Struggling to become a data driven organization 20 to 40% of all health sector resources are wasted.
GE estimated that a 1% efficiency gain could lead to more than $63 billion in global healthcare savings.
With hospitals facing unprecedented cost pressures, tracking and optimizing patient flow,
treatment, and equipment use is becoming increasingly difficult. How could hospitals
overcome their primary challenge of efficiently treating as many patients as they can, while
simultaneously improving the quality of care. This is where data analytics comes in handy. In 2011, a
study by MIT Sloan School of Management found that businesses engaged in data driven decision making
have output and productivity that is five to 6%, higher than what would be expected.
The beauty about the state of business intelligence and data analytics in 2020 is that technology
makes it possible to measure, test and improve almost everything within your business operations.
From your ad campaigns to real manufacturing costs, customer relationships, talent, and more.
The right analytics tool can help you keep track of critical data and allow you to respond in real time.
Here are some steps you can take to help you cover your basis, gain clarity,
and work towards becoming a data driven company. Define the primary challenge your business faces.
While it's completely normal to have a list of problems you'd like to overcome at any given
moment, you might wear yourself thin trying to solve them all at once. Instead, look for
a problem big enough that if solved, it would also help you solve the others on that list of yours.
Don't just ask yourself, ask your colleagues to they might see something you didn't. What's
the biggest challenge from their point of view. Here's an example. When Amazon the world's largest
e commerce retailer created a guaranteed one day shipping policy for Prime members, their primary
challenge became quick shipping. With the help of data analytics tools, they were able to collect
user behavioral data for predictive analytics and found ways to improve the supply chain.
In other words, the company cut down shipping time to one day or less,
and managed to successfully predict when shoppers were going to make a purchase.
The result Amazon now leverage is the power of analytics and business intelligence to start the
process of shipping products to users, even before they make a purchase. That's not all. Achieving
one day shipping probably also helped the company solve other problems, like acquiring new users,
increasing Prime member retention, increasing the percentage of Amazon Prime members and more. Look
for critical gaps in the existing data that you're collecting. data by itself is meaningless. With
your business's primary challenge in mind, you now need to think about how data can help you solve
it. What do you need to know that the current information available can't help you figure out?
What would you like to have hard data on? What decisions are based on assumptions? For example,
is it easy for you to know who your most valuable customers are? What about where they come from? Do
you know what's being done to retain them, and what strategy employed is the most effective?
select the right business intelligence tool for you.
Once you're clear on both the primary challenge that you want to solve,
and the information you need to get the job done. It's time to learn about the business intelligence
tools available to you. You need to learn what they're capable of and what their limitations are.
Analytics is supposed to help us discover the bottlenecks in our operations where the gaps
are occurring, and how to allocate resources to achieve our business goals. It's easier
said than done. And here's why. Imagine that you were the Chief Financial Officer of your company.
Due to a growing importance to your customers, employees, and the bottom line,
you want it to start tracking non financial key performance indicators,
like sustainability, customer satisfaction, talent, pool, efficiency of business processes,
and brand reputation with the same analytic rigor that you apply to financial measures,
like return on investment. However, there is a solution. With the right business intelligence
tool in place you could track, monitor, and quantify unstructured data in real time.
As a result, you'll have more accurate, timely and reliable financial and non financial information
on the performance indicators driving the business
and which employees are driving that performance. Today, the ability to quickly gain cross
functional insights can dramatically increase your competitive advantage and abilities to survive.
The most predictable way to gain this ability is to have a connected system.
We can help you with that. Invest in a data analytics strategy and stay ahead of the game.
For more information, visit www.cubeware.com