CMS collects unstructured text data from interactions with beneficiaries but cannot easily analyze it to understand beneficiary needs. Implementing a text analytics solution would allow CMS to better understand issues with prescription drug plans by identifying trends and root causes from complaint text data. A text analytics tool could also provide early warnings of emerging issues by analyzing texts from multiple CMS communication channels. CadenceQuest recommends their text analytics methodology to help CMS gain insights into the "voice of the beneficiary" across large volumes of unstructured data.
Thought Paper:Four Strategies to Build the Smarter BankInfosys Finacle
Robert Kiyosaki, American investor and author (of Rich Dad Poor Dad fame), hits the nail on the head when he says, “You have to be smart. The easy days are over.”
As consumers go about trying to manage their money, there is an opportunity for banks to show them that they’re not alone – by being the ideal financial partner that listens, understands needs, shows respect, acts with integrity, serves with a purpose and exceeds expectations through its products, services and financial guidance.
In other words, by becoming a smarter bank.
Mobile apps for consumer finance in banking are increasingly crucial as customers expect mobility as a matter of course; such apps can help cut costs, improve branding and customer loyalty and heighten efficiency.
Thought Paper:Four Strategies to Build the Smarter BankInfosys Finacle
Robert Kiyosaki, American investor and author (of Rich Dad Poor Dad fame), hits the nail on the head when he says, “You have to be smart. The easy days are over.”
As consumers go about trying to manage their money, there is an opportunity for banks to show them that they’re not alone – by being the ideal financial partner that listens, understands needs, shows respect, acts with integrity, serves with a purpose and exceeds expectations through its products, services and financial guidance.
In other words, by becoming a smarter bank.
Mobile apps for consumer finance in banking are increasingly crucial as customers expect mobility as a matter of course; such apps can help cut costs, improve branding and customer loyalty and heighten efficiency.
InfosysPublicServices - Member Switchover Solution | AnalysisInfosys
This white Paper outlines approach of Member Switchover Solution, Analysis, Features and Key Benefits. Some of the Features include Score Card Generation, Member Risk Modeling & Member Profitability Analysis.
Business Situation
Zyme had channel visibility challenges pertaining to lack of a cost-effective global data capture infrastructure. There was a clear need for shared master data and definitions across the channel network. Also there was the challenge of poor partner compliance and quality of data reporting.
Datamine’s Competition Analysis System is a sophisticated, highly engineered data processing and visualization platform providing telcos with outstanding analytical capabilities.
Helping Your Marketing Department Fly Higher 4 12 11Eric Webb
This white paper provides insight into the need to create a teaming environment to gain sales in professional services, leveraging relationship and technical staff in the firm to optimize success.
Learn about Voice-of-the-Customer business practices:
* This report defines, explores the potential benefits, and illustrates a planning methodology for VOC
* Presents findings from a Best Practices in VOC study
* Explores some emerging VOC technologies
Self Service Customer Care For Next Generation NetworksGreen Packet
Smartphone devices have dramatically changed the way consumers consume data. The need to be connected anywhere and anytime is driving service providers to put focus into customer experience to grow customers, build loyalty and drive profits through new services. As a result, the expectations of service experience from the end-user are heightened and cannot be underestimated.
Service providers are under pressure to deliver customer experience that separates them from the competition, while at the same time trying to delicately balance their revenues and managing costs for near term gain and longer term success. In this paper, we outline the scale of issues faced in mobile device and service care that impacts both service providers and end-users beyond connectivity. With a broad range of services and wide variety of applications, the smartphone requires more complexity to handle a multitude of firmware and software configurations which legacy CRM systems are inadequate to deal with today’s customers.
Remote device support and service care is a key component to tackle the demands of escalating costs in customer care. Service providers are seeking integration onto backend systems without incurring heavy infrastructure changes and ensure the best fit into the existing operations through automated and proactive customer care mechanisms to ensure service excellence and thus prevent service quality degradation.
To keep pace with the ever increasing demand for real-time customer service, shifting to mobility has become inevitable for the insurance industry. In
today's scenario, where real-time servicing of customer requests 'on the fly' has become a norm, mobile technology seems ideally positioned to
enable insurers gain a competitive advantage. Mobile solutions enable faster and improved communications between customers, field agents,
and the central processing office of the insurer.
