From the Basement to the Boardroom: The Evolution of Data Management
The data landscape has undergone tremendous transformation in the last two decades. Gone are the days when data was relegated to the IT department and buried in the basement. Information has become the most important asset for every successful organization and has even earned a promotion to the C-Suite. Over one-third of North American public companies now have a Chief Data Officer (CDO)—a role that did not even exist 20 years ago.
Today, most organizations are either digital-first or moving as quickly as possible in that direction. Data lies at the center of those efforts. The sheer number of data sources has exploded, and unifying it has become every organization’s biggest technology challenge. Further compounding this problem is master data management (MDM) software, which has been the go-to technology to solve this problem for about two decades. But MDM has too often failed to deliver the desired results. Bloated, expensive, slow, extremely lengthy MDM projects have too often failed to align with business needs and deliver a tangible return on investment (ROI).
That is why I am thrilled to announce that we are changing the game with the launch of Reltio for Life Sciences and Reltio for Healthcare velocity packs. We are accelerating time-to-value for companies in these industries that need to capitalize on their core data quickly and seamlessly. Our customers can jump-start their MDM implementations with prepackaged configurations and integrations, streamlining the entire process. Say goodbye to the old way—failed MDM projects and hello to the new way– Core Data Unification at speed and scale, which drives business growth and success.
Speeding Data-Driven Innovation with Pre-configured Core Data Unification
Reltio for Life Sciences and Reltio for Healthcare velocity packs is the next progression in core data unification. The velocity packs combine modern technology with a prescriptive implementation approach that accelerates time-to-value. Reltio for Life Sciences and Reltio for Healthcare velocity packs are preconfigured Reltio Connected Data platform packages tailored for each industry. The preconfigured packages automate key tasks for cleansing, enriching, matching, and delivering trusted, high-quality data in real time. With these packages, our customers can unify and automate data quality tasks, creating a single source of truth for key data domains. They are pre-built to ingest and unify data from various third-party and client applications in real time. The best part? The velocity packs are typically installed and live in just weeks versus the years it could take for a traditional MDM deployment.
Taking a Look at What’s Inside the Box
Reltio’s industry-specific velocity packs deliver pre-built connectors, prepackaged automation workflows, flexible embedding options, and powerful APIs for operations, which map structured and semi-structured data between client and external systems. On the first day of implementing a Reltio velocity pack, our customers get these foundational elements out of the box:
- Unified, standardized core data domains configurations – Reltio provides a cloud-native, unified, standardized, or “canonical” data model that serves as a common language and structure for data, making it easy to aggregate data from multiple data sources that have varying data models, unify the data, and then easily distribute it to downstream destinations.
- Simple data onboarding – from internal first-party systems and external third-party data sources
- Advanced entity resolution and data mastering
- Automated Universal ID for parties
- Comprehensive data sharing at scale
The diagram below illustrates the relationship between these entities and attributes in the preconfigured data models.
Reltio for Healthcare reference architecture
Reltio for Healthcare
Improving patient experience and care outcomes is the biggest issue in healthcare. Reaching the right doctor when calling a hospital, getting questions answered about a claim, and delivering a highly personalized, consistent engagement experience for patients across channels such as clinics, hospitals, labs, health portals, websites, and call centers are just a few areas that rely on clean, connected data to work. Health insurance companies need an accurate view of providers to enable better patient experience, such as a best-in-class physician finder. Providers want to ensure that the data across all the touchpoints are consistent and accurate. A significant amount of their data, however, is inaccurate or incomplete. An estimated 40 percent of healthcare provider records have missing or outdated information.
The rising adoption of value-based care models has presented significant data challenges for healthcare providers. Value-based models are driven by data as providers must report specific metrics and demonstrate patient improvement to payers. Providers track and report hospital readmissions, adverse events, population health, and patient engagement. Data becomes foundational because providers rely on it to make decisions. Under these models, providers and insurance companies have incentives to save money and improve patient outcomes. For example, preventive care or adhering to a treatment regimen is far less expensive than treating patients after a relapse. But hospitals must have accurate metrics and reporting to demonstrate the value and quality of care. It’s not just cost; it’s also outcomes. Hospitals want to make sure that patients get healthier. Providers need to adopt value-based care to get money from insurance companies. Accurate, timely data, reporting, and metrics are essential to implementing value-based care models and maximizing savings and revenue opportunities for healthcare providers.
