SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Giving you with search results: what happens behind the wall?

Internet search engines like Google, Yahoo or Bing are like large knowledge repositories - they provide you with any information you want. But, there is a condition - you have to type right keywords. Everyone one of us knows this.

How many times have you got the right search results you expected? It can be never 100% correct, even though you thought of the keywords carefully. Here comes the accuracy of the search engines, and improving this accuracy between what you type and what results you get is of utmost importance to the search engine providers. Behind the wall, lots of text analytics are involved.  What you normally type in the search box is an unstructured content and the search engine's job is to analyze, extract meta data and index it to convert the content into a structured one. The query is made upon the indexed data, after which the results are shown to you. What makes search engines different is the ability to add context, extract meta data from unstructured content, and index them so that accurate search results are shown to the extent possible.

What text analytics are involved here? Know them here: http://www.business2community.com/big-data/text-analytics-important-search-0889955#!PueWW .

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Which comes first? Analytics or understanding your customers?

The way technology is making a progress and competition is becoming tougher with increased uncertainty, big data and analytics tools have become important to your company. There is another matter that is also important - your customers. So, which will you give more importance? Your analytics tools or your customers? It is of no doubt that big data and analytics tools will give you hidden information that is not visible easily, by sifting through customer data. But, you have to remember one thing - analytics tools have no brains. It will never ever answer 'why' - well, that is the biggest answer for your business. The reason - analytics tools never understand your customers!

To attract customers to your shop, or to your website, you have to build an experience within them. Your marketing communication strategies will form that experience and reshape them. You have to address questions like what your customers want and why they want - in short, you have to understand their behavior. So, to excel in business, it is more important to understand your customers, not analytics tools.

How to understand your customers' behavior? Read them at: http://thenextweb.com/entrepreneur/2014/05/21/beyond-analytics-understanding-humans-scaling-business/ .

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Big Data for your better health

When talking of Big Data, most of the times we mean business. But now, Big Data can improve your health too. Yes, it’s true.

Big Data is increasingly playing a role to modernize biomedical researches. Scientists, researchers and clinicians are leveraging the power of Big Data to generate aggregate of digital data through DNA sequencing, biomedical imaging and transforming a patient’s health record electronically.

With the help of Big Data, linkages can be found out between various genes, diseases and traits. Given that there is a huge database of genetic variants associated with diseases, like that of VARIMED, a list of gene-disease pairs can be established. This can be tracked down to the traits by developing disease – trait associations, depending on which a prediction can be made whether an individual will develop a particular disease.

To know more on how Big Data can play a role in improving our health, read at http://www.govexec.com/excellence/promising-practices/2014/05/how-big-data-can-improve-your-health/84904/?oref=voices-top

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Wearable technology: the revolution in healthcare

Wearable technology is the latest trend in healthcare industry. This technology helps doctors, by assisting them in the operating room and providing real time access to electronic health records. By collecting information through this technology, healthcare providers now have more complete and essential real-time data to treat patients. David Peterson - CMO Emdeon Inc., believes that the adoption of wearable healthcare-related devices could indeed be a significant step in patient engagement and improving population health. Not only doctors, now patients can also monitor their own health continuously. Read more about this technology at: http://www.huffingtonpost.com/vala-afshar/wearable-technology-the-c_b_5263547.html

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The future Social Commerce

Recent news said that Twitter is coming up with a new platform called Twitter Commerce. These branded tweets, which look just like normal tweets, can be expanded to reveal a Buy button that allows consumers to make a purchase from within the Twitter app. Though twitter commerce has not been launched yet, social media providers are on a path to convert the social media platform into e-commerce platform. Few years ago presence of a brand in social media used to provide a significant advantage to the brand identity. But currently brands use the social platform as a communication channel with their consumer. With new and upcoming social commerce technologies, the biggest change for social media marketers will be a shift in focus from branding to lead generation. For more details please visit: http://www.businessnewsdaily.com/6318-future-of-social-commerce.html

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Healthcare: new recommendations

The universal healthcare system should be divided into private and public spheres according to the commission of audit. The audit suggested a complete reform in health system in order to be sustainable. As per the report, more deregulated and competitive markets with appropriate safeguards have the greatest potential to improve the sector's competitiveness and productivity. In the current community rating system, risks are shared and therefore insurers can't charge a sick person higher premium than a healthy person. They also recommended that high income group should take out private health insurance. For more details please visit the following link: http://www.afr.com/p/national/end_universal_healthcare_audit_says_zrc6GH6VmXQx2YBwlB7gSJ

