Investing in Your Data Products to Survive Economic Uncertainty
Even with unemployment at record lows and continued job growth, stubborn inflation and rising interest rates have been causing big mood swings across all sectors of the economy. Inflation has received a lot of attention in the news over the past few years. But inflation of biomedical research and medical care costs have generally exceeded core inflation for decades, making recruitment and retention costs even higher in the current labor market. And with global financial stability at risk once again as the U.S. government counts down to another debt limit negotiation, the effects could be particularly toxic for healthcare companies.
While healthcare leaders have already been responding to a variety of challenges, including inflationary pressures and a loss of demand for some services, they will likely need to be better prepared for the effects of a recession on healthcare demand. In the life sciences industry, the same challenges apply, with the need to budget enough runway to make it to the next phase in each product cycle and balance new development. And unlike other industries which may be able to reduce office real estate costs and salaries through work-from-home initiatives, there are real limits to what can be done to manage costs in the healthcare or life sciences space. At the foundation of planning for the future is having data that you can rely on to paint an accurate picture. With better data, decisions can be made more quickly, which means delivering project goals on time and within budget.
Remove the uncertainty from your data to de-risk your future business plans
Data with gaps and inaccuracies, and data that changes over time, can cloud your view. But living in uncertain times does not mean you have to live with uncertain data. Data products can help you survive in a competitive landscape by accelerating your organization’s ability to gain valuable insights from data through the delivery of clean, curated, continuously-updated data sets. For budgeting purposes, reducing the risks associated with dirty data is a big win and an investment that yields future returns.
What defines a good data product?
Good data products are designed to meet four core principles that bring certainty to your data:
Discoverable and interoperable using intuitive user and machine interfaces that support real-time operations. Be able to access and navigate data with confidence, interacting with real-time information on business operations.
Comprehensive and consistent by aligning to a domain-specific, universal schema and enriching data with reference data sources. Find clarity in your data, no matter how many idiosyncratic sources it comes from, by refining and enriching it into a single source of truth.
Clean, accurate, and reliable with validation and cleaning based on global standards and version control for monitoring and provenance. Stop worrying about whether or not data is missing, inaccurate, needs reconciliation, or has an unknown source.
Curated and continuously-updated using pre-built, machine learning-based matching models. No matter how many sources you need to integrate or how much data volume you need to keep up-to-date, pre-trained machine learning models are highly-scalable and efficient so you can see up-to-date views of your data faster.
Your best budgeting strategy amid economic uncertainty is to invest in a future-proof data product strategy that will enable your business to survive now and thrive in the future.
Investing in your data products as an asset during uncertain economic times
Rather than settle for an educated guess when you are budgeting, using data products helps you make decisions based on insights from solid analytics. Whether you are frequently onboarding many large new data sources, or trying to reconcile vast amounts of records with unknown data quality, Tamr Mastering’s data product templates can help you create clean, curated, and continuously-updated data to improve business outcomes and better plan for the future. Data products help solve problems that complicate the ability to gain insights at scale: deduplicating redundant data, enriching data to fill gaps in missing data, keeping data continuously up-to-date so it is never stale, and unifying records split across multiple entities for accurate analytics.
Tamr Mastering’s data product templates are built for turnkey use, taking advantage of pre-built, industry-specific data schemas that can integrate any number of sources, fully-trained matching models optimized for scale and accuracy, and workflows that can clean, enrich, and consolidate enterprise-scale data volumes. Let’s look at what creating data products looks like and how it can produce operational benefits that will be key to future budgets and planning.
The operational benefits of data products
A low/no code environment with turnkey templates makes it fast and easy for any organization to quickly get started and find insights and value based on real-time data
Mastered records create and maintain a single version of entities, consolidating the best information
Orchestration functions schedule continuous cleaning for up-to-date accuracy
During challenging and uncertain times, data products can help you navigate your financial future by providing clean, accurate data for use in analytics and forecasting. Whether you need to frequently onboard large amounts of new data sources, improve data quality with cleaning or enrichment, or keep data refreshed to reflect up-to-date operations, Tamr can help. Using Tamr Mastering’s to improve your financial position and planning now is one of the most important first steps you can take to secure your financial future.
Many life sciences and healthcare industry leaders rely on Tamr. One healthcare leader, P360, used Tamr patient and provider mastering solutions to build a mastering engine that supported client implementation. Using built-in enrichment capabilities, they were better able to support their clients with accurate, enriched, and complete data on physicians, hospitals, and their related entities. Their CRM system is now powered by accurate customer data for more effective sales and marketing campaigns.
Navigating change and finding future value in data products
The only certainty in the future is that there will always be a need to navigate change. Even with the best data, there will always be uncertainty over when another recession may occur and how to avoid another financial crisis. No matter what the future holds, having reliable data products will prepare you for weathering the storm.