Adopting mobile technology can help insurers
enhance customers' experiences, increase
productivity, while keeping a check on costs, and
mitigating operational risks.
How Analytics Can Transform the U.S. Retail Banking SectorCognizant
To regain customer trust, U.S. retail banks must seriously consider using analytics to improve decision-making, uncover unseen innovation opportunities and improve compliance.
What is Big Data?
Big Data Laws
Why Big Data?
Industries using Big Data
Current process/SW in SCM
Challenges in SCM industry
How Big data can solve the problems?
Migration to Big data for an SCM industry
InfosysPublicServices - Member Switchover Solution | AnalysisInfosys
This white Paper outlines approach of Member Switchover Solution, Analysis, Features and Key Benefits. Some of the Features include Score Card Generation, Member Risk Modeling & Member Profitability Analysis.
Business Situation
Zyme had channel visibility challenges pertaining to lack of a cost-effective global data capture infrastructure. There was a clear need for shared master data and definitions across the channel network. Also there was the challenge of poor partner compliance and quality of data reporting.
Datamine’s Competition Analysis System is a sophisticated, highly engineered data processing and visualization platform providing telcos with outstanding analytical capabilities.
Helping Your Marketing Department Fly Higher 4 12 11Eric Webb
This white paper provides insight into the need to create a teaming environment to gain sales in professional services, leveraging relationship and technical staff in the firm to optimize success.
Learn about Voice-of-the-Customer business practices:
* This report defines, explores the potential benefits, and illustrates a planning methodology for VOC
* Presents findings from a Best Practices in VOC study
* Explores some emerging VOC technologies
Self Service Customer Care For Next Generation NetworksGreen Packet
Smartphone devices have dramatically changed the way consumers consume data. The need to be connected anywhere and anytime is driving service providers to put focus into customer experience to grow customers, build loyalty and drive profits through new services. As a result, the expectations of service experience from the end-user are heightened and cannot be underestimated.
Service providers are under pressure to deliver customer experience that separates them from the competition, while at the same time trying to delicately balance their revenues and managing costs for near term gain and longer term success. In this paper, we outline the scale of issues faced in mobile device and service care that impacts both service providers and end-users beyond connectivity. With a broad range of services and wide variety of applications, the smartphone requires more complexity to handle a multitude of firmware and software configurations which legacy CRM systems are inadequate to deal with today’s customers.
Remote device support and service care is a key component to tackle the demands of escalating costs in customer care. Service providers are seeking integration onto backend systems without incurring heavy infrastructure changes and ensure the best fit into the existing operations through automated and proactive customer care mechanisms to ensure service excellence and thus prevent service quality degradation.
To keep pace with the ever increasing demand for real-time customer service, shifting to mobility has become inevitable for the insurance industry. In
today's scenario, where real-time servicing of customer requests 'on the fly' has become a norm, mobile technology seems ideally positioned to
enable insurers gain a competitive advantage. Mobile solutions enable faster and improved communications between customers, field agents,
and the central processing office of the insurer.
Adopting mobile technology can help insurers
enhance customers' experiences, increase
productivity, while keeping a check on costs, and
mitigating operational risks.
How Analytics Can Transform the U.S. Retail Banking SectorCognizant
To regain customer trust, U.S. retail banks must seriously consider using analytics to improve decision-making, uncover unseen innovation opportunities and improve compliance.
What is Big Data?
Big Data Laws
Why Big Data?
Industries using Big Data
Current process/SW in SCM
Challenges in SCM industry
How Big data can solve the problems?
Migration to Big data for an SCM industry
Banks and credit unions are constantly at risk of losing customers or members, and in order to stem the flow, they may offer their best customers better rates, waive annual fees and prioritize treatments. However, such retention strategies have associated costs, and you cannot afford to make such offers to every single customer. The success and feasibility of such strategies is dependent on identifying the right customer for the right action.
SAS® Customer Analytics for Banking turns raw data into insight that banks and credit unions can use to manage marketing strategy intelligently and increase customer retention. The integrated software infrastructure enables business users to analyze complex customer behavior hidden in large volumes of historical data.
