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Data to actionable insights for business value

It’s an era of data where every industry is dominated by data analytics. But actionable insights appear to be the missing link for companies that want to drive business outcomes from their data. As per one of the reports by Forrester, 74% of firms want to be “data-driven” but only 29% are actually successful at connecting analytics to action. Clearly the need here is to convert the data into insights that can be applied to increase business value – moving from data to insight to action. Deriving and maximizing the actionable insights from data analytics is utmost important for data-driven success for any organization.

In order to come up with actionable insights, it is very important to have meaningful data which is very relevant to the business and the key business goals. Data without context isn’t that meaningful and can lead to bad business decisions because of interpreting it in the wrong way. The more specific and complete insight has better chance that it will be acted upon. Sometimes insights based on KPIs can highlight interesting anomalies but lack enough detail to drive immediate action. Insight derived based on data should have clear definition of its importance and how it can help achieve business objectives. Novelty is the key for insights to get more attention and better chance of getting picked up for action. A clearly thought through and communicated insight prepares a pathway for action to occur.

Data to actionable insights in healthcare is gaining even more importance, given its focus on value-based care and the more and more need to monitor key metrics that can make patient access and patient care better. The average cost of healthcare is rising every year and industry is determined to make quality care accessible to patients at affordable cost. This is extremely crucial considering the current situation of COVID-19 outburst. Undoubtedly data can play a key role and thus analysing healthcare data systematically is gaining more and more importance.

Key use cases in Healthcare to improve patient care and control cost at the same time

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Enhance patient engagement: identify potential health risks based on health information collected through wearable smart devices

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Clinical decision support and reminders based on EHR when a patient should get a new lab test or track prescriptions

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Patients predictions for improved staffing by forecasting visits and admission rates based on data collected by provider practice management systems

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Real-Time alerting based on symptoms collected from patient wearables for doctor to take appropriate action

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Cancer Treatment: treatment plans and recovery rates of cancer patients can be studied by researchers in order to find trends and treatments that have the highest rates of success

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Prevent frauds like incorrect claim filing by providers. Prevent waste and abuse of medicines like Opioid Abuse In US

Newscape can be a valuable partner in your data analytics journey and can help derive actionable insights from data which will add real value to your business.

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