Reltio for Healthcare velocity packs addresses healthcare providers (hospital networks) and healthcare payers (insurance companies and health plan providers). The velocity pack enables healthcare providers to gain a consistent and clean 360-degree view of the patient across all systems and payers to get a more accurate view of providers and improve the patient experience. An accurate provider directory at all touchpoints improves patient experience, streamlines the physician onboarding process, lowers referral leakage by referring patients to the providers within the organization, and leads to accurate, timely claims processing.
The Reltio for Healthcare velocity pack solves these challenges and many others.
Reltio for Life Sciences
Life sciences companies are challenged by increasing regulatory, legal, and market pressures. These companies have to rapidly adapt to the constantly evolving market landscape, become more customer and patient-centric, and improve the efficiency of their sales and marketing, all while maintaining regulatory compliance. Unified, trusted data is essential to meet these demands.
Unified core data can be a game-changer for life science companies looking to boost their sales effectiveness. Unified core data helps sales teams move beyond basic demographics toward a holistic, more in-depth view of physicians and allied healthcare professionals (HCPs) in their market, uncovering hidden sales pipelines and discovering new targets. Unified core data delivers provider intelligence with an unparalleled view of HCPs, healthcare organizations (HCOs), and all related entities across all market areas. This approach delivers the right data to sales reps every time, powered by a self-refreshing, real-time data model that ensures clean-connected, accurate data lies at the heart of decision-making.
Hyper-targeting is another crucial benefit of unified core data. It enables sales teams to enhance outreach with real-time and unique insights on every account in their market. This helps turbocharge account-based selling and accelerate the pipeline with deep intelligence on HCOs. Unified core data can also unlock new opportunities by enabling companies to discover affiliations and referral networks, leading to a better understanding of clinical patterns. This provides valuable insights for sales teams and helps them make data-driven decisions.
We’ve helped many life science companies overcome these challenges by working closely with them for years. The Reltio for Life Sciences velocity pack has an out-of-the-box data model for HCOs, HCPs, and affiliations. Unified core data allows life science companies to obtain a comprehensive and granular view of their customers, leading to increased engagement, better targeting, and the ability to uncover new opportunities. By quickly ramping up high-quality, unified data at scale, life sciences organizations can
- Improve sales effectiveness – Improve sales effectiveness and marketing interactions by leveraging complete, current data on HCPs, HCOs, key opinion leaders, and more. Sales can now spend more time with the right organizations and prescribers to drive additional sales and revenue.
- Enhance physician experience – Enable omnichannel engagement and improved experience, including digital channels for all activities, so customers have a consistent experience across channels of their choice.
- Privacy and consent management – Manage customer privacy consent and preferences, use contextual views to limit access to private data, and enable workflow-driven support of consent changes across all connected systems.
Revolutionize Your Core Data with Reltio’s Cloud-native Velocity Packs
MDM projects can be a CDO’s worst nightmare: frustrating, slow, expensive, and unrelated to business initiatives. As the CEO, Founder, and Chairman of Reltio, I’m excited to unveil our game-changing velocity packs, designed to fast-track core data unification for our customers. Born in the cloud and supported by over a decade of learning, our pre-packaged solutions combine years of industry expertise with helping our customers quickly get the most value out of their data. While the first velocity packs are focused on life sciences and healthcare, we are working on releasing several more this year, including for financial services and insurance. There’s no need to build complex, bespoke MDM solutions from scratch—with our experience customizing solutions for some of the largest companies in the world, companies can now install the preconfigured software and instantly reap the benefits of a cloud-based SaaS offering that quickly and seamlessly unifies your core data.
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