You can then use that information to answer critical business questions, such as which customers are likely to try a new product and which are likely to leave the bank entirely. Learn more at http://www.nafcu.org/sas
Transforming the Contact Center in a Multi-Channel Banking OrganizationSimon Angove
In a rapid changing multi-channel banking industry contact centers must transform their operation or face obsolescence. Those that do can play a critical role in improving customer satisfaction and loyalty and generating revenue.
Big data in action - Watson in banking Wealth management IBM Thailand Co Ltd
Article on usecase of IBM Watson in Banking for Wealth Management by McNab, Dave (D.B.), Executive Consultant, Business Analytics and Strategy, Global Business Services - IBM Canada.
Reaping the Benefits of Next Generation DashboardsFindWhitePapers
Traditional BI solutions face many obstacles and limitations. However, the need for timely and succinct business intelligence (BI) continues to grow.
ServiceNow CMDB Revealing Revolutionary Advantages for Organizational Magnifi...Aelum Consulting
ServiceNow CMDB is a dynamic, centralized repository for capturing, organizing, and visualizing configuration items (CIs) and their connections inside an organization's IT infrastructure. It gives a single, real-time picture of hardware, software, users, and dependencies, as well as detailed insights for better control, decision-making, and operational efficiency. The CMDB goes beyond typical databases, acting as a strategic asset that converts raw data into actionable insights, promoting educated IT asset management and enabling proactive reactions to changes, events, and problems.
Data to Insight to Action Today’s flat and wired world and increased competitiveness has shifted the focus more and more towards the customer. It is an absolute necessity that the companies understand their customers well and address their needs proactively.
To download visit:
blog.cequitysolutions.com and www.cequitysolutions.com
Managing Customer Data in the Financial Services Organisation
Text Analytics Whitepaper By Matt Tyler
1. B u s i ne s s inte ll igence: t ext An Aly tics
Identifying the True Voice of the Beneficiary
The Centers for Medicare & Medicaid Services (CMS) Addressing current challenges with Advanced text
Beneficiary Contact Center (BCC) receives communications Analytics
through various channels including phone calls, emails, web
As one practical example, CMS needs to analyze the full breadth
chats, and written correspondence. In all of these communication
of data on Beneficiary complaints about the Medicare Prescription
channels, data surrounding the interaction between CMS and a
Drug Program (PDP) and its providers. Currently, Beneficiary
Beneficiary is captured as free form text that cannot be readily
complaints are captured as free-form text in CSR comment fields
analyzed and understood.
and stored in the CMS Next Generation Desktop (NGD) data
repositories. Without the use of a text analytics process and
Free form text, or unstructured text, is text that is not organized
technology, CMS is unable to easily, consistently and accurately
in a formal construct such as a table, row, or column like data
determine and report on root causes of PDP Beneficiary complaints
that is modeled in a data warehouse. In fact, Gartner estimates
or identify any trends concerning particular Medicare plan
that over 80% of an organization’s data is unstructured text1.
providers, specific prescription drugs, or specific pharmacies.
understanding the Beneficiary today At a high-level, a properly implemented text analytics solution
Currently, CMS cannot easily gain significant insight into the provides:
interaction between the Customer Service Representatives
Proactive notification of emerging issues and potential problems
(CSR) and Beneficiaries when such a large amount of
• Enhances BI capabilities of the NDW by providing a process
information is captured as free form text. The existing process
to extract unstructured text from a file, database or other
involves manually reading through all of the unstructured text in
source to analyze and categorize the data based upon
order to effectively identify, analyze, and report on tangible or
CMS-defined business rules, providing better, richer data;
potential Beneficiary needs across the millions of interactions
• Detects issues Beneficiaries have with the service they
that Beneficiaries have with the BCC each year.
receive from the BCC, or with Medicare as a whole, before
Without an adequate process by which to capture, store, and they become widespread;
analyze all the types of unstructured data that CMS’ National • Analyzes unstructured, free-form text to identify trends and
Data Warehouse (NDW) receives it is difficult, and at times events for early warning, threat prevention, and cost
impossible, to identify current and potential Beneficiary service savings.
