The Between Analytics And Business Intelligence Essay

The four pillars of analytics competition are (1) Support of a strategic, distinctive capability, (2) an enterprise-level approach to and management of analytics, (3) Senior management commitment, and (4) Large-scale ambition (Davenport & Harris, 2007).

A fundamental transformation is being observed in the field of healthcare industry as it moved from volume based business to value based business. With increasing demands from consumers for better healthcare quality, plans and increased care, healthcare providers are expected to provide better outcomes. The cost dynamics of health care industry is changing globally, which is driven mainly by longer life expectancy, pervasiveness of chronic illness and infectious disease. New market entrants, new medical approaches have made the things more complicated. All these challenges in the industry open the way for analytics work to expand more. Here in this document, we would like to mainly focus on the following aspects to understand the use of analytics in day to day industry operations.

In order to be an effective analytical competitor, Davenport and Harris (2007) assert that firms must meet certain prerequisites. Those prerequisites are at least a moderate amount of quality data about the type of business that analytics will support, hardware and software, the commitment of managers to develop analytics, and executive sponsorship (Davenport and Harris, 2007, p.16). Analytics is about extrapolating new information and

How to Compete on Analytics    Thomas Davenport describes the prerequisites and the five stages of analytic  competitiveness    By Alison Bolen     Thomas Davenport's article "Competing on Analytics" was the best‐selling Harvard  Business Review reprint in 2006. To write it, Davenport,The President's Distinguished  Professor in Management and Information Technology at Babson College, studied the  characteristics of more than 50 leading organizations that have made a commitment to  quantitative, fact‐based analysis.    Why is the January 2006 Harvard Business Review article so popular? We recently asked  the author and educator that question and discussed further insights from his research  that will be detailed in his new book, Competing

Healthcare is a tough industry to differentiate oneself, especially with analytics. The healthcare industry is renowned for lagging behind in its adoption of technology compared to other industries. Not the therapeutic or diagnostic technologies like sophisticated surgical or high-end medical imaging equipment, but rather the technologies that capture and digitize accurate, valid, reliable and measurable data at the point of care necessary to accelerate transformation and the advancement of healthcare through analytics. Margalit Gur-Arie, Founder of BizMed (2013) sums it up with this comment “computers have eased and simplified the capture, analysis and sharing of financial information, supply chain information, manufacturing information, transportation information, and every

Healthcare environment is growing exponentially. Health care industry is incredibly complex and data management can be overwhelming. A business intelligence platform is required to guide the BI approach and handling of the massive amount of data that is being generated. Executives and analysts were spending hours in designing and development of reports and charts and how to integrate information flowing from various sources. To address relevant issues and challenges, BI deployment in the healthcare industry can provide solution that will impact the organizational capabilities. Passing of the Patient Protection and Affordable Care Act in 2010 (PPACA), has dramatically changed the U.S. healthcare system. The purpose of this reform is to make healthcare available to a greater range of population. There are many components of this act, accessible and affordable healthcare of all, incorporating technology and coordinated healthcare with in a group of providers.

As can be seen from the growth rate which has been consistently improving over the last 10 years and betters than the industry average hence has the potential of improving its performance by incorporating the necessary business intelligence balanced scorecard. It is also to be noted that the US national healthcare expenditures is expected to reach US$ 4.1 trillion by 2019 thus representing 5.8% CAGR from the reported expenditure of US$ 3.1 trillion in 2014. Therefore investment in launching the business intelligence balanced scorecard definitely attracts attention of both public sector as well as private sector organisations.

The healthcare delivery landscape is dramatically changing. As operating costs soar and more patients assume responsibility for a larger portion of their healthcare expenses, hospitals are struggling to redefine collections strategies. Business Intelligence (BI) activities, specifically data mining and analytics, reveal worrisome trends for financial officers leading for-profit, faith-based and non-profit hospital settings.

