Data silos can increase operational costs by 30%
We’re told a lot of things about data: it’s the new currency; we give too much of it over to companies without question; it was a criminally underrated character in Star Trek: The Next Generation. What is happening though is that organizations are gathering more information than ever before. While this influx of information can offer unprecedented insights and advantages, it also presents a massive set of challenges. One of the most glaring issues businesses face today is the problem of data silos. Astonishingly, data silos can inflate operational costs by up to 30%*. If you’re the head of a company, a CTO, a manager or even a data analyst in banking, insurance or healthcare, this should be your wake-up call.
At Praxi Data, we’re on a mission to tackle these challenges head-on. Our scalable automated data curation and integration solutions are designed for the enterprise. In sectors like insurance, life sciences, and banking, we’re leveraging machine learning with expert, pre-trained libraries to break down these silos in order to create efficiencies that allow your business to scale.
Praxi Data’s founder, Andrew Ahn, has more than 15 years of experience in big data management. His objective is to empower businesses with the insights they need to thrive in a data-driven world. He doesn’t want your staff manually cataloging data and wasting hours of their time (and yours!) in the process. He wants to provide them with the tools they can use to catalog data and to derive insights from the information they need to work more effectively.
The silent epidemic of data silos
Data silos occur when data is stored in isolated repositories, inaccessible to other departments or teams within an organization. This isolation inhibits the flow of information, stunts innovation, and hinders operational efficiency. In the worst cases, it can lead to uninformed decision-making, adversely affecting the bottom line of businesses in critical sectors.
The financial impact of data silos is often underestimated. Inefficient data handling can often lead to increased operational costs. Think about what that means for your budget and resource allocation. In sectors such as banking and insurance, where operational efficiency is paramount, such added costs can severely compromise competitiveness.
Impact on decision-making
There are three industries that Praxi Data has helped businesses organize their data effectively: banking; insurance; healthcare. In banking, data silos can disrupt risk assessment, fraud detection, compliance and customer service. Having disparate databases means your risk models may be working with partial information, which can lead to costly errors.
In the insurance sector, data silos can cause inaccurate premium calculations and slow down claim processes. Insurers may miss out on vital trends and anomalies, leading to an imprecise risk profile. This can result in higher premiums for customers and lower profit margins for the company.
In both banking and insurance, the lack of a centralized data system can also impede decision-making. With fragmented information spread across various systems, it becomes challenging to get a holistic view of the business operations. This hinders the ability to make informed decisions based on accurate and up-to-date data.
Praxi Data's solutions have proven to be effective in consolidating and organizing data from various sources into a single platform. By breaking down data silos, businesses in these industries can improve their operational efficiency and reduce costs associated with managing multiple databases. This not only leads to better risk assessment and fraud detection but also allows for more efficient customer service.
In healthcare, siloed data can be a matter of life and death. A lack of comprehensive patient history can lead to incorrect diagnoses, delayed treatments, and increased healthcare costs.
The Praxi Data solution
•Scalable Data Integration
We offer scalable solutions for automated data curation and integration. Our pre-trained machine learning models, specifically designed for use-cases in banking, insurance, and healthcare, provide an avenue for seamless data consolidation.
•Reducing Dark Data
Our technology doesn’t just organize data; it illuminates dark data – information that is collected but not used. By doing so, we unlock new opportunities for insights and analytics that can drive business growth.
•Empowering Analytics
Praxi Data’s pre-built libraries aim to fast-track data-driven decision-making in your company. Our thousands of discovery models provide in-depth insights, allowing your teams to act more intelligently and responsively.
Data curation and management are no small feats, and they require a robust and flexible architecture. At Praxi Data, our systems are designed to accommodate the unique needs of different sectors. Whether it’s handling sensitive patient information in healthcare or managing complex risk models in insurance, our systems are built to be both secure and adaptable.
Advanced taxonomies for data
One of our flagship services is creating taxonomies for data. These taxonomies accelerate the development of AI and machine learning models by offering a structured framework within which data operates. Advanced taxonomies enable us to curate and manage your data more efficiently, ensuring that all datasets are optimally used and nothing is left to stagnate.
Leveraging AI and machine learning
By incorporating AI and machine learning into our data management solutions, we automate the complex process of data curation. Traditional methods of data integration are labor-intensive and prone to errors. Our automated systems, trained by experts, minimize manual intervention, thereby reducing the margin for error and significantly accelerating the data management process.
Case Studies: proof of concept
Our claims are backed by tangible evidence. We have worked with numerous clients across various industries transforming their data management processes and significantly reducing operational costs.
One of our most notable success stories comes from a leading bank that faced challenges with its risk assessment models due to data silos. After implementing our automated data curation and integration solutions, the bank not only eliminated its data silos but also improved its risk assessment accuracy by 40%.
In healthcare, we worked with a medical consultant in one hospital who was struggling with patient records scattered across various departments. Post-integration of our system, the hospital saw a 20% reduction in administrative costs and a significant improvement in patient care due to easier access to comprehensive patient histories.
The road ahead: vision for a data-integrated future
Looking ahead, Praxi Data aims to continue pushing the boundaries of what’s possible in data management. With our ongoing commitment to research and development, we are consistently improving our pre-trained machine learning models and expanding our range of services. We aim to become a global leader in automated data curation, empowering organizations to achieve a level of efficiency and insight previously thought unattainable.
Our proven track record speaks volumes. We’ve designed and built high-performance solutions for top organizations in the financial, banking, insurance, and healthcare sectors. Our innovative, reliable products solve real-world problems and create tangible value for our clients and partners.
Act now
Data silos aren’t just an IT issue; they’re a business challenge that needs immediate attention. Whether you’re a CEO, CTO, manager or data analyst, you can’t afford to ignore the toll that data silos are taking on your organization. Praxi Data can provide the expertise, technology, and strategic vision to help you break down these barriers. Let’s work together to reduce your operational costs, optimize your data management processes, and position your business for a data-driven future.
To discover more about how we can assist your organization, get in touch with us today or visit our website and learn how we can transform your data into your most valuable asset.
* IDC Market Research also states that companies can lose up to 30% in revenue annually due to inefficiencies resulting from incorrect or siloed data.
