Risks and opportunities are integral elements of operation for financial services companies. The ability to accurately predict, understand and analyze risk factors and potential opportunities gives companies in this industry an advantage over the competition and the base on which long-lasting client relationships can be built. Predictive analytics improves the overall ability of an organization to comb through many sources of data, identifying positive and negative trends and developing a plan of action to avoid or take advantage of them. Through business intelligence software, companies increase their insight into the market and a variety of other factors, from risk exposure to hedging strategy.
"Developing the best possible strategy and ensuring a high level of execution is critical for success."
The power and speed of automation
One of the central principles of predictive analytics is using advanced algorithms to seek out and present trends apparent in the many mounds of data that financial services companies regularly gather. Instead of relying on the work of individuals or entire departments to make these same determinations – and potentially introduce human errors to the process or miss connections – companies can rely on proven software like the IBM Cognos suite of products. With a software solution handling this intensive, time-consuming process, financial services companies can more efficiently allocate other resources and develop strategies that focus on further mitigation of risk.
An article in the Credit Union Times discussed the power of predictive analytics as an early warning system. CUT used the example of identifying risks related to employees misrepresenting investment opportunities to clients. With the right predictive analytics solution in place, businesses can develop more comprehensive insight into internal risks and take action to stop them before they turn into bigger problems. Predictive analytics can also help the financial services industry find concerns across markets and in other industries, revealing opportunities to avoid certain decisions and encourage clients to make others.
Developing the best possible strategy and ensuring a high level of execution in terms of predictive analytics is critical for success. Aviana understands how the industry can utilize predictive analytics in the most effective and efficient way through our experience helping a variety of financial services companies establish successful approaches and follow through on them. To learn more about our work in the realm of financial services, including past examples of our successful partnerships, check out our dedicated industry page.
Predictive analytics has quickly moved from being a new and exciting concept to something that's utilized in a variety of contexts across a large number of markets. The hospitality business is no exception, with hotels, casinos and many other facets of the industry using the solutions provided by business intelligence software to streamline workflows, develop actionable insights and generally improve operations. Let's consider one of the major advantages provided by predictive analytics, the ability to more accurately forecast demand for rooms and, in a related fashion, set room prices and reach out to potential guests.
Targeting and relevance in operations are boosted by predictive analytics
Forbes contributor Bernard Marr pointed to some notable actions taken by national hotel chain Red Roof Inn, moves that were empowered by predictive analytics. The company looked to improve its yield management efforts – optimizing room prices to ensure high levels of occupancy – through the insights delivered by analytics. In the winter season of 2013-2014, the U.S. experienced a winter more severe than usual, with associated issues in terms of travel delays and passengers stranded at and near airports. Red Roof Inn realized it could capitalize on its existing resources, namely a large number of locations near airports, by using predictive analytics along with real-time, publicly accessible data about weather and flight cancelations.
With that combination, the chain hit on a new and effective method for reaching out to travelers stranded at nearby airports, an especially interested group of potential guests. Red Roof Inn used a targeted digital marketing campaign to reach out to these customers, based on the idea that smartphones and web searches would be the most common tool for and method of finding accommodations. The hotel chain saw a 10-percent increase in room rentals in the areas where the strategy was used, Marr said.
Using predictive analytics to determine the best times and places to deploy effective marketing campaigns is an excellent application of the concept, but far from the only one. Aviana understands the many potential applications of analytics as well as the unique demands of the hospitality industry. Our work with a variety of leading companies in the field means we have practical experience and insight to apply to new projects, too. To learn more about our work with hotels, casinos and similar companies, visit our dedicated industry page.
In the hospitality industry, positive relationships with consumers are essential to continued growth and success. Hotels, casinos and similar businesses will only go so far without a stable base of guests who enjoy positive experiences and develop loyalty to a name brand or specific facility. To develop good feelings among first-time and returning guests, businesses have to consider the power of predictive analytics. With the right business intelligence software in place, companies can make their marketing and outreach efforts more targeted, personalized and, ultimately, effective.
"reach out to high-value customers in the moment is vital to developing a competitive edge."
Getting in touch on the individual and small group levels
Mass marketing will always play an important role in creating and strengthening relationships with guests, encouraging an initial trip or a return visit when they watch TV or consume content online. Now, however, predictive analytics empowers more effective marketing at the macro and micro levels. Segmenting consumers into small groups and viewing them as individuals allows companies in the hospitality industry to add relevance, timeliness and personalization to their marketing and outreach.
