The Vertical Applications of Snowflake

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Posted on February 11, 2021

Why Snowflake?

One of the recent trending topics in the field of data warehousing is Snowflake. What makes it so special you ask? After all, there are other Data Warehousing platforms such as Google BigQuery, Databricks, Amazon’s Redshift and even Apache Spark which offer similar benefits right? So, what set’s Snowflake apart from the rest? The answer is its architecture and its data sharing capabilities.

Snowflake’s Architecture ensures that your storage, computing, and services are kept separate and scale independently such that users can pay for and use both storage and computing separately instead of as a package and paying for features that they might not even use. This consumption-based revenue model of snowflake gives it a great deal of competitive edge over the other competitors. Its data-sharing capability allows you to securely share your workloads and collaborate across your business ecosystem.

Snow Info

Another feature of Snowflake which sets it apart from other competitors is Snowflake’s Vertical Capabilities. No matter which industry you are in Snowflake provides you with services that can help re-imagine your specific industry.

Below are some of the ways in which Snowflake can help your industry.

Financial Services:

The Financial Industry in recent times finds itself facing new challenges with the advent of Digitalization. They need to move from legacy systems while at the same time paying attention to security and compliance issues. Financial fraud and cybercrimes have also been a huge challenge that has been faced by the Financial Industry. This is where Snowflake comes in. The below table shows the variety of ways in which Snowflake is used by Financial Organizations.

  • Build applications and analytics on top of Snowflake.
  • Analyze user click paths to gain insights and improve online products.
  • Optimize pricing to maximize profit.
  • Identify optimal locations for branches and ATMs.
  • Improve fraud detection.
  • Analyze campaign results to adjust spend.
  • Analyze data to uncover investment opportunities.
  • Predict trends by analyzing massive amounts of historical data
  • Accurately price policies by creating customer micro-segments.
  • Optimize new regulatory accounting requirements around insurance liabilities.
  • Increase operational productivity.
  • Determine an applicant’s risk and identify customers at risk of default.
  • Perform risk and compliance analysis and reporting.

Healthcare Services:

Healthcare is one of the services which is constantly growing. Pharmaceuticals and Hospitals are constantly looking for ways to improve the amount of care that is delivered to their patients. To accomplish this goal a great amount of data needs to be collected, stored, and analyzed to provide valid insights that allow the Healthcare professionals to provide better care while at the same time provide faster and more accurate diagnosis. This is where Snowflake can help by providing users with a unified repository for all their data, faster insights, reduced maintenance and costs and the option to share their data securely. The below table shows the ways Healthcare organizations can use Snowflake.

  • Improve the quality of care with a 360-degree view of patients and customers. Identify and reduce instances of fraud, waste, and unnecessary medical fees
  • Build customer-facing applications and analytics capabilities directly on top of Snowflake to improve services, streamline operations, and tap into new revenue streams.
  • Improve patient experiences, support clinical decision-making, and minimize medical waste with advanced clinical analytics. Achieve interoperability with secure data sharing.
  • Develop and deliver lifesaving treatments and devices to new markets quicker through clinical trial analysis. Improve sales, marketing, supply chain, and inventory analytics.
  • Optimize policy and program design with a better understanding of patient journeys from claims to payout. Improve alignment of reimbursements and care outcomes.
  • Inform drug and gene therapy development with deeper insights gained from large-scale genomic data analysis. Support collaborative research with partner institutions by securely exchanging data.
  • Help patients take an active role in their well-being by providing better insight into their personal health data, fitness metrics, and care options.

Retail and Consumer Goods Industry:

Like the Healthcare Industry, the Retail and Consumer Goods industry finds itself facing the need to meet evolving consumer needs while ensuring speed, convenience, and quality. But gaining insight into the thoughts of the consumers is no easy feat especially with an outdated legacy system that makes it difficult to analyze data while at the same time ensuring security and compliance. Most retail organizations are turning to the cloud to resolve this issue and this is where the Snowflake Cloud Data Platform can help. The below table highlights some of the ways Retail Organizations can make use of Snowflake.

  • Build a 360-degree view of customers across all channels to personalize experiences, increase conversions, and improve loyalty
  • Improve supply chain planning and inventory management
  • Anticipate item availability and forecast demand with predictive analytics
  • Determine and optimize pricing models
  • Perform in-store and regional reporting on performance and inventory levels
  • Analyze and share promotional data with CPG partners
  • Reduce costs related to product waste and staffing
  • Increase revenue through targeted marketing and in-store execution
  • Integrate shopper, retail, social media, and advertising data to understand consumer trends
  • Exchange data with retail and advertising partners
  • Track and analyze buying processes and shopping cart abandonment
  • Offer real-time recommendations and promotions

Education Industry:

Educational Institutions are looking for new ways in which they can improve educational delivery. They want a 360-degree view of data to improve the student experience, optimize fundraising opportunities, and become more efficient operationally. This is where Snowflake helps. The below table shows some of the ways in which educational institutions are making use of Snowflake.

  • Enable innovative teaching and learning by leveraging comprehensive data analytics for better academic outcomes.

  • Increase research and advancement program success by creating a single source of truth that allows you to easily store, analyze and extract critical insights.
  • Maximize the impact of Alumni and Donor outreach with personalized messaging
  • Drive collaboration by securely sharing information with students, networks , government and partners.
  • Deliver High Quality Education to every student with Snowflake’s innovative product architecture.
  • Improve progress of students, schools and programs with modern and effective data analytics.
  • Optimise tools, resources and technical assistance to generate comprehensive insights that help to deliver cost effective and reliable services.
  • Strenghthen educational programs with Data.
  • Securely share data with departnements, partners and policy makers at the local, state and federal levels and maximize the impact of federal grants and private, public partnerships.
  • Modernize legacy architecture for better governance and Management.

Want to know more about how you can leverage Snowflake? Contact Korcomptenz. Korcomptenz offers turnkey services to help you take advantage of your companies’ data using the latest machine learning and modeling techniques. As a Snowflake Registered Partner, Korcomptenz can help you understand the needs of your current ecosystem and leverage Snowflake for your business. Request a Consultation Now!

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2021-02-17T07:08:38+00:00

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