Perhaps the most exciting industry to watch in the data analytics revolution is health care, where companies are at once working to achieve internal optimization and maintain compliance with external regulations through the use of intelligence solutions. Because medical firms are tasked with achieving meaningful use of electronic health records and improving patient care while reducing the financial strain of operations, big data is a clear option to meet these objectives.
Competition in other industries, as well as various market fluctuations, are leading businesses of all shapes and scopes to embrace data analytics as well, but looking at those with the most transparent procedures today might be the best option at present. After all, learning from the successes and failures of others can directly improve outcomes for businesses, helping them to avoid common obstacles and more quickly reach optimal performances.
A look inside
CDW recently published the results of a study that sought to discover some of the goings-on in health care sector analytics performances and adoption, and achieved in uprooting several insightful trends. Remember, analysts and experts have indeed stated that the comprehensive achievement of optimal analytics performances in the health care sector would not be realized for decades to come – but these arguments might not be all that accurate after all.
According to the study, roughly 66 percent of the surveyed group stated that analytics are among their top three priorities, while 82 percent of those who have already started to use the tools have seen substantive patient care improvements. What's more, 54 percent saw financial reporting performances move in the right direction, leading to internal operational adjustments that will undoubtedly yield more robust advantages in the long run.
In terms of the core drivers that are leading to significant increases in adoption and investment, 59 percent of the respondents said that managing the high costs of care is paramount, while 44 percent were looking to acquire incentives through the electronic health record program and 41 percent seek to become more accountable.
Finally, it appeared as though the larger the health care provider was, the greater of a chance it had started to embrace analytics on a large scale. At the end of the day, improving health care will likely continue to prevail as the No. 1 objective in analytics, and for good reason, as patients will be more likely to frequent higher quality facilities.
Lessons for others
Now, retailers, restaurateurs, media conglomerates, utilities firms, public sector agencies and many more would do well to position their analytics investments in such a way that keeps the focus on improving decision-making and outcomes with customers. Although these and other types of businesses will certainly have more unique pressures and compliance requirements, watching how the technology plays out in health care can indeed help to reduce guesswork and drive the efficiency of operations.
By partnering with a proven provider of data visualization and advanced analytics solutions, the path toward successful implementation might be smoother and shorter.