For any business, understanding what is and isn’t working for core operations is the basis for a smooth-running and effective organization. Implementing business intelligence (BI) or, more specifically, the analytics associated with it, gives companies much clearer insight into the data they collect organization wide.
BI is the use of technologies, applications and practices aimed at the collection, analysis and integration of corporate data. The data collected is typically gathered into a “data warehouse”—a central hub where multiple sources of data convene—and is then redistributed into data marts so specific data is easier to access. This data is used by businesses to streamline decision making within their organizations.
While the use of BI and big data analytics is positively impacting many industries, others are lagging behind. The healthcare industry is one of the notable laggers.
Although healthcare establishments generate a wide range of data from claims, billing, electronic health records and more, they are not optimizing this data to improve operations. To make informed business decisions, healthcare providers—like other service providers—need access to precise data. BI services if deployed in healthcare establishments would help these providers better utilize their findings. That is, a well-orchestrated BI strategy—which includes the use of analytics—would improve the quality of care provided while reducing costs.
According to a recent survey by Deloitte, healthcare establishments understand the importance of analytics. In fact, more than half of those surveyed say it is their top investment focus—but acknowledge that their approach is fragmented. Less than half of the participants reported having an integrated and clear strategy for implementing analytics into their infrastructure. Furthermore, the survey showed that spending was aligned with the reported success of analytics. Accordingly, with 30 percent of organizations reporting that they do not track their overall spending for analytics, the root of the problem becomes increasingly clear.
When developing a strategy for deploying analytics and an overall BI plan, there are a myriad of questions that need to be addressed. What is the organization’s business strategy? How do analytics fit into the mix?
Having a collection process for data isn’t enough. The data collected should be used to show how an organization can improve or the challenges it must confront to remain viable.
Pairing with a company that develops BI strategies may be a feasible solution to the disjointed approach that is so common with healthcare providers. Doing so will enable hospitals, medical offices and the like to gain valuable knowledge regarding data collection and its uses.
Developing a strategy is one piece of the puzzle. A third-party BI strategist can help healthcare facilities develop the system architecture and easy-to-use interfaces, as well as programs for their maintenance —all of which are essential to the jig-saw puzzle that is business intelligence—that they need to be successful in the future.
To learn more about how a trusted third-party vendor like AAJ can assist in your healthcare establishment’s use of BI, click here.