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Start with small data in emerging markets to get to big data analytics

For emerging markets, exploring data to predict trends is not an easy option, mostly because of less availability of data in new fields. However, organizations in the emerging markets have the option of gradual progress. They have to start with analysing small data and then there will be scope to move into big data in near future. Problems for companies trying to do business in these areas are limited access to information and appropriate analytic modelling techniques. Gartner reports that companies are predicting 40 to 60% of their growth in revenues will come from emerging markets over the next decade, and McKinsey & Company predicts that in 12 years, 57% of the nearly one billion households with earnings greater than $20,000 a year will live in the developing world. "Companies need analytics to cope with these new markets," said Richard Howells, vice president of Go to Market for SAP. To know about this aspect, please visit the following link: http://www.techrepublic.com/article/start-with-small-data-in-emerging-markets-to-get-to-big-data-analytics/#

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Boosting customer loyalty with big data

In a recent study it was found that more than 50% of revenue for small businesses comes from repeat customers. It is important for small businesses to retain their customers rather than acquiring new ones. Customer loyalty program is a good tool for small organizations to retain customers. Successful customer loyalty program requires authentic customer information. A digitally run and managed program will efficiently explore the data available and will in turn provide deeper insight about customers. For more details please visit the following link: http://www.businessnewsdaily.com/6310-big-data-customer-loyalty.html

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Study: fragmented health care system could hamper medicare ACOs

The goal of Accountable Care Act is to lower costs and improve outcomes through the creation of Medicare Accountable Care Organization but deep fragmentation in the health system is preventing to reach these goals. To know about this research, please follow this link: http://www.californiahealthline.org/articles/2014/4/23/study-fragmented-health-care-system-could-hamper-medicare-acos

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Accountable Care Organizations now serve up to 17% of Americans

A recent study suggests that more than two-third of US population is being served by the ACOs. According to Department of Health and Human Services' the latest approval of ACOs in January brings the total number of Medicare ACOs to 368, up from 259 last year. Currently there are total 522 ACOs serving both Medicare and non-Medicare patients. According to CMS, 10% of Medicare beneficiaries will receive their healthcare from ACOs. The research also found that Medicare ACOs are serving near about 33 million non-Medicare patients. Though there is a significant growth in ACO participation, Mr. Niyum Gandhi, a partner in Oliver Wyman's Health & Life Sciences practice and one of the firm's experts on ACOs, criticized the fact by saying "The process of shifting American healthcare to a new, sustainable model is nowhere near the finish line. On the other hand, these numbers mean we have a critical mass lined up at the starting gate." To know more, follow the article written by Oliver Wyman (leader in management consulting) at: http://www.marketwatch.com/story/accountable-care-organizations-now-serve-up-to-17-of-americans-2014-04-23?reflink=MW_news_stmp

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Small businesses: marketing strategy tips

The toughest job for small business owners is to develop a cost effective marketing plan. Unlike large organizations, small business owners have limited resources in their hands. Hence they need to be more careful while developing a marketing plan. Communicating with consumers should be their primary focus while creating a marketing strategy. For more details about marketing strategy tips please visit Chad Brooks (senior writer of BusinessNewsDaily)'s article link: http://www.businessnewsdaily.com/6289-making-the-most-of-your-marketing-plan.html

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Special survey on dementia care by CMS

CMS has announced that surveyors will scrutinize dementia care and Minimum Data Set coding in an upcoming pilot program. The programs are expected to start from mid 2014. The survey will be concentrated on the processes of antipsychotic prescribing. The special Minimum Data Set surveys will evaluate coding practices and examine how well facilities link care plans to MDS assessments. For more details please visit:http://www.mcknights.com/special-surveys-on-dementia-care-minimum-data-set-coding-will-launch-by-mid-year-cms-announces/article/343573/

 

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Benefits of market research for SMEs

