What just happened? What will happen next? And what should we do about it? You ask those questions in different ways every day and your plan’s future is always in the balance. In an environment where the risk-reward equation keeps getting tighter, data doesn’t help. Insight does. The engine that can turn your data into insight is analytics.
Analytics becomes more powerful the more it functions as a strategic enabler. It’s a business function that needs to take its cues from the bottom line—not just business-aligned, but business-led. Like any business function, analytics is a resource you should direct where it’s most effective. Instead of trying to know everything, start with the most critical issues—for example, patient engagement or treatment efficacy—then mine the available data for what it can teach you.
Is this the way you exploit your financial, clinical and consumer data today? Do you know not only how to enroll a lot of members, but also how to enroll the ones who most closely match your business objectives? And do your know how to serve consumers in a way that cements their loyalty? Have you built these expectations into your culture and daily processes?
A business function earns its keep when you hold it accountable for the return it generates. When approached with the right mindset, analytics has the potential to pass that test many times over.
See Thinking forward for more insights on this issue.