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3 Strategies for cloud enabling your business

As per IDG Cloud computing survey, 92% of organization’s IT environment is at least somewhat in the cloud today. If you are in those 8% who have not adopted cloud yet, you are clearly missing out on the benefits that other organizations are getting. By now, I am sure you know the most benefits that Cloud infrastructure offers, but let’s refresh it once more –

  1. More Resiliency – The cloud providers scale up and down as per your seasonal needs. It is the most ideal way to support your growth, as you don’t need to purchase and hold assets for a peak requirement, but you can adjust as you go along.
  2. Less Headache – You don’t need to keep an army of people to upkeep your servers, manage security and hardware failures. You can sleep well knowing that the cloud providers are well-equipped in security and disaster recovery capabilities to ensure safekeeping of your assets and data. You, of course, need help to plan, configure and monitor it, but once you get the setup right, it is a smooth journey.
  3. Access to new capabilities – The cloud providers offer advanced capabilities and services that make your life easier. With a competitive market, the more and more services are being made available and the cost is going down. In 2021 AWS: reinvent, Amazon announced more than 50 new services on the top a very mature array of services. You can access these capabilities with a click of button, right from document storage to artificial intelligence, and create growth opportunities for your business.
  4. Potentially less cost – I am being careful here as many organizations have seen increased monthly spend when they compare with their current ‘infrastructure’ costs. However, if you look at it holistically by adding people/process/tools costs of running your current (and future business), the cloud costs will be potentially much lesser.

If you are convinced and are thinking of adopting cloud for your business, what should be your strategy for adoption?

There are following three popular strategies that our customers have adopted –

  1. Lift and Shift

    If you have a portfolio of applications on your premise, the fastest way to address your ‘cloud adoption’ business case is by lifting and shifting your applications cloud. It makes sense if you are going to get rid of your data center (or hosting provider) and save money on operations by migrating to cloud.
    Although you can do it manually by evaluating every application, for a portfolio of applications, tool-based migration process is preferred. There is a very strong tooling ecosystem for AWS, including its own Cloud endure ( now AWS MGN), to support the migration. The tools can help you right from ‘Discovery and Planning’, ‘Creating a business case’, Migration and also post-migration ‘Monitoring and Support’.

  2. Fit and Shift

    It is my favorite option as it lets you leverage the new capabilities that Cloud offers while preserving the value of your legacy investments. It includes selectively replacing components of your current application by ‘cloud managed’ components. For example, you can swap an Oracle database for AWS RDS, and reduce your license costs and maintenance efforts. As you are developing a strategy by assessing every application, it takes a longer time (~8-12 weeks for 30 applications) to define your migration strategy, but your potential benefits are likely to be much higher than just ‘lifting and shifting’ to cloud.

  3. Don’t Shift, Go Native

    If you are convinced that your legacy is not going to support your future growth, it is better to re-architect your applications and re-develop using cloud native capabilities. The cloud provides many platform services to rapidly build and deploy a ‘cloud-native’ application, so it may not be overly expensive option. For a global association of risk professionals, we recently re-developed their mission-critical financial risk estimation application within just 2 months, by reusing their existing python based code and leveraging AWS serverless and RDS services. This approach not only saved the development and maintenance costs, but also provided a scalable solution to onboard new associates very easily.

In conclusion, the cloud provides significant benefits to your business and there are proven strategies to adopt the cloud. Futran, in partnership with AWS, helps organizations to define the migration strategies and adopt it in cost-effective, risk-free way. Please contact a Futran Cloud Specialist if you want to know more about how we can help.

The Big Data Game: How Data is Causing Major Metamorphosis in The Insurance Industry

Today, data is an asset that can be used both internally and externally. Companies can collect more information than ever before in a variety of ways. Digital interactions with customers on mobile devices and stationery allow us to track interactions and requests.

The Internet of Things (IoT) has provided billions of connected devices and objects equipped with tools to measure, record and communicate information about purchases, customer responses to advertising campaigns and marketing messages that can be captured and analyzed.

