BEDFORD, Mass., Nov. 15, 2016 (GLOBE NEWSWIRE) -- Datawatch Corporation (NASDAQ:DWCH) today announced that KPMG is utilizing the Monarch self-service data preparation (prep) platform to access, blend, cleanse and prepare data for visualization and further analysis in Tableau. Many business users across the KPMG organization are relying on Monarch. Its Healthcare and Life Sciences Practice, in particular, has been utilizing the platform for more than three years to expedite assessments of its clients’ financial performance. What used to take a team of people up to 12 weeks to complete can now be accomplished in approximately five weeks, resulting in substantial cost savings for KPMG’s clients.
The KPMG Healthcare and Life Sciences Practice helps healthcare providers analyze their revenue cycles, identify where they may have operational shortcomings and determine how they can improve performance. As part of that process, KPMG must obtain and blend data from each client’s multiple disparate systems to create point-in-time snapshots of the respective healthcare provider’s business. Traditionally, this data was difficult to extract and consume; in fact, there were certain types of data that KPMG couldn’t access at all, such as 835 Payer Remittance files. When Michael Duke, managing director at KPMG and long-time user of Monarch arrived at the firm in 2013, he introduced the Datawatch platform as the solution to the practice’s data preparation problems.
Datawatch Monarch is equipping KPMG’s business analysts to easily and rapidly mine data from any source, in any format (e.g. CSV, PDF, Excel and text-based extracts, etc.), and prepare it for analysis. The nature of the work KPMG performs for clients is very content rich, requiring team members to understand client data to manipulate it. Monarch makes it simple for business users to apply their knowledge and develop repeatable models that extract the right data for each assessment as well as ensure data accuracy and consistency – all without having to be IT savvy or employ advanced ETL processes.
“Datawatch Monarch is a powerful self-service solution that not only radically reduces the time we spend on data prep for each client assessment, but also gives us the ability to expand the breadth and depth of our analysis,” said Duke. “Before employing Monarch, we used to have to make predictions about a client’s financial performance improvement based on only 30 days’ worth of data. Data prep was a hefty, manual process. Now, we can almost effortlessly take a year’s worth of transaction-level data, equating to millions and millions of rows, and prepare it for visualization in Tableau. As a result, our predictions of clients’ performance outcomes are far more informed and precise.”
KPMG’s Healthcare and Life Sciences practice has been utilizing Datawatch in tandem with Tableau since adopting the solutions three years ago. Everyone in the practice gets a desktop license of Tableau from day one of their employment, and it’s used for all analysis on client sites. Data is prepared in Monarch and pushed to SQL; then visuals are overlaid on the new data sets in Tableau.
“With Monarch, KPMG’s team can prep less and analyze more, saving its clients considerable money and enabling the professional services firm to maximize its internal resources,” said Dan Potter, CMO, Datawatch. “This is an exemplary use case for our self-service data prep platform. We are empowering the business analyst to solve ‘the problem of the moment’ by giving them the ability to easily access and manipulate data, without reliance on IT. By combining Datawatch with Tableau, KPMG can tap all of the underlying data it needs and swiftly make that data analytics-ready so that team members can maximize the insights they gain from the Tableau platform.”
About Datawatch Corporation
Datawatch Corporation (NASDAQ:DWCH) enables ordinary users to achieve extraordinary results with their data. Only Datawatch can unlock data from the widest variety of sources and prepare it for use in visualization and analytics tools, or for other business processes. When real-time visibility into rapidly changing data is critical, Datawatch also enables users to analyze streaming data, even in the most demanding environments, such as capital markets. Organizations of all sizes in more than 100 countries worldwide use Datawatch products, including 93 of the Fortune 100. The company is headquartered in Bedford, Massachusetts, with offices in New York, London, Frankfurt, Stockholm, Singapore and Manila. To learn more about Datawatch or download a free version of its enterprise software, please visit: www.datawatch.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein, including but not limited to those relating to product performance and viability, are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: rapid technological change; Datawatch’s dependence on the introduction of new products and product enhancements and possible delays in those introductions; acceptance of new products by the market, competition in the software industry generally, and in the markets for next generation analytics in particular; and Datawatch’s dependence on its principal products, proprietary software technology and software licensed from third parties. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015. Any forward-looking statements should be considered in light of those factors.
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Source: Datawatch