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Does Business Intelligence Continue to Grow in Health Care Industry

Business intelligence can be put to use in any industry, as it has near-limitless applications as long as there is data to be analyzed, and it is growing increasingly popular among health care facilities. The latest market research report from MarketsandMarkets indicated this sector of BI is growing nearly twice as fast as the overall BI market. As more health providers begin to take advantage of data analysis, it is likely that they will find even more ways to put collected data to work to improve everything from patient care to hospital administration and cost-savings.

Health care market embraces business intelligence
A report released in February by Research and Markets predicted that the overall BI market would see a compound annual growth rate of 8.9 percent between 2013 and 2018. While this is impressive, the health care sector’s expected growth outshines it dramatically. The MarketsandMarkets research found that the market for BI in the health industry is expected to grow at a CAGR of 14.8 percent in the same period.

It’s likely that the health care industry will show more interest in mobile BI and cloud BI, as technologies in the field are expanding in these directions as well.

Putting data analysis to work in health care field
“We, as a society, need to start creating our own metrics for how health care quality is defined,” said Dr. Anil Jain, senior vice president and chief medical officer at Explorys, according to InformationWeek. “In the sense of looking at costs, we know where there’s avoidable cost in health care. We just need to get folks the data they need to avoid those pitfalls.”

Analyzing patient data can give medical professionals insight into everything from daily emergency room admission rates to rehospitalization risks that can help them improve care delivery, cut costs and create a better environment for doctors and patients. InformationWeek highlighted the University of Pittsburgh Medical Center, which used data analysis to predict whether patients would need long-term care, emergency services or repeat appointments. By examining the patient data, the hospital was able to improve patient care.

Health care professionals interested in getting the most out of data analysis might want to look for a BI solution like Necto 14. Panorama’s latest software offering puts the power of analytics into the employees’ hands. The dashboard is intuitive and user-friendly, which makes it easy for anyone to collect and manipulate data, even if they are not data experts.

Businesses turn to collaborative BI to get things done

There are plenty of advantages to employing business intelligence tools in your business, and it can be even more useful when various members of the company can collaborate on projects. Of the many trends evolving around business intelligence, collaborative BI is growing rapidly as more and more enterprises embrace the team approach to data analysis. As the expression goes, two heads are better than one when it comes to putting data analytics to work for a business, as teamwork can allow good ideas to flourish whether choosing which data to use for a given project and how to interpret the analysis.

Interest in collaborative BI grows
Dresner Advisory Services recently released its third annual Wisdom of Crowds® Collaborative Business Intelligence Market Study, and the results made it clear that collaboration is key when it comes to analyzing data with a BI solution. The survey revealed that this aspect of business analytics was important to more than 60 percent of surveyed businesses around the world, according to Midsize Insider.

“… this year there is a rebound in interest in collaborative BI, placing it above such high-profile topics such as big data and social media,” Howard Dresner, the organizations founder and chief research officer, explained. “In addition, we see a much closer alignment between the tools and capabilities that users want and the features and functions that vendors are incorporating into their offerings.”

Harness benefits of collaborative BI
The ability to combine analytics with social applications and crowd-sourcing opens up a world of possibilities for using data to improve operations and strategies. Working with others on a project involving data can make it easier to interpret the information and determine the best way to use the analytics to make changes to current and future projects and operations.

It helps to have a BI solution that makes collaboration easier, and Panorama has software that can satisfy this needs. Necto 14 takes teamwork to the next level by offering options for collaboration along every step of the process from determining what raw data to use to analyzing that information to organizing it with data visualisation. The software allows multiple people to work simultaneously on the same projects, as they can make notes on various infographics, charts and other data and share instantly with their team.

Big data trends that impede business intelligence

While business intelligence is seeing continued growth, the rate of expansion has slowed due largely to the way companies approach big data. The latest Gartner report indicated that business intelligence experienced an average 8 percent growth in 2013 across the globe, but no one saw improvements higher than 12 percent. According to Data Center Dynamics, the limited amount companies and their employees know about big data is a major reason behind the slowed growth of BI.

Lack of know-how
Big data, which encompasses massive swaths of information, can seem intimidating for those unprepared to harness the potential of data analytics. The news provider suggested that part of the reason big data remains such a mystery to some is that they don’t know how to best put it to use for their businesses. This encompasses everything from knowing which data to examine when looking at a specific operation or strategy to analyzing and interpreting sets of information and how they relate to one another.

However, firms can invest in a BI solution like Panorama’s Necto 14 that makes it easier to collect and interpret relevant data. This software can suggest which sets of information may be useful for a particular inquiry, giving users the ability to gain valuable insights regarding various departments and processes.

Too much importance
At the same time as businesses are having trouble harnessing big data correctly, many are also placing far too much emphasis on this large pool of information. The focus tends to fall more on the collection and storage of big data and less on data discovery and analysis, according to Venture Beat. Having all of this information is only useful when it is then analyzed and put to use to improve a business. In many instances, this can be due to the lack of know-how when it comes to using the data effectively. The self-service BI tools available in Necto 14 allow any member of an organization to extract and interpret big data so it can serve to help departments make strategic changes to various policies and operations.

These issues will likely diminish as more companies embrace modern and intuitive business intelligence tools that can help them better harness big data. Inquirer.net reported that new applications and software that focus on making big data more accessible will put the power of data analysis in the hands of more workers.

Company: Advocate Health Care

Leading Health Care Provider Utilizes Robust BI Solution to Manage Key Performance Indicators and Enhanced Drilled Down Data

Company Overview

Advocate Health  Care, one of the nation’s top 10 health care provider, based on clinical  performance, is the largest health system in Illinois and one of the largest  health care providers in the Midwest. Advocate operates more than 250 sites of  care, including ten acute care hospitals, two integrated children’s hospitals,  five Level I trauma centers (the state’s highest designation in trauma care),  two Level II trauma centers, one of the area’s largest home health care  companies and one of the region’s largest medical groups. Advocate Health Care  trains more primary care physicians and residents at its three major teaching  hospitals than any other health system in the state. Continue reading

Social business intelligence has much to offer companies, expert says

Companies that deploy social business intelligence are able to analyze and take advantage of various new forms of information, Forrester Research senior analyst James Kobielus said in a recent interview with eCRM Guide.

According to Kobielus, social BI allows businesses to bring in unstructured and semi-structured information from various customer sources. And such information allows companies to form a full view of customers, including their demographics and their pyschographics, to better understand how they will react to market shifts.
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Gartner analysts predict the future of business intelligence software will be social

Social media is changing the entire information technology landscape, according to a recent Gartner report. Analysts at the firm stressed this fact in the recent list of 10 “strategic technologies,” which include the application of social networking tools to business intelligence software.

In the upcoming future of IT, businesses that leverage social media within their business intelligence software will gain an advantage over others. While major social media sites have become a major factor in consumer web use, business intelligence software developers have taken note and applied their beneficial features to analytics and reporting.
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