Accurate information requires data analysis programs that can easily collect, store, analyze, display, and report on information from a variety of sources. These insights provide business leaders with the information they need in real-time to make better decisions.

The Data-Backed Change

With converting client expectancies and the sheer expanse of data being collected, insurance businesses are already converting their models and processes.

Among the high-quality modifications are the following:

  • Investment in tools to better understand their customers, their expectancies and their needs
  • Development of recent insurance alternatives to provide guidelines which are shielding extra items
  • Responding to an ageing populace whose insurance needs are converting in massive numbers and quickly
  • Realtime processing and mobile apps that respond to the expectancies of younger customers, who anticipate a digital-first approach (this pace and responsiveness are often contrary to the traditional approaches insurers had in the past)
  • Using new technology inclusive of blockchain, artificial intelligence, machine learning, and the IoT to create better operational efficiencies and create more connections with objects and customers

Challenges faced by insurers in leveraging data to drive digital transformation

Digital transformation provides a fantastic possibility for insurance companies. However, the same companies may also face limitations that delay the utilization and leveraging of data.

Among those problems are:

Lack of Policies and Procedures: 

Many insurance companies have grown because of acquisitions, which means that the integration of systems and policies is challenging.

The data-driven insurance company needs:

  • Data governance structures and policies
  • Consistent data definitions
  • Clarity of data ownership
  • Standards for the collection, storage and use of data
  • Data security guidelines

Cultural and Organizational Roadblocks: 

An insurance company that desires to achieve success in the use of data in new approaches needs to address these concerns promptly:

  • Internal cultural variations in how data is seen, valued and used
  • Data stored in silos without standardization and a single source of information
  • Complex data structures
  • Inconsistent data formatting
  • Reluctance to share data internally
  • Data quality and more than one kind and sources for data (structured, unstructured, collected, purchased)

Technological Barriers:

Technology is a common barrier or leveraging data. Challenges include:

  • Data stored both in the cloud and on-premises
  • Legacy systems, often highly customized
  • Lack of certified internal IT resources

Leverage data with Futran  

Here are some recommendations for optimizing the opportunity for digital transformation for Insurance companies.

  • Invest in Data Analytics – Big data analysis tools enable insurers to collect and use data from multiple sources at the same time, identify patterns, better detect fraud, and resolve cases faster.
  • Using advanced OCR software – The insurance process still relies on paper, either that it generates or that comes from other sources. Sound OCR software reduces manual entry and re-entry, promotes better storage, retrieval and analysis of unstructured data while accelerating processes.
  • Improves two-way communication – Insurers need to better engage with their customers — apps, content, and messaging tools. Tools should be primarily mobile and include features to capture interactions and outcomes.
  • Use AI to improve engagement – Artificial intelligence tools like virtual assistants can provide customers with the information or live assistance they need, saving resources and fixing routing issues.
  • Partners for Transformation – Insurers need strategic partners to help them collect, analyze and use data for digital transformation.

Conclusion

Emerging Leaders in the insurance industry are using insurance data analytics to manage risk selection and pricing strategy decisions. New-gen technology is working progressively to implement regulatory approaches to understand big data in a variety of insurance transactions such as underwriting, claims management, customer satisfaction and policy management to provide better predictive analytics. This allows insurance companies to describe the analytical decision-making process in all of their internal processes and business operations.

Futran helps insurance companies with their digital transformations by providing the best Data Analytics solutions such as Cloud-Based Data Warehouse & Data-Lake, Data Management, Managed Services & Analytics Model Development.

8 Major Medical Industry Offerings Affecting Every Global Citizen in 2021

The medical field has gained huge prominence during the pandemic, with hospitals and healthcare organizations in developed and developing countries suffering from huge workloads and resource deficiencies. Advancements in technology and communication have provided great assistance in relieving stresses for the medical industry, helping them function with great efficiency. The modern advancements in these fields have propelled the medical industry to handle the crisis better improving the living standards of people across the world. Here are a few of the major medical industry offerings that have impacted the lives of people significantly:

 

Clinical Data Management

Clinical data management has played a great role in understanding the COVID disease and developing effective countermeasures against it. It facilitates the generation of valuable, reliable data from research trials and patients undergoing different treatment protocols. Software platforms help collect and organize the data efficiently improving the reliability and sequentially the value of the collected data, enhancing the scope for good research. They are programmed to simplify the entry of data for medical professionals and allow researchers to interpret the data efficiently.