Market research is the most powerful tool to analyze whether a product or service can fulfil the consumer needs or not. Market research helps to find the target audience, buying behaviour of consumers, market trends, demographics, economic shifts etc. This information is essential to the success of small and medium enterprises. Markets are dynamic and therefore it is important for SME players to remain updated about the market trends in order to remain in competition. Market research can help SMEs to remain updated and help them to understand the key issues in their business. For more details please visit: http://allafrica.com/stories/201404230455.html

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Mergers key to community hospital survival

US Community hospitals are facing issues like declining volume, shrinking patient care and other financial problems. In this situation most of the community hospitals are merging with large entities to survive. In Virginia, Community Memorial Healthcare of Virginia will join Virginia Commonwealth University Health System, the biggest health safety-net provider in the state, to help improve its bottom line and maintain quality care access throughout the region. Community Memorial expects $2.7 million in Medicare cuts next year and $2.9 million in 2016. For more details please visit Katie Sullivan's article link: http://www.fiercehealthfinance.com/story/mergers-key-community-hospital-survival/2014-04-22

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Private equity firm invests in ACO company's data analytics merger

Orange health solutions had acquired MZI healthcare. Great point partners, a private equity firm based in Greenwich, has helped in this merger. Orange health mainly serves hospitals and healthcare organizations to establish ACOs and value based care models, whereas MZI supports the healthcare providers with data analytics, predictive modelling, medical care management and health benefit management technologies. This merger will provide an integrated, one-stop solution that allows providers to solve their technology and service needs. For more please visit: http://www.beckershospitalreview.com/accountable-care-organizations/private-equity-firm-invests-in-aco-company-s-data-analytics-merger.html

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Importance of feedback survey

Feedback surveys can be used to maximize business effectiveness. Employees, customers and events are valuable and necessary sources of feedback.  Feedback helps in taking strategic business decisions. Feedback surveys can be used to improve internal management, external environment and event management. To read more about how feedback helps an organization, please visit the article written by Sabina Stoiciu, writer of 123ContractForm in this link: http://www.marketingprofs.com/articles/2014/24928/three-ways-to-use-feedback-surveys-to-maximize-business-effectiveness

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Email marketing: a small business guide

Email Marketing is the buzz word in today's business. So what is email marketing? Email marketing is the online version of direct mail. Instead of sending fliers and coupons to a customer's home, you can send those same items digitally to a customer's inbox and also helps the sender to see who is actually using and reading the mail. A study suggests that small and midsize businesses are now concentrating more on email marketing. Email marketing is cost effective and easy to create. It has a wider reach.  There are many forms of email marketing like newsletters, promotional campaigns, invitation email etc. To read more details about email marketing, please visit Chad Brook’s (BusinessNewsDaily contributor) article in this link: http://www.businessnewsdaily.com/4488-email-marketing-guide.html

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Healthcare: India’s new investment sector

The health care industry in India is growing at 1.5 times the GDP growth rate, but still use of information technology in healthcare is insufficient. Currently, Government of India is encouraging private participation due to constraint in public funding capability. Government has launched Health Management Information System (HMIS) in order to take better decision on public health delivery. HMIS portal will convert local health data into real time information, management indicators and trends. A research suggests that the growth rate of India’s health care market is 25%. Also the research suggests that India has the fastest growing healthcare IT market in Asia. Currently seeing the growth rate, many multinational companies are entering in to India’s healthcare industry with innovative and customized products. For more details please visit: http://www.marketingprofs.com/chirp/2014/24904/intelligence-by-variety-where-to-find-and-access-big-data-infographic

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Where to find and access big data 

Big data can improve sales and services by analyzing. Hence it is important for an organization to find big data and analyze the data properly. Big data can be collected through archives, documents, media, business apps, social media, public web, data storage, machine log data, and sensor data. In an article Verónica Maria Jarski discussed how Kapow software) helps an organization to find various sources of Big Data. Read more at: http://www.marketingprofs.com/chirp/2014/24904/intelligence-by-variety-where-to-find-and-access-big-data-infographic

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Money-saving marketing: tips for small businesses

It is important for every business to allocate resource and budget appropriately in each department of the organization. But things get difficult for small or start-up businesses because initially small business runs out of both money and resources. It often happens that management allocate maximum budget for marketing. In an article by David Holland (CEO of branding and marketing firm Data Source), offers three marketing strategies to help small businesses save money. For more details please visit Nicole Fallon’s article link: http://www.businessnewsdaily.com/6236-money-saving-marketing-tips.html

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