While almost two-thirds of organizations across the healthcare ecosystem have analytics strategies in place, our research shows that only a fifth are driving analytics adoption across the enterprise.
The IBM Institute for Business Value has been listening to what members of the healthcare ecosystem around the world have been saying about their experiences with analytics. We have surveyed 555 executives within the healthcare industry and are about to launch our latest point-of-view, Analytics across the ecosystem: A prescription for optimizing healthcare outcomes. This blog briefly explores just one of the aspects covered in the paper; ‘Importance of enabling organizational strategies with analytics’
The healthcare ecosystem is the convergence of otherwise separate entities, such as life sciences organizations, providers and payers, as well as social and government agencies. Going foreword, gaining and sharing meaningful insights from data across the entire healthcare ecosystem will be a necessity to correlate cost and quality of care. For example, increased interaction among providers, payers, life sciences organizations and patients can help reduce unplanned adverse events. Patients can benefit from more individualized care. Insights from analytics can facilitate continuous learning and promote quality improvement. However, organizations are still struggling with using advanced analytics for gaining such insights. Only 34% of our study’s respondents said they think in terms of analytics that can help gain actionable insight from data.
Enabling organizational strategies using analytics can lead to a significant impact. For example, in a recent IBM Institute for Business Value study about big data, the percentage of respondents in the healthcare and life sciences industries reporting a competitive advantage from analytics rose from 35% in 2010 to 72% in 2012, a 106% increase in two years.
To derive the most value, analytics must become an increasingly important factor in corporate strategy decisions. To position analytics accordingly, organizations must define the enabling analytics strategy, prioritize their roadmaps to address internal requirements and create strategies for future collaborative partnerships across the healthcare ecosystem. A comprehensive plan for governance is a foundational to drive adoption of any analytics strategy. High-level sponsorship of key analytics projects is an important success factor. The most effective analytics initiatives embed small, action-oriented analytics into key decision points of specific business processes that are used widely across the ecosystem. Metrics to measure success should be in place from day one and be tracked. To get the most out of these projects, organizations should focus on early insights that enable refinement of processes over time.
The point-of-view will explore this topic in further detail taking into context the requirements within the organization as well as across the entire ecosystem. Read the paper to learn more and discover the three areas of focus that can have a dramatic impact on your organization and entire ecosystem.