Businesses today have access to significantly more data than any other time in history; however, most businesses are not capturing or using the data effectively. A report by the Aberdeen Group, “The Executive’s Guide to Effective Analytics,” indicates that “44 percent of executives are dissatisfied with the analytic capabilities available to them today, and that they often make critical decisions based on inaccurate or inadequate data” (Forbes, 2014). Luckily, CEO’s are beginning to recognize the need for analytics and more and more businesses are making a shift towards a data-driven business culture.

We cannot all help but notice the steady decline in our market share for the past consecutive 11 quarters. Annual revenue has shrunk by 40% since we last saw a sales growth. Despite all the cost cutting measures that we have implemented we still continue to see a steep decline in sales. To make matters worse we do not know why, we do not know how and do not have any insight on what the competition is doing and how they are doing it. I’m proposing that we adopt a business intelligence system. This will allow us to see the state of our overall processes, and pinpoint areas of improvement or elimination. In short, business intelligence will allow us to better analyze the organization’s plans and results. I will provide us with insight into what is working correctly at the same time identifying potential problem areas

Healthcare environment is growing exponentially. Health care industry is incredibly complex and data management can be overwhelming. A business intelligence platform is required to guide the BI approach and handling of the massive amount of data that is being generated. Executives and analysts were spending hours in designing and development of reports and charts and how to integrate information flowing from various sources. To address relevant issues and challenges, BI deployment in the healthcare industry can provide solution that will impact the organizational capabilities. Passing of the Patient Protection and Affordable Care Act in 2010 (PPACA), has dramatically changed the U.S. healthcare system. The purpose of this reform is to make healthcare available to a greater range of population. There are many components of this act, accessible and affordable healthcare of all, incorporating technology and coordinated healthcare with in a group of providers.

A fundamental transformation is being observed in the field of healthcare industry as it moved from volume based business to value based business. With increasing demands from consumers for better healthcare quality, plans and increased care, healthcare providers are expected to provide better outcomes. The cost dynamics of health care industry is changing globally, which is driven mainly by longer life expectancy, pervasiveness of chronic illness and infectious disease. New market entrants, new medical approaches have made the things more complicated. All these challenges in the industry open the way for analytics work to expand more. Here in this document, we would like to mainly focus on the following aspects to understand the use of

Part 2. How Business Analytics can be used to gain advantage in a competitive marketplace

“Competing on Analytics” defines an analytical competitor “as an organization that uses analytics extensively and systematically to outthink and out execute the competition.”(1) Business analytics is a new way for companies to separate themselves from their competitors. I recently completed an internship at the firm PricewaterhouseCoopers (PwC) and will work there full-time upon completion of this program. PwC uses analytics to help solve complex business issues and to identify opportunities across different industries. PwC is the largest professional service company in the world and is part of the Big Four accounting firms. PwC operates in over 157 countries with more than 750 offices throughout the world.(2) PwC is structured into three service lines, which are Assurance, Advisory and Tax. The assurance practice audits almost 30% of the global fortune 500 companies.(2) The advisory practice is mainly consulting activities that cover strategy, cyber security and privacy, human resources, deals and forensics. (2) These three practices generated $35.4 billion in revenue in 2015. (2)

Any company of reasonable size knows just hwo vital information is. Capturing, organizing, and analyzing information is one of the foundations of success in the global economy, which is rife with ever-changing features and factors that require constant adjustment in standard operations and in overall positioning in order to develop in an effective manner. For a company engaged in business-to-business (B2B) analytics, information handling isn't simply an important feature of success on an internal basis it is an explicit part of the real product/service being offered on an external basis, and is a fundamental part of the business model. Companies engaged in analytics must maintain a firm grasp on information gathering and handling procedures in a variety of settings, bringing both proven knowledge of concrete relationships and mechanisms as well as the creativity required for innovation and original investigations to each of their client relationships in order to ensure business clients are receiving the best and most relevant information according to their needs and circumstances. In order to provide consistently strong service, then, companies providing business-to-business analytics services must ensure that they themselves maintain accurate and comprehensive information regarding their client companies' specific internal demands and