As trade news source Gaming & Leisure pointed out, the ability to reach out to high-value customers in the moment is vital to developing a competitive edge and encouraging loyalty. The magazine gave an example of a casino not only anticipating the arrival of a high-value guest, but having a special, personalized offer ready to share when they check in, insert their rewards card into a machine or pass it to a dealer. This strategy is helped immensely by predictive analytics, which can provide actionable insights about individual customers based on all the data collected about them. The strategy applies to other businesses in the hospitality industry as well – hotels can tailor personalized perks and attention for frequent or high-value guests in much the same way.
Aviana understands not only the power and potential of predictive analytics, but how to develop and implement an approach that makes sense for companies within the hospitality world. Our wealth of experience means we know how to address the unique concerns of the hospitality sector as well as craft solutions that provide the highest level of benefit. To learn more about our work with hotels, casinos and many similar businesses, visit our dedicated industry page.
Since its introduction to the business world, the advantages of predictive analytics have been clear. Not only do such systems, like the IBM Cognos suite of products, aid immensely in developing understanding of past and current situations, they also provide a data-based look at potential future scenarios. With this sort of perspective on past performance and future trends, financial services companies gain insight that is immensely valuable in terms of streamlining operations, assessing risk, and confidently making good decisions.
With the arrival of cognitive analytics, the benefits of these processes increase. The IBM Big Data & Analytics Hub highlighted the many diverse considerations financial services providers have to contend with in the modern market, from customer expectations and fulfillment to cyber security, risk management and compliance.
"Cognitive analytics provides broader, more comprehensive insight."
Cognitive analytics incorporates advanced computer learning processes, like data mining and pattern recognition, to create a simulation of human thought processes. In practical applications, this means more effective analysis that can tie together disparate areas of operation and highlight commonalities. In turn, broader, more comprehensive insight is provided. That gives financial services providers a better chance of connecting with a customer and maintaining successful interactions going forward, as well as better assessment of risk and the discovery of opportunities in the moment – instead of when they've already passed.
Aviana works with IBM to provide businesses in the financial services industry with solutions that address their unique needs and help them increase their competitiveness. With a history of working with businesses in this market, we have a powerful understanding of what's important for financial services organizations and can help implement the best possible solutions. To learn more about our work with companies like yours, visit our dedicated industry page.
The financial services world is diverse and complicated, with businesses carving out areas of expertise among a wide range of options. Companies that have a strong grasp on the data behind market conditions, trends and their own decision-making have a major advantage over their competitors. One of the most rewarding methods is through big data. With the proper implementation and use of IBM data warehousing services, companies in the financial services industry can understand more about their internal operations and the market in which they operate. They also gain a deeper and broader understanding of their customers.
"One of the most rewarding methods of developing better understanding is through big data."
Gaining insights into customer behavior is a strong advantage in all industries, as IBM pointed out, but it has some especially useful applications in the world of financial services. Risk assessment is a core element of effective operations, and understanding important pieces of data as diverse as the potential for fraud and the credit-worthiness of individual clients allows single employees and the business as a whole to make the best decisions possible. When data can inform and support large decisions that affect the entire organization as well as optimize interactions with customers and avoid risk, financial services companies come out on top.
Aviana offers the financial services market not only access to and implementation of powerful IBM solutions, but also experience in the industry to guide our work. Interested to see how we partner with businesses to offer a host of improvements? Take a look at our success story of working with Stearns Lending, which drastically improved the value and distribution of reporting, among many other advantages. To learn more and get in touch, visit our dedicated financial services industry page.
Predictive analytics gives businesses a higher degree of insight and instills more confidence when it comes time to make significant operational decisions. By drawing on diverse streams of data related to the company itself, its customers, market factors and other relevant considerations, casinos, hotels and similar businesses can back up a new strategy or initiative with concrete information. Instead of having to rely only on guesswork at critical junctures, organizations can blend the valuable insight and experience of their staff with the objective and orderly analysis provided by solutions like the IBM Cognos suite of products.
"Predictive analytics can support a variety of business elements common in the hospitality industry."
