Tablet devices, computers, mobile phones, sensors, emails and even social network posts are all generating enormous amounts of data each day.
By 2020, analyst firm Information Data Corp. (IDC) that digitally stored data will amount to more than 40 zettabytes. Business-to-consumer online transactions will reach 450 billion per day.
That is a lot of data. And while data comes with its inherent storage and security challenges, something this big can also be a potential gold mine of information.
Here is a look at how three companies using the power of data analytics to mine the value of data.
The company tracks prescription data through data entry and the pharmacy process, according to Jim Jammers, CTO of Express Scripts. The information is fed to an analytics team primarily works to improve process, speed delivery and cut errors.
He said Express Script invested heavily in master data management technology. The company uses a federated analytics model in which a business analytics team in embedded in each key functional operation such as sales, finance and supply chain.
The company also employs single data warehouse and centralized data governance process to ensure that “everyone is looking at the same data,” said Jammers.
Express Scrip also uses a predictive analytics application designed to reduce the problem of patient non-adherence to prescriptions.
By using a predictive model based on 400 factors including patient location, family situation and number of medication, Express Script is able to identify and proactively intervene with patients likely to skip their dose.
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Intervention can be in the form of a timely reminder or a referral to a patient assistance program to help the patient pay for the medication, or a referral to a clinical pharmacist who can answer medical questions.
Using this system, Express Script is able to put a dent on prescription non-adherence which costs the medical and pharmaceutical industry no less than $317 billion each year.
Data analytics is also the driving force behind transportation logistics giant United Parcel Services Inc.’s (UPS) ability to save millions of dollars by eliminating 5.3 million miles from its routes, reducing engine idling time by almost 10 million minutes, saving 650,000 gallons of fuel and cutting carbon emissions by as much as 6,500 metric tons.
Chipmaker Intel Corp. used predictive analytics to uncover new revenue sources that added millions of dollars to its income last year and to identify $20 million more of potential new and incremental sales.
To find out more how these three companies achieved eye-popping data analytics successes, click here