Yubin Park, Managing Director of Artificial Intelligence (AI) Solutions at Evolent Health, explored data analytics and their importance for today’s businesses during his keynote presentation to Argyle’s CIO membership at the 2018 Leadership in Big Data & Analytics Forum in Atlanta on April 26. In his presentation, “Spectrum of Data Analytics – From Service to Product,” Park offered insights into the use of data analytics across all business departments.
Data analytics are becoming increasingly important to companies around the globe. Yet business professionals sometimes lack a clear definition of data analytics and what they mean to a business.
The definition of data analytics may vary from business to business. As such, business professionals – depending on their role or department – may define data analytics based on their impact on a company’s day-to-day operations.
“A lot of people have different ideas about data analytics,” Park indicated. “CEOs think of data analytics as some type of magic used to solve every problem … but an engineer may have a limited scope and use technical jargon to describe it.”
Ultimately, data analytics involve data automation and extraction. Data analytics empower businesses to perform deep data analysis and realize the full potential of data. Plus, data analytics help companies find ways to automate everyday processes, increase revenue growth, build customer loyalty and much more.
Evolent uses data analytics to learn about patients, according to Park. The organization strives to analyze patient conditions and ensure that patients can receive accurate diagnoses. Yet merely collecting data is insufficient, and Evolent requires data analytics systems to optimize the value of all of the information at its disposal.
“There is a big incentive to find out about missing conditions in patients,” Park said. “But in many cases, records are not very accurate.”
Data analytics help Evolent assess patient conditions, as well as find the best ways to support patients. That way, data analytics empower Evolent to offer comprehensive patient assistance.
“Patients are all looking for different things, and it’s really hard to navigate what [patients] want,” Park stated. “Determining how to make money was very difficult.”
To deploy an effective data analytics system, Park recommended extensive data collection and analysis. If a company retrieves structured and unstructured data over time, it can identify patterns and trends within the data itself. Then, this business can use the data to reap the benefits of machine learning.
“You need to think about how you’ll use training data … and then, you can use this data to drive machine learning,” Park pointed out.
“You need to think about how you’ll use training data … and then, you can use this data to drive machine learning.”
A company must have metrics in place based on its data sets. These metrics can help a business determine which data to prioritize. In addition, the metrics can help a business quickly gain the insights it needs to make data-driven decisions.
“You need to improve your metrics … but you’re often shooting in the dark,” Park said. “It’s not about automating [data analytics]. It’s about looking at trend data and determining where the value will be.”
Collecting data regularly is paramount, regardless of a company, its size or its industry.
If a company deploys data analytics systems, it can streamline data collection and analysis. These systems can help a business use data to discover ways to drive business innovations and improvements as well.
“As long as you have enough data, you can automate [data analytics],” Park stated. “You need to collect as much data as possible to be as accurate as possible in your predictions.”
“As long as you have enough data, you can automate [data analytics].”
How a company shares its data and insights with different departments could have major ramifications on the business, its employees and its customers.
Having the ability to showcase the true value of data to C-suite executives and other business leaders is critical. If business professionals can explain the importance of data in easy-to-understand terms, they may be able to drive meaningful enhancements across a company.
“You need to be careful about what you are presenting and the consequences of your products,” Park noted. “If you want to be data-oriented and use data to improve your business, you need to think about the old structure differently.”
Data should be shared across all departments too. Today’s companies can access a wide range of data, and encouraging different departments to mine and leverage this information could lead to significant business improvements.
By teaching employees in different departments about data analytics, a company can help these workers implement data analytics into their day-to-day operations. As a result, a company may be better equipped than ever before to deploy products and solutions that fulfill clients’ expectations.
“You need to look at all of the cross-functional incentives [of data] … to deliver the best solutions,” Park said.