Trend #1: Data-centric Solutions
“Data, or the ability to harness it, is the key factor that will differentiate between a business organization that is there for the long haul and one that is only in survival mode,” Exist Data Solutions Architect Warren Cruz shared on a webinar held last June 10, 2020. You can browse the highlights of the virtual event here.
When done right, a data-driven approach will not only help your business make better decisions but can also help you solve problems, manage performance, improve processes, and understand your customers.
Here are some ways leading sectors leverage on data-centric solutions:
The ability to analyze data and find solutions plays a considerable role in the retail industry. Retail organizations leverage multiple data points, such as point-of-sale transaction-level data, customer demographics, social media metrics, store size, and competitive intelligence.
Therefore, analyzing consumer behavior and trends from the past will be the name of the game in the next normal. Proactive retailers will know their customers’ purchasing behavior, improve efficiencies, and cut-down costs of supply chains, and more.
On the other hand, healthcare organizations were forced to adopt digital efforts out of necessity in a short time. This adoption became more evident in our country as new compliance requirements subtly push Philippine hospitals to use EMRs. This includes reporting statistics to measure the quality of healthcare, performance, and nation’s health profile.
As the 2016 DOH Administrative Order states, “One of the main challenges of today’s health systems is access to real-time quality health information for informed decision making. This has posed a major dilemma especially when the national government needs to analyze health service data coming from various systems at the health facilities.”
Guided by the Philippine eHealth Strategic Plan (PeHSP) for Universal Health Care (UHC), one of the jointly-identified major strategies by the Department of Health, Philippine Health Insurance (PhilHealth) and Department of Science and Technology is through the implementation of the NeHEMRSV upon which its implementation will improve data capture, processing, aggregation, exchange and reporting on national health data requirements and standardize submission protocols among implementing health facilities.
Starting with the PhilHealth eClaims submission in 2018 as compliance to the electronic medical record (EMR) implementation. The renewal of hospitals’ license to operate (LTO) for 2020 has a new requirement. EMR system and providers should be duly validated by the Centers for Health Development (CHD) within their respective regions. For which Exist and Medcurial have this distinction.
Further discussed in our previous blog, one requirement for renewing licenses is providing correct clinical data to support claims reimbursements. The outcome is multifold as this forces Philippine healthcare to shift from paper to electronic. It also promotes increased use of data in providing care and upgrade to systems that make better use of IT. Implementing these technology trends will reduce manual errors, manage care complexities and promote evidence-based medicine.
Banking and Finance
Data-driven solutions also benefit banks and financial institutions, especially in this challenging situation as sectors that will help stabilize the economy when this health crisis is over.
PwC Philippines states that banks should develop a dynamic credit decisioning framework and credit scores, consolidating the pandemic’s potential impact. Banks can entrust professional organizations with robust industry experience that are skilled with data analytics.
Furthermore, banks should redesign loan terms or products for existing borrowers using a targeted approach. These data-driven initiatives will help banks keep high-quality loans and retain and attract clients that will trust them.
As the number of infections rose exponentially, many countries struggled in managing data to limit the spread of the virus. But the case isn’t the same for countries that have already invested in data-driven technology trends in anticipation of an event that endangers public health. Singapore, South Korea, and Taiwan stood out with their impressive utilization of big data to combat the contagion.
In an article, Wharton shared that Taiwan created a unified big data platform that collects data from two sources. In addition, these are the immigration and customs database and the national insurance database. Based on clinical visits, travel history, and symptom patterns, they successfully identified cases. This helped them provide real-time alerts to possible infected persons.