 

Validation

Software applications have assisted hospitals and medical device manufacturing companies in the validation of their work processes and new medical devices to mitigate the risks associated with them and keep them to a minimum. 

 

Software assisted validation helps organizations stay compliant with new regulations that are imposed in their industries by designing detailed checklists for them to follow. It simplifies the processes involved in risk management and helps document the changes made for future reference.

 

Pharmacy Benefit Management 

Pharmacy Benefit Management software helps regulate drug prescription and regulation of drugs. They interact directly with individual pharmaceutical manufacturers on behalf of insurance insurers and play a key role in controlling the drug-related expenditure for patients as they determine the cost of the drugs, discounts offered for them and those that are covered under insurance plans. PBMS assists organizations in designing and implementing tests to evaluate benefit programs and conduct benefit analytics to offer valuable insights that can improve work processes and offer flexibility to reduce setup and maintenance requirements.

 

Clinical Tasks

Software advancement has also simplified work processes for clinicians burdened with long work hours and data entry work during these trying times. The incorporation of efficient software for assisting the clinicians saves ample time and allows them to focus on addressing the health issues of patients. The software can help doctors in hospitals and health care organizations communicate efficiently, allowing pre-scheduling of priority cases and authorizations in cases without having to wait for hours for the same. This comes as a great advantage in high profile hospitals with huge patient flow and in small scale healthcare centers that are understaffed to manage workloads. 

Publication and Regulatory Services

Software solutions provide valuable assistance in research and publications for different fields such as pharmaceuticals, biotechnology, medicine etc. supporting these projects and researchers to perform their studies efficiently. The incorporation of AI in research has improved the scope of research and helped them achieve better results while reducing the expenditure of time and resources for the same. 

 

Growing safety concerns across the world regarding the safety of drugs and equipment has emphasized the importance of regulatory services and software applications have a role to play there too. They can help ensure that the different products and drugs manufactured by the companies comply with new safety rules and regulations which vary from one country to another. 

 

Drug Safety

Pharmacovigilance is an important area of work in pharmaceutical and medical companies that holds great significance in ensuring drug safety and regulation. Software solutions help companies operationalize new data sources and use them efficiently in resource-constrained environments. AI has found diverse applications in drug safety software as it helps collect, organize, understand and present data obtained from different sources efficiently to produce reliable conclusions.

 

Medical Writing

Medical writing is an integral part of the work processes in hospitals and organizations ranging from reports and research material to journals and magazines. Software applications offer assistance in medical writing through tools for word referencing, PDF processing, spell checkers, speech recognition etc. helping writers handle audio transcripts and recorded sessions. They ensure that the data written is statistically sound and of good quality to pass correctional review boards.

 

Statistical Management

Statistical management is a chief requirement for medical organizations and hospitals to handle clinical, research and financial data efficiently. Software applications offer pre-designed frameworks that help companies organize their data efficiently and analyze them for better interpretations. Various tools present in the software help analysts make detailed models for better comprehension of data and sharing of information.

 

Role of Companies in Digital Advancements

Technological and software advancements help medical institutions and companies gain an edge and work efficiently without the expenditure of much resources. They find difficulties in upgrading and implementing the advancements in tools and often require assistance for the same, which is offered by companies that help them bridge the gap between health and technology.

 

SG Health Pharma is one such company that has extensive experience in the field of healthcare with abundant resources and tools to guide and assist organizations to optimize their digital functioning. It offers a variety of services for healthcare institutions at optimal prices allowing them to choose freely and upgrade themselves to function better.

 

Conclusion

Innovation and creative advancements in technology are revolutionizing work processes in all sectors and the health care sector is no exception. Companies need to adopt these new tools and rise to the growing demands and competition.