issues at the BCC. Without this information, it also becomes
increasingly difficult for CMS to proactively identify Beneficiary Rapid identification of trends and business opportunities
needs and take appropriate action to maintain or increase • Shortens the cycle time needed for the detection and
Beneficiary satisfaction and BCC performance. With a proven correction of issues that are identified and fuels advanced
implementation methodology, however CMS can benefit from business intelligence, such as predictive analytics;
the use of a text analytics tool, such as Clarabridge, Autonomy, • Provides insight into the business and technical process
or Inxight, to gain insight into the “Voice of the Beneficiary” improvements and problems identified in the CSR
that is found in the unstructured text of the NDW. comments/feedback that are entered into NGD;
• Provides answers to business questions that are only
found in free-form text.
1
SearchDataManagement.com article, Nov. 27, 2006
2. WHITEPAPER | Identifying the True Voice of the Beneficiary
New Existing
Call Center and Medicare Blogs National Data Warehouse
Text Analytics Tool Reporting Tool
360o View of the Beneficiary
Mymedicare.gov Beneficiary
WebChat Sessions Beneficiary Correspondence Satisfaction Surveys
Call Data to the BCC
Improved*
Accurate assessment of performance and results drivers the Best Approach to creating a 360-Degree View of the
• Reduces the level of effort required to review the feedback Beneficiary
that comes directly from the Beneficiary;
CMS should leverage the CadenceQuest Imagine methodology
• Increases visibility into the overall Beneficiary interaction
to implement a commercial-off-the-shelf (COTS) text analytics tool
lifecycle through the Beneficiary’s comments from several
and create a process by which to develop reports and conduct
internal and external data sources;
analysis upon the unstructured data that is found in the NDW.
• Eliminates the manual effort required to search for keywords
The CadenceQuest Imagine methodology captures best
in the text, thus increasing productivity for business analysts
practices and is rooted in the integration of structured and
and allowing them to focus exclusively on analysis;
unstructured data, helping organizations obtain a complete
• Generates a better understanding of Beneficiary needs and
picture of their business.
experiences resulting in improved customer satisfaction.
The text analytics process will not require any changes to the
Options to Better understand the Beneficiary NDW standard operating procedures, and only will pull existing
data from the NDW, then process and convert this data via an
CMS has a few options to fully understand the beneficiary. The
automated process built into the COTS software. Additional
first option would be to have CMS business analysts gather
value would be gained by identifying any other sources of
and analyze the information manually. Given the volume of
relevant unstructured data, such as blogs on contact center or
information, it is plausible that 12 analysts spend 3 hours a
Medicare related subjects, to further expand insight into the
day just reading the text, working out to roughly 9000 hours
beneficiary experience.
(or 4.5 FTEs) spent before any analysis is even conducted.
Second would be to continue to use a third party research The text analytics process will enhance the NDW’s existing
company to assist in understanding the “Voice of the analytical and reporting capabilities. CadenceQuest jumpstarts
Beneficiary” by manually reading and coding reports, which the implementation of such software because the majority of
is both an expensive and time consuming process. Finally, work for the first two phases of our methodology (Evaluate and
CMS could implement a text analytics solution based upon the Validate) have already been performed via support for the
CadenceQuest Imagine methodology to minimize costs and contracts in the CMS Office of Beneficary Information Services.
increase the sources and accuracy of information to best target Utilizing CadenceQuest Imagine, CMS will obtain a 360-degree
their limited resources to serve the constituency. view of the Beneficiaries desires, emotions and future behaviors,
and ultimately, will quantify the “Voice of the Beneficiary.”
About cadenceQuest government solutions
CadenceQuest Government Solutions improves mission performance by enabling transparency and empowering government decision-makers to act on timely,
consumable information. CadenceQuest is an SBA certified small business that provides strategic performance management and business intelligence solutions
in the Federal marketplace. The CadenceQuest team has engaged in highly visible projects at the U.S. House of Representatives, Department of Education, and
the Centers for Medicare and Medicaid Services. CadenceQuest is a GSA schedule holder, GS-35F-0117V.
For more information, please visit us at gov.cadencequest.com.
(703) 248-9297 | Copyright ® 2009 CadenceQuest, Inc. All Rights Reserved.