Managing a healthy business ecosystem
For many large hospitality organizations, it's not only about a single location or even a single type of business. Rooms and gaming floors are major elements of operations, but they're supplemented by everything from restaurants and spas to retail stores and a variety of entertainment venues. With this kind of business diversity in mind, it's important to consider how predictive analytics can support such efforts. The benefits that nearly every company can derive from business intelligence software are magnified when they also reach across each element of a company's total operations.
Consider a guest who's staying at a hotel with an attached casino. The guest is there to see a show and isn't particularly interested in gambling. How can a hospitality business encourage more spending without seeming too pushy or otherwise damaging the existing relationship? By drawing on predictive analytics to align customer interests with offers and incentives from relevant elements of the business as whole.
There are some other major operational benefits to consider. MGM Resorts International worked with Aviana to tackle a critical consideration: improving and aligning daily reporting, along with forecasting and budgeting components. Now, the hospitality industry giant has deeper, synchronized insight into all of its individual ventures and performance as a whole.
We know no two projects are the same and operational needs can differ considerably from business to business. That's why we offer a wide variety of solutions, like the IBM Cognos suite of products, and work with companies to craft the right approach and process to ensure the results they need. To learn more about our work in the gaming and hospitality industry, check out our video series on making smarter decisions with IBM Business Analytics and Aviana.
The gaming industry as whole understands the value and importance of innovation. While hallmarks like an immersive customer experience and gaming variety are long-standing staples of casinos and similar establishments, the processes and workflows used to achieve them have changed significantly. For businesses that want to stay competitive and develop an edge in the never-ending battle for the spending and loyalty of their guests, predictive analytics, like the IBM Cognos suite of products, is crucial.
"Greater insight into the behavior of customers is especially powerful."
Identifying more opportunities
Of the many improvements offered by predictive analytics, greater insight into the behavior of potential, current and past customers is one of the most powerful. With all visitor relationships viewed through the clarifying lens of analytics, casinos can develop a more thorough understanding of their patrons in large and small groups as well as individually. Segmentation ultimately means more relevance and efficiency in marketing efforts, allowing gaming establishments to pair the right messaging to the most relevant groups and individuals.
Writing for LinkedIn Pulse, analytics and big data specialist Toby Finneran said using business intelligence software allows casinos to effective methods of cross- and up-selling guests in terms of higher-value games with larger stakes. When a facility can lean on data collected about visitors to craft not only a more enjoyable experience but one that can also yield a higher profit, it's in a very strong position.
The ability to target up-sells in other areas of operation are also important. Every guest is different. While some may not be particularly interested in new or different games, they could be offered a larger room, a dinner at a more upscale restaurant on premises and many other similar considerations. There are plenty of potential combinations, the key is the ability to offer them to the right guest at the right time. Predictive analytics allows casinos to create a more detailed and accurate picture of their guests and generate relevant, attractive offers based on that data.
Aviana's work with the gaming industry means we understand the unique considerations that all casinos have to make. We know how to develop efficient partnerships and craft implementations of predictive analytics solutions that give gaming facilities the capabilities they want and need. Find out about our work with one Las Vegas resort and explore our dedicated industry landing page to learn more.
Predictive analytics mean a lot of good news for patients when healthcare facilities implement and successfully use solutions involving these forecasting and modeling techniques.[This is structured weird. Maybe it would make more sense to say "With predictive analytics, so and so happens for patients."] With the right strategy in place, healthcare providers can gain deeper, more meaningful insight into the risk factors present in their patients. Drawing on data that's already stored digitally, business intelligence software like the IBM Cognos suite of applications can perform the type of deep data analysis that's cumbersome, difficult, error-prone and time-intensive when done manually. Doctors, nurses and other medical staff can then draw on this information to provide a higher level of care.
"Medical staff can draw on predictive analytics to provide a higher level of care."
Getting the most out of patient data
With so much information about patients now digitally stored, there are plenty of opportunities for predictive analytics to advance medical performance and supplement the knowledge and experience of staff. Hospitals & Health Networks highlighted the presence of this mostly unutilized store of data and discussed efforts to unlock its value and create better outcomes for patients.
Two major issues that may interfere with the successful implementation of predictive analytics in healthcare are traditions and heavy regulation of medicine as a business. Both of these elements provide ammunition for those who are against making major changes. They can also help create doubt in the minds of people genuinely unsure about the best course of action in terms of adopting new technology and trying something significantly different than what's come before.
