it depends on how a marketer uses the AB testing tool. Testing anything and everything without any setRequest Solution Demo protocols may not yield ideal results. Here are some tips to help you with your AB testing:

Run AB tests only as long as necessary

AB test is fruitful when it achieves statistical significance, which implies that the results didn’t occur by mere coincidence. The amount of time taken to reach statistical significance depends on a number of samples obtained. If you gather enough data to support statistical significance, you should stop the test and implement the winning variable. Running it for too long results in a lost opportunity.

Avoid testing if it conflicts with SEO

It may be tempting to test everything on a website from CTA buttons, text, to banner images. Doing so alters the H1s, body text, or other ranking factors, which can have a negative impact on your site’s SEO. One of the best practices to perform such AB testing is to test it out on underperforming pages and subsequently scale those changes to higher value pages. Testing it out directly on high-value pages may lead to lost conversions and rankings.

Get rid of old test pages

Once an effective version of the page is identified with AB testing, it becomes essential to update the original page and erase all digital signs of the failed versions. It will confuse the Google bots when it tries to find one version at a later point in time. It is essential to use 301 redirects to bring back the winning page to ensure Google doesn’t index the failed version.

Don’t AB test SEO campaigns

AB testing allows you to test virtually everything. Marketers might be tempted to test on-page ranking factors to increase conversions. However, it is not possible to test on-page SEO factors, as Google bot cannot split its visitors into two versions. Google bot will see the pages as duplicates and throw one out of the index and in the worst case penalize one page. As a result, it is advisable not to test ranking factor for an AB test.

To know more about tips on successfully performing an AB test and analyzing the results of AB testing:

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