Learn How Industries Can Mitigate Risk Utilizing Big Data

It’s evident that information is an important resource in the present age of digital transformation. Big Data has been guiding enterprise’s decision making process to be data-driven and also to derive valuable insights. Every business operation may include certain amount of risk and organizations thrive to limit losses that result by adapting suitable risk management mechanisms using “Big Data”.

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Big data technologies have gained significance in gathering information for enterprises, maintaining efficiency and company’s growth. Decision making becomes easier since big data provides valuable insights which help organizations to advance and eliminate risk. Risk management gets easier if companies are capable of predicting the disruptive occurrence. Big Data is transforming risk management, helping companies to derive precautionary measures and reduce losses incurred.

Healthcare

Big Data can be utilized effectively to minimize medical liability. Compilation and analysis of data in terms of patient quality and treatment effectiveness, reduces risk, increases profit, predicts result, and minimizes waste. Huge amounts of information used smartly can encourage hospitals and pharmacies to be more proficient.

 

Financial and Audit Firms

Systematic utilization of Big-Data has the ability to detect frauds, predict and plan for previously unanticipated occurrences and disruptive events within financial institutions and audit firms. Detection of scams if done manually might get time consuming. Data analytics performed on Structured and unstructured data collected from customer-base helps in identification of potential risks during audits in real time. Using pattern recognition in Big Data, firms can now open the door for improvements by identifying frauds, preventing thefts and default payments, ensuring compliance.

Insurance

Data gathered from customers include forms, claims and policies enable insurers to calculate risk levels, predict the contextual behaviour of the insured individual so that companies can decide on premium and offer appropriate coverage. Since insurance industry is data dependent, in-depth analysis of information available can derive preventive measures that reduce the impact of future risks. Big Data in insurance can gather, maintain and access information arriving from various channels related to customers. This information provides customer insights which helps insures in decision making in detection of fraud, theft identification and mitigation of risk.

Business needs to be change-ready, modifying strategies based on market trends in order to eliminate risk. Companies by integrating big data across business operations, customer-facing processes and interactions can react to change in industries positively by designing a successful strategy. This can prevent company from potential risks. Big Data also reduces risk for start-ups by providing insights geographically as well as demographically. Such insights will be useful in estimating success rates and revenue growth.

At Athena, we use Big Data applications that are predictive models to help companies prevent fraud, monitor customer behaviour, manage risk and hinder losses. We empower companies across various industries with the ability to predict future trends and operate customer-centric. Click here to know more………