Use Your Data for Strategic Impact on Value
We live in a world overflowing with data. I’ve written before about big data and the danger of focusing on data to the exclusion of driving meaningful insights. Without using data effectively, we can’t affect positive change.
The HealthLeader’s report, Impactful Analytics: Driving Clinical, Financial, and Cultural Change had some excellent insights on how healthcare organizations can utilize data to drive meaningful change and create value. HealthLeaders noted: “Developing operational and strategic imperatives from all that data is dependent upon analytics…Leaders are making critical decisions on the tools that will help them make sense of their data to not only drive smart clinical decision-making, but to allocate scarce resources toward gaining efficiency and competing on cost.”
With money tight and margins thin, analytics are critical to proving value. To get this type of impact, organizations have to learn to think of data as a strategic asset. Organizations that have gone through this evolution can be more confident about moving into greater risk.
Sure, it’s a challenge to wade through all of the information and deploy data insight strategically. But, if organizations look at the value construct of the analytics and connect quality improvement, operations, and finance to value, that’s when the magic happens.