Einstein Wave is a branch of Salesforce Einstein, which we have previously discussed, that encompasses the analytical tool powered by Einstein. Essentially, Einstein Wave is a Business intelligence Platform that enables Salesforce users to dig deeper into their data to make data-driven business decisions.
For us at ClaimVantage, this will allow us to build Domain Specific Analytics to deliver intelligent insight into claim data, so our customers can make data-driven business decisions.
The image on the right displays a simple spectrum of analytics. Einstein Wave solves the problem of Descriptive Analytics and Diagnostic Analytics, that can help you to figure out what’s happening in your organization, and to explore why this might be happening? It is a level below the Einstein Artificial Intelligence (AI) features that make predictions into future events to develop foresight into what’s going to happen next.
Einstein Wave is effective at analyzing the data you currently have available to you in your organization. As Einstein AI goes a level deeper, it requires large volumes of data that allow the machine to learn from historical data to predict future events. We will explore Einstein AI in detail at a later date.
As we’ve mentioned, Einstein Wave is a step below the full AI capabilities, but Wave is also a step up from the Standard Reporting offered by Salesforce.
Einstein Wave is a self-service, data discovery tool that puts the power of a data scientist into the hands of the Claim Supervisor/Analyst to drill in and dissect their data and discover patterns and anomalies to give them a better insight into their claims data. The table on the left details the difference between Standard Reporting and Einstein Wave.
The wave platform also allows us to incorporate data from anywhere to explore and visualize it and deliver it in the shape of an App from the Salesforce App Exchange.
In short, here is a summary of what the Wave app allows you to do:
- Import Data From Anywhere,
- Explore and visualize your data in a meaningful manner,
- Share results in multiple formats, including image files, Excel, CSV or through Chatter,
- Integrate with your Salesforce Platform, so it works seamlessly with standard Salesforce applications like ClaimFirst and AbsenceDirect,
- Ensure Data Security,
- View dashboards on a mobile device, and
- Analyze millions of rows of data.
We have mentioned that Einstein Wave can help you in making data-driven decisions.
Let’s take a simple example and walk you through how Einstein Wave can drive data-driven decisions. For this example, shown in the image below, we have installed the ClaimVantage Analytics app with the ClaimFirst application. The ClaimVantage Analytics app has a number of simple rules configured to find and score high-risk claims. The Fraud dashboard is built in Wave to allow the user to interact with the Fraud Scores computed.
On first glance, we can see there are a lot of claims so let’s use the widgets provided to drill into the data a little.
As highlighted in the orange box in the image above, we have used the widgets on the left to drill into the data. As seen in the image, the scatter chart is showing:
- Open claims,
- With a fraud score of between 28 – 41,
- A benefit amount of between 1.0k and 7.7k, and
- Submitted within the specified date range.
The recalculated metrics are displayed across the top of the chart, and the pie charts have rendered for the new data set. The table with the claims data has also been altered only to show the claims that are in this new chart we are exploring.
From here there are many different actions we can take. We can drill right into those individual high-risk claims, or we can try to understand the breakdown of risk in those claims with scores clustered around the low to mid 30’s.
The above is just one simple example of how Einstein Wave can be used as a powerful tool in your claims department to dive into your claims data. To learn more, contact us today.