However, neither of those concerns address the many positives that come along with predictive analytics. Additionally, they aren't tied to any drawbacks or negative consequences. Healthcare providers that effectively utilize predictive analytics can find more connections between patients and risk factors, gain assistance in troublesome diagnoses and much more without any drastic changes to the way they do their jobs.
Aviana is ready to help healthcare facilities take the next step forward and incorporate predictive analytics into their strategies for patient care on the micro and macro levels. With plenty of past implementations under our belts and experience working in the healthcare field, we're ready to help you and your patients provide the highest level of care possible. Visit our dedicated industry page to learn more.
Predictive analytics is one of the most exciting concepts in the general business world, and it has many unique applications for the healthcare industry in particular. The concept driving predictive analytics is effective analysis and forecasting based on large data sets – something healthcare providers have plenty of. With data related to both operations and medical care, providers can benefit in two major ways from business intelligence software. Their general, day-to-day processes can be refined and improved. Everything from early recognition of patient risk factors to the efficacy of specific procedures and medications can be tracked and analyzed.
Improving business operations
Outside of issues directly related to staffing medical professionals, like successfully treating patients and HIPAA considerations, healthcare providers have concerns that are similar to those held by many other businesses. Predictive analytics provided through platforms like IBM Cognos is a proven solution for more effective management. Everything from maintenance issues and staffing to resource allocation can be examined and often improved through predictive analytics, with powerful algorithms highlighting areas of waste and inefficiency. Armed with that data, staff can confidently make changes backed up by research and improve a facility's efficiency, reduce spending and realize other benefits.
"Providers can use predictive analytics to better understand patient risk factors."
The benefits specific to medicine
Educator and research director Dr. Linda A Winters-Miner said the ability to use predictive analytics to support and supplement doctors and nurses is a major benefit of this powerful solution. By using predictive analytics to review past cases for issues that are hard to quickly diagnose, like chest pains, and draw connections from those symptoms, healthcare providers can be more confident in their diagnoses. They can also use predictive analytics to better understand demographic data and connect with patients who exhibit risk factors similar to others who already have an illness or condition. In this way, predictive analytics offers a powerful and specialized benefit to the healthcare world.
Making it happen
Aviana understands the unique nature of healthcare facilities and how to best go about implementing powerful new technology. Our experience working with providers and expertise in the realm of predictive analytics means we're ready, willing and able to work with organizations across the healthcare industry. To learn more about how Aviana works with healthcare providers to create successful implementations of predictive analytics solutions, visit our dedicated industry page.
Like many other industries, the retail world has undergone a number of major changes thanks to the rise of big data and predictive analytics. With improved access to both data and the powerful insights that follow, merchants can improve, enhance and expand operations in ways that weren't nearly as practical just a decade ago.
Part of a successful strategy with predictive analytics is taking the right approach to implementing business intelligence software. Everything from gaining the approval of company leaders to making sure staff understand the analysis provided is critical to realizing the largest possible benefit.
"Predictive analytics can transform the way a merchant does business."
Making the best decisions about predictive analytics
Software like the IBM Cognos suite of solutions goes a long way toward keeping retailers informed about everything from current inventory and stocking levels to performance forecasts for the coming weeks, months and years. With so many merchants operating in a variety of different markets and regions, both digital and physical, complete visibility of a business is a critical element of success.
Big data and analytics specialist Bernard Marr said predictive analytics is providing retailers with more diverse and powerful advantages as its use continues to grow throughout the industry. With much of the early work of figuring out where analytics fits into the retail business model already completed, companies implementing this solution are in a stronger position.
For the most part, the hypothetical guide to using predictive analytics in general terms has already been written and is widely understood. It's no longer an issue of trying to integrate analytics into a specific element of operations or workflow. The major concern for retailers is determining where predictive analytics will provide the most benefit. Implementing a new solution into areas of high need first both proves the usefulness of the software and addresses the most pressing concerns at the earliest time possible.
Aviana offers retailers a powerful combination when it comes to predictive analytics – experience and expertise working with a wide range of businesses in the industry. We understand the many potential benefits to be had by retailers and how to steer implementation projects so they're efficient and provide the most useful results. Predictive analytics can transform the way a merchant does business, from making specific changes to individual elements of operation to larger, broader improvements that stretch across an entire business. To learn more, visit our dedicated page for the retail industry.