This article was written by Amber Hamilton and originally appeared on the Informatica Blog here: https://www.informatica.com/blogs/announcing-informatica-intelligent-data-management-cloud-for-financial-services-for-healthcare-and-for-life-sciences.html
Informatica introduced the Intelligent Data Management Cloud (IDMC) in April 2021. IDMC is designed to help businesses truly innovate with their data on any platform, any cloud, for all stakeholders across the enterprise, beyond just IT. In the year since its release, we have seen amazing adoption of IDMC, spanning customers of every size and in every industry segment — including Fortune 10 banks, financial services firms and leading healthcare and life sciences companies.
“Having the right data at RBC Wealth Management to grow our business, service our client needs, and manage the business with operational excellence is critical for our Advisors and their Clients,” said Greg Beltzer, Head of Technology at RBC Wealth Management. “Informatica has been a long-time partner for many years providing us with industry-proven solutions to help us get clean, valid, and useful data in the systems we use each and every day for our clients, financial advisors, marketing, and customer service organizations.”
Recognizing the value IDMC has already delivered to our industry customers, I’m excited by our announcement today at Informatica World of the Intelligent Data Management Cloud for Financial Services, and the Intelligent Data Management Cloud for Healthcare and Life Sciences . These IDMC for industry platforms follow our recent announcement of the Intelligent Data Management Cloud for Retail. They demonstrate our commitment to enhancing the value of IDMC for our industry customers. We are helping them with their need for greater digitalization, including modernizing to the cloud and providing connected experiences for all stakeholders.
“Informatica’s IDMC for Healthcare and Life Sciences can help us turn data into valuable insights by rapidly accelerating how we ingest, analyze and govern data on the cloud,” said Amar Gurivireddygari, Chief Data and Analytics Officer at Blue Cross Blue Shield of Kansas City. “IDMC’s out-of-the box healthcare accelerators will greatly reduce the time to value on cloud modernization and move us from day-to-day data management to driving data-led innovation.”
Powering Digital Transformation with Industry-Specific Accelerators
Financial services, healthcare and life sciences industries have changed dramatically over the last decade. Advancements in digital, data and analytics such as mobile banking and telehealth have transformed the fundamentals of how organizations operate, transact and interact with customers, employees and partners.
The Intelligent Data Management Cloud for Financial Services and the Intelligent Data Management Cloud for Healthcare and Life Sciences are industry-specific solutions that leverage IDMC as their foundation. They combine pre-built accelerators, including data models, data quality rules, data libraries and metadata scanners, with specific user interfaces. These will greatly speed the time to value for cloud modernization and move customers from managing data day-to-day to driving data-led innovation, resulting in better strategic decision making and more effective processes.
Together with our global system integrators and ecosystem partners, Informatica’s industry solutions can help financial services, healthcare and life sciences companies access and leverage “fit for business use” data to support their top initiatives. In this way, IDMC delivers data that is managed, governed and available as a strategic asset to enhance operations and drive innovation.
Driving Business Success in Financial Services
The Intelligent Data Management Cloud for Financial Services enables our customers to grow, operate and protect their businesses in this rapidly changing and competitive environment by enabling the following business imperatives:
- Improve customer experience by helping financial institutions access and deliver clean, trusted and valid data between the systems that support customer engagement and interaction, across any channel, device or business unit. IDMC for Financial Services provides a 360-degree view of the business that helps everyone from customer service, sales and financial advisors to insurance agents deliver exceptional customer service.
- Grow the business by allowing marketing and sales organizations to identify new cross-sell opportunities to expand wallet share with existing customers, drive new revenue streams and retain customer relationships. The platform provides organizations with clean, valid and holistic data about each customer relationship, the accounts or policies they own, and how they are related to other customers, employees or business entities.
- Comply with industry regulations, including Dodd Frank, CCAR, BCBS 239, MiFiD II, PSD2, BSA/AML and NAIC statutes in the United States. The platform ensures applications have access to clean, valid, understood and transparent data while enforcing data standards, policies and definitions for ongoing use.
- Strengthen risk management by helping organizations achieve a 360-degree view of data. Our platform ensures data is accessible, clean, valid, transparent and understood to help identify, measure, manage and monitor risk across the enterprise.
- Increase business agility by helping companies respond to time-sensitive opportunities to grow the business and respond to competitive threats, real-time operational risk exposures and customer service requests. Our platform provides business users and their applications with timely, clean, valid, transparent and protected data.
Banking, financial services and insurance organizations are searching for new ways to thrive in a data-intensive, highly regulated, and competitive environment. IDMC for Financial Services is helping financial firms to embrace these challenges and evolve their businesses.
Accelerating Innovation in Healthcare and Life Sciences
With the Intelligent Data Management Cloud for Healthcare and for Life Sciences, our customers can achieve the following business imperatives:
- Improve the health of populations by providing a 360-degree view of all known information about a patient, member or consumer. This 360-degree view accurately associates clinical, claims, study and social determinants of health data – among many other sources. It also fuels advanced analytics for developing the predictive and prescriptive models needed to design and implement impactful population health programs.
- Deliver an exceptional consumer experience across all channels of interaction — in-person, digital and remotely — to create happy and engaged members. Engaged members lead to better outcomes, lower costs and less membership churn.
- Ensure regulatory compliance, an essential component of healthcare and life sciences that affects virtually every area of the business. Regulatory compliance often drives innovation such as interoperability for health plans, data blocking for providers and their vendors, and advances in commercial operations, R&D and manufacturing for life sciences companies. Compliance in these areas is almost entirely a data management activity that benefits from trustworthy, high-quality data to reduce errors, eliminate rework and drive efficiency.
- Create value from mergers and acquisitions (M&A) by accelerating the customer-facing front office operations, along with back-office integration between merged entities. We’re seeing both horizontal M&A activity to extend market reach and vertical integration to deliver a more comprehensive, seamless experience to the consumer. Organizations are driving enhanced revenue and competitiveness, reducing costs and realizing efficiencies by relying on a foundation of reliable, trustworthy data shared across the enterprise.
- Reduce costs by modernizing infrastructure and consolidating applications and data workloads to the cloud. This is a focal point of healthcare and life sciences organizations of virtually every size and often driven by M&A. These massive undertakings touch every area of the business. Reducing the operational, financial and schedule risks of these initiatives is critically important.
Healthcare and life sciences organizations are searching for new ways to adapt to the conditions of an uncertain and highly regulated market landscape. With IDMC for Healthcare and Life Sciences, organizations now have the insight, analytical power and collaborative tools to drive more informed decisions through personalization, connected experiences and 360-degree views of their business.