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Reltio: Pioneering Data Driven Future
Manish Sood, CEO and Founder, Reltio believes that the path to a holistic view lies with enterprise data-driven applications (DDA) for everyday business users, fused with modern data management that IT can rely on. Reltio Cloud brings together that exact combination to form a continuous closed loop of reliable data, relevant insights and intelligent recommendations. Modern data management goes beyond Master Data Management (MDM)—a technique that standardizes and cleanses data, incorporates rules to determine the most accurate and valuable field values, and cross references duplicate records. MDM falls short by not providing visibility to the entire span of business activities, which includes transaction and interaction data. Instead it’s used only as a separate back office process to feed legacy applications such as ERP and data warehouses. For example, most organizations still need to go to multiple systems and data sources to see who prescribes their products, the rank of their products among competitors, the affiliations and makeup of committees that determine formulary placement of their products, and more. Even if they could bring the information together through analytics, they have no direct way to correlate analysis into actions a frontline business user should take to achieve better outcomes. “We are challenging the traditional notion that IT must combine multiple technologies to manage different types of data, and that it’s sufficient to provide business analysts and data scientists with standalone tools to perform their own analysis,” says Manish.
Reltio Cloud’s enterprise data-driven applications are tailored for the role and business goals of each user. They are as easy to use as consumer data-driven applications such as LinkedIn, and each application can be deployed in phases for specific business initiatives.
Reltio’s modern data management foundation for DDAs dynamically cleanses and reconciles data to uncover relationships within and across Healthcare Professionals (HCP), Healthcare Organizations and more. Any type of master data, transaction and interaction data, third party, public and social data can be brought together and related through Reltio, with full security, privacy, and auditability meeting the highest IT data quality and compliance standards.
Buying Data as Easy as Shopping on Amazon
Organizations that license data from third party data providers or want to leverage open data sets traditionally had to burden IT with loading data through cumbersome batch processes. By providing these data sets through data-as- a-service (DaaS) Reltio has lowered the barrier for companies to integrate and augment data within their enterprise, and provided third party data providers with a mechanism to sell their data to new audiences. Reltio has formed partnerships with data providers such as MedPro, DarkMatter2BD, Health Market Science and Enclarity (now LexisNexis) to bring their datasets in the cloud. Users of Reltio DDA scan search across all data sources, purchasing data Amazon-style on demand to give them a broader insights which they can act upon right there and then.
Manish proudly added, “Endusers of a Reltio DDA can even collaboratively improve the quality of the data. Since many frontline business users meet with their customers such as HCPs and HCOs, they have access to the very latest updates, which they can feed back to the vendor for credits, a win-win for all.” Meanwhile, the same data subscription capability can be used internally between departments. In other words, each deployed DDA can subscribe or share data with another DDA. Data from affiliations, plan and payer, HR CIA, product and HCP/HCO master information can all roll up to feed a key account management DDA.
For any cloud offering security is a big concern. Cases such as exposing of millions of credit cards, e-mails, employee records, and databases have caused concern, even though in most of those scenarios the data wasn’t even stored in the cloud. Reltio ensures all data is completely encrypted and secured. Reltio also adheres to healthcare and life sciences specific industry standards and security policies. “Certifications and accreditations strengthen the security around our data-driven applications, giving our customers peace of mind,” describes Manish.
In fact, Reltio has been used in multibillion-dollar M&As in which security and privacy is of the utmost importance. Reltio was able to reconcile the data for each of the merging parties into their separate clouds, then using DaaS to bring the data into a shared “clean room” cloud that only the auditors could access. This not only helped accelerate the pre-merger analysis of synergies and overlaps between the companies, but also provided the foundation for new DDAs going forward for the combined entity.
Social, mobile, analytics and cloud (SMAC), are key trends that healthcare and life sciences companies should care about and Reltio is uniquely positioned to support them. “Data generated from a variety of sources such as multi-channel and omni-channel customer interactions, as well as Internet of Things for patient care for example, will scale to big data volumes as historical data must be retained,” predicts Manish. “It’s a lot of data to gather let alone understand, and look back on when needed! The ability to create reliable data, uncover relationships to form relevant insights and ultimately eliminate the lag to delivering recommended actions directly into the hands of business users is what will be key,” says Manish.
The Future Contains New Business Opportunities
Reltio is helping guide healthcare and life sciences companies towards a datadriven future. The team reviews requests provided directly by users through a feedback button built into the product, to add new capabilities for better customer insights and recommendations. Reltio also serves other markets such as oil and gas, retail and distribution, enabling cross industry pollination of ideas that can benefit healthcare and life sciences.
Reltio has a multi-pronged agenda: to give healthcare and life sciences the ability to better manage and gain insight into their data and relationships to improve the efficiency and effectiveness of their R&D and commercial operations. Along the way, companies will be able to perform more efficient M&A, better serve the HCP and HCO community, align themselves with better patient outcomes, and even find new and exciting ways to monetize their valuable data assets.
October 23, 2017