Despite the lucrative potential of Big Data analytics, it can be a struggle for many companies to produce a return on an initial investment in analytics. Whether it is difficulty in identifying accessible and actionable data or understanding the best analytic techniques, there are many challenges that can limit the return on investment or other measurable improvements in customer experience.
An analytics consultant with decades of experience, Elder Research has worked with hundreds of commercial companies to deliver a sustainable return on investment by using data science to solve tough business challenges, inspire product and service differentiation, and uncover profitable competitive advantages.
We develop analytics solutions that empower teams to make informed data-driven decisions using the data and resources available while helping clients avoid many common data science business mistakes. Elder Research can provide support throughout the journey—from training and mentoring, to creating an analytics strategy and practical data science solutions, to helping build the capacity to develop analytics solutions in-house. We solve business problems as well as data problems.
We are experts in all levels of analytics with a special emphasis on workload prioritization and rare event monitoring:
Huge volumes of disparate data sources often leave organizations feeling more intimidated than informed. Elder Research can reveal and prioritize the most important insights hidden in the data to improve efficiency and empower teams. Elder Research has experience helping commercial clients use the data and resources they have to prioritize and organize their workload for maximum efficiency and return on investment.
Rare Event Modeling
Rare events, such as fraud, occur with low frequency but have significant impact when they occur. Successful detection of such events is like finding the “needles in a haystack,” and requires specialized techniques. Rare event modeling is a workflow prioritization solution that addresses the small number of events common in fraud, waste, and abuse scenarios. A robust solution uncovers patterns associated with the rare event and provides actionable alerts to the organization. Companies need insight into which events are significant and how to identify and prioritize events for the greatest impact.
Here is a brief overview of what we’ve accomplished in partnership with companies like yours in the following industries:
Many commercial products produce logs of their usage. These usage logs are a source of incredibly rich information about how customers interact with the product. Log analytics provides a robust, quantitative measure of the precise way users are interacting with the software. This data can be used in predictive models to drive value or visualized to reveal usage trends over time.
For a major software client, we used over 1TB of log data to build a user segmentation model. These user segments have proven to be highly valuable in understanding user needs and behavior. Additionally, we created a custom visualization tool which enabled the client to understand and visualize their log data in a way that was previously impossible, helping them to better understand and engage with their customers.
The Internet of Things is creating opportunities for industries poised to take advantage of this wealth of data to improve product usage, reduce maintenance costs, avoid equipment failures, and drive improvement in their business operations. Elder Research has extensive experience helping our clients use predictive analytics to filter through the noise of Big Data from sensor networks to reveal actionable insight.
Elder Research has a long history of providing analytic support to a variety of insurance and reinsurance providers. Whether in long-term disability, healthcare, or property and casualty insurance, we have worked on diverse projects in areas like: claims prioritization, improving claims approval speed and accuracy, forecasting claims volume, and identifying fraud, waste, and abuse. Through analytics training and application of advanced analytics, we have helped our insurance clients save money and time, and improve customer experience.
As medical costs continue to rise, provider time becomes increasingly scarce, and the Medicare and Medicaid landscape shifts, stakeholders across all facets of healthcare are turning to advanced analytics to improve performance, reduce costs, and improve patient outcomes. New challenges abound with deriving valuable insights from interconnected health devices and Electronic Medical Records (EMRs). Our cross-industry experience makes Elder Research an ideal partner for navigating the disruptive changes coming to the healthcare sector.
Elder Research worked with a client to assess the performance of Medicaid dental providers, including a team of clinicians and network providers with operational expertise. A solution was developed to produce long-term savings by assigning new patients to providers delivering the highest quality care for the lowest cost. Claims data from hundreds of programs over five years in 38 states were used to model quality information for specific procedures among 22 million members.
- Case Study: Improving Claims Approval Speed and Accuracy
- Case Study: Prioritizing Long-Term Care Claims
Whether you are just getting started with analytics or growing in-house capabilities, Elder Research analytics consulting services can help your marketing organization get the most value from your data. We have a proven track record of helping companies in many industries attract and retain customers, and increase wallet share. We combine sound marketing principles with marketing analytics and customer relationship management (CRM) processes to give you a competitive advantage.
- Case Study: Improving Customer Retention and Profitablity
- Case Study: Using Marketing Analytics to Enhance Customer Loyalty
Elder Research worked with Financial Institutions to build marketing analytics solutions such as cross-sell and next-most-likely models, and provide an enhanced perspective of data mining techniques used to improve accuracy of risk analytics models for credit scoring. The results in both scenarios led to great analytic breakthroughs, improved prediction, and early identification of credit risks.
Elder Research used 20 years of detailed instrument readings from hundreds of natural gas wells to characterize transient well states. The goal was to predict three months in advance when gas well shut-ins due to hydrate formations would occur in a North American field where winter months allowed only very limited access. This model was far more accurate than the existing heuristic models and allowed operations to know which clusters of well pads needed to be prioritized for treatment.
Elder Research has partnered with investment clients such as Cambridge Associates, Voloridge Investment Management, Vantage Consulting Group, WestWind Foundation, Nathaniel de Rothschild Holdings, and Oppenheimer Funds to optimize and verify original and third party investment strategies, develop proprietary investment modeling software, and provide trusted advice, rapid prototyping, and investment strategy consulting.
Request a consultation to speak with an experienced data analytics consultant in the commercial space.