Over time healthcare and consumer brands have developed and customized strategies to address industry-specific data challenges. However, these seemingly oppositional industries can also learn a lot from each other and even trade real-world best practices to better optimize their data processes.
Consumer brands stand to benefit from data privacy and protection techniques frequently used in healthcare. While public and private healthcare entities should incorporate the personalization and customer-centric approach of consumer brands to increase patient engagement and revenue.
A key player in optimizing data processes is artificial intelligence (AI). From customer profiling and secure data sharing to privacy compliance, AI is helping uniquely different brands experience the same benefits.
Data scientists are spending 41% of their time gathering and cleaning data instead of focusing on insights. Supporting data processes with AI helps with speed to market and resource capability, empowering healthcare and consumer brands to make more efficient and powerful data-driven decisions.
Put Your Data to Work with Artificial Intelligence
The promise of artificial intelligence is putting your data to work for you. AI eliminates repetitive and laborious tasks and activities related to data management and business intelligence. Rather than going through the painstaking process of manually capturing, cleaning, storing, sharing, and even analyzing your data, AI is here to take care of all of it.
Artificial intelligence frees up your time to focus more on using actionable insights to improve the business rather than drowning in data and falling into stagnation or decline (and falling further behind your more innovative data-savvy competitors).
Today’s brands are clearly recognizing the potential of AI technologies:
- 48% of consumer good executives said they are likely to invest in AI and automation in customer interactions over the next two years.
- 73% of large and mid-sized healthcare organizations expect their investments in AI to increase in the next fiscal year.
Here are a few examples of how AI technologies, like customer data platforms, are helping healthcare and consumer brands gain insights they were missing out on before.
Consumers leave countless hints as they interact with a brand online. With AI, it’s possible to analyze these data points and provide relevant products, services, and information that customers are most likely to interact with. Healthcare consumers similarly have historical behaviors and patterns that should be thoroughly analyzed and acted upon.
How do you increase engagement with a particular group? Or, use actionable insights to support customer lifetime value or risk stratification? Combined with machine learning, AI allows you to adapt to variables such as consumer behavior, demand, and market conditions. AI is capable of generating recommendations based on their needs and preferences.
For consumer brands, this capability enables sales and marketing teams to develop more targeted campaigns that ultimately increase revenue and retention. While healthcare brands can rely on AI to synchronize care delivery and decrease costs using complete, accurate, real-time patient health records and coordinated care.
Advanced analytics involves various statistical methods such as deep learning, machine learning, predictive models, and automation. AI-powered analytics is capable of predicting patterns and evaluating the probability of forthcoming events. This capability helps organizations become more responsive and create accurate forecasts.
Consumer brands might use these adaptive algorithms to predict the best time to advertise a customer’s preferred price point on a brand new product they are highly likely to buy, based on previous transactions.
On the other end of the spectrum, healthcare organizations might use predictive analytics to be more proactive with care plans and determine the best course of action for better patient outcomes.
Customer profiling and segmentation are critical for effective marketing. AI helps classify customers who have similar traits into the same groups. These individual profiles comprise a person’s preferences, behavior, expectations, demographics, and other personalized metrics to carry out effective interactions.
Segmentation also addresses data privacy concerns by storing only the required data and customer-selected preferences, while removing personally identifiable information (PII) of customers.
Both healthcare and consumer brands are leveraging segmentation to legitimately put “personalization” into practice and enhance the entire patient or customer journey.
AI Capabilities That Promote Actionable Insights
SkyPoint Cloud has developed a powerful AI-driven customer data platform that unifies data from siloed systems and offers decision-makers a single source of truth. It’s not just about giving you insights, it’s about making those insights extremely actionable.
Skypoint’s AI is capable of conducting robust analytical processes, encompassing customer profiling and delivering hyper-targeted engagement strategies, all while advocating privacy and compliance.
Some of the key AI features SkyPoint’s platform give you the ability to:
Build Comprehensive Customer and Patient Profiles
SkyPoint’s customer 360 and patient 360 solutions use AI to build comprehensive customer and patient profiles. Everything from communication preferences and transactional patterns to demographics and behaviors is combined into a single accessible profile.
Customer 360 and patient 360 also help solve everyday privacy compliance challenges by collecting and consolidating all consumer consent preferences and selections in one place.
Keep Data Up-to-Date and Accurate Across Systems
SkyPoint’s identity resolution enables healthcare and consumer brands to rapidly identify patient and customer data across disparate systems and resolve inconsistencies so profiles are always up-to-date and accurate.
Identity resolution uses AI and ML to automate data discovery and build connections between PII, user residencies, data sources, and locations. Identity resolution connects the dots and unifies fragmented information so you always have a 360-view of patients and customers available at a glance.
Be More Proactive and Produce Better Outcomes
Again leveraging AI, Skypoint offers predictive analytics so consumer and healthcare brands are able to identify unforeseen opportunities for engagement within complex purchasing paths and across the healthcare continuum. Rather than being reactive, brands can be consistently proactive.
The predictive algorithm learns from historical data to identify risks and opportunities and helps influence future outcomes. Combining predictive analytics with customer/patient 360 and identity resolution (all powered by artificial intelligence) gives brands the power to deliver more meaningful experiences for the audiences and populations they serve.
Accelerate Digital Transformation with SkyPoint
Artificial intelligence is bringing a rapid substantial change to organizations across a diverse range of sectors. Consumer brands and healthcare brands are especially accelerating digital transformation with AI.
AI isn’t here to replace the human workforce…AI is here to augment people’s capabilities. With SkyPoint’s AI-driven platform, healthcare and consumer brands are efficiently solving data problems, automating large volumes of data, and truly understanding and engaging with consumers.
To hear more AI benefits that are directly related to your industry goals and challenges, reach out to the SkyPoint team.