3 Reasons to Embrace Prescriptive Analytics in Healthcare
From flagging an unsafe drug interaction to activating a yearly reminder call for a mammogram, healthcare providers are leveraging patient data for a wide array of healthcare tasks. Yet, a worrying number of healthcare providers struggle to understand which one of the big data analytics methods, prescriptive or predictive, is most effective for their business.
Related Reading: 5 Ways Big Data is Changing the Healthcare Industry
Understanding the difference between prescriptive analytics and predictive analytics is the key to finding the right path to viable and productive solutions for your healthcare industry. This blog discusses why you should consider prescriptive analytics rather than predictive analytics to drive value to your business.
Predictive Analytics: The Ability to Forecast What Might Happen
Predictive analytics has been helpful to healthcare providers as they look for evidence-based methods to minimize unnecessary costs and avoid adverse events, which can be prevented. Predictive analytics aims to detect problems even before they occur using historical patterns and modeling. As the word itself suggests, it predicts. It gives you collated and analyzed data that could serve as raw material for informed decision making.
Related Reading: Data Mining and Predictive Analytics: Know The Difference
However, the healthcare industry demands a more robust infrastructure. It needs access to real-time data that allows quick decision-making both clinically and financially. It also requires medical devices that can provide information on the vitals of a patient up to the nanosecond. Based on the information available for the individual patient, clinical decision support systems should be able to provide an accurate diagnosis and the treatment options available. This must take into consideration the latest advances in medicine available as well. That is where prescriptive analytics comes into the picture.
Prescriptive Analytics: Reveals Actionable Next Steps
Prescriptive analytics takes it a step further by providing actionable next steps. If predictive analytics sheds light on the dark alley, prescriptive analytics reveals the stepping stones that would help map out the course of action to be taken. It empowers you to make more accurate predictions and gives you more options so you can make well-defined split-second decisions, which is critical for the healthcare industry.
According to Research and Markets, the global prescriptive and predictive analytics market is expected to reach $28.71 billion by 2026. The reason for such an increase is because prescriptive analytics has the capacity to analyze, sort and learn from data and build on such data more effectively than any human mind can. Hence, the most outstanding benefit of prescriptive analytics is the outcome of the analysis.
Three Reasons to Consider Prescriptive Analysis
MarketWatch states that Healthcare prescriptive analytics market is poised to grow significantly during the forecast period of 2016-2022. Here are 3 reasons why.
1. Sound Clinical Decision-Making Options
Unlike predictive analytics which stops at predicting an upcoming event, prescriptive analytics empowers healthcare providers with the capability to do something about it, helping them take the best action to mitigate or avoid a negative consequence.
To illustrate, a healthcare service provider might be experiencing an inordinately increased number of hospital-acquired infections. Prescriptive analytics wouldn’t just stop at flagging the anomaly and highlighting who would be the next possible patient with vulnerable vitals. It would also point to the nurse who is responsible for spreading that particular infection to all these patients. It could also prevent similar outbreaks in the future by helping healthcare providers develop a sound antibiotic stewardship program.
2. Sound Clinical Action
Prescriptive analytics doesn’t limit itself to interpreting the evidence. It also allows health care providers to consider recommended actions for each of those predicted outcomes. It carefully links clinical priorities and measurable events such as clinical protocols or cost-effectiveness to ensure that viable solutions are recommended.
To illustrate, a healthcare provider might be able to forecast a patient’s likely return to the hospital in the very next month using predictive analysis. On the other hand, prescriptive analytics would be able to drive decisions regarding the associated cost simulation, pending medication, real-time bed counts, and so on. Or, it could help you decide if you need to adjust order sets for in-home follow-up. It empowers the hospital staff to identify the patient with a greater risk of readmission and take needed action to mitigate such risks.
3. Sound Financial Decisions
Prescriptive analytics has the capability to lower the cost of healthcare from patient bills to the cost of running hospital departments. In other words, it helps in making sound financial and operational decisions, providing short-term and long-term solutions to administrative and financial challenges.
Gain the Benefits of Prescriptive Analysis
Prescriptive analytics provides enormous scope and depth as developers improve technologies in the future. It is making truly meaningful advances with regard to the quality and timeliness of patient care and is reducing clinical and financial risks. Are you ready to get on board? Contact us for help.
How Artificial Intelligence Is Simplifying Business Decision Making?
Technology in 2019 is moving with the speed of light. Immense breakthroughs in the field of deep learning and machine learning have allowed machines to process and analyze information in ways that we could never have imagined.
The role of Artificial Intelligence (AI) is noteworthy in this regard. One definition of AI is that it is “a collective term for computer systems that can sense their environment, think, learn, and take action in response to what they are sensing and their objectives.” This makes it a powerful tool, which when used the right way can radicalize decision making and completely changes the way we do business. This article discusses how AI achieves that.
AI – A Boon to Business
AI includes the automation of cognitive and physical tasks. It helps people perform tasks faster and better and make better decisions. It enables the automation of decision making without human intervention. AI can enhance automation thus reducing intensive human labor and tedious tasks. There are many more ways in which AI is making a difference. With smart weather forecasting, for example, AI is bridging the gap between data scientists and climate scientists. This gives companies the opportunity to fight disaster with algorithms.
The world is about to witness a great impact of AI on the economy and humans. According to McKinsey Global Institute’s research, AI could deliver an additional output of $13 trillion to the world economy by 2030, which would boost global GDP by nearly 1.2 percent a year. Acting as a capital-hybrid, AI can aid the growth of both the economy and humans. It will definitely have a revolutionary impact on the decision-making process.
AI the Game Changer
From tarot cards to time machines and more, the quest of man to know the future has been relentless. The ability to make decisions based on a knowledge of the outcome is no more fantasy, however. AI has brought this to the realm of reality and has revolutionized business decision making.
In the recent past, we have embraced analytics-driven decision making. Along with ever-increasing data storage and computing power, AI has the potential to augment human intelligence and enable smarter decision-making. AI could eliminate the huge costs of a wrong decision because it can practically eliminate human biases and errors. This could in turn speed up the decision-making process. The focus of the next few points is to highlight the ways in which AI can make a difference in business.
1. Marketing Decision-Making
In today’s customer-driven market complexities involved in decision making is increasing every day. This includes understanding customer needs and desires and aligning products to those needs and desires. A handle on changing customer behavior is vital to make the best marketing decisions.
AI simulation and modeling techniques provide reliable insight into the consumers’ persona. This will help predict consumers’ behavior. Through real-time data gathering, trend analysis and forecasting, an AI system can help businesses make insightful marketing decisions.
Organizations can identify a consumer’s lifetime value with the help of AI’s buyer persona modeling. It can help organizations manage multiple inputs. During a complex decision-making process, AI can efficiently manage and control different factors at the same point in time. It can source and process large amounts of data within minutes while providing valuable business-based insights. While we humans face decision fatigue, algorithms do not have such limitations, which make AI-based decisions faster and better.
3. Recommender System
Recommender system (engine) is a technology that recommends products or other items to users. Although recommendation systems were initially used for music content sites, now it’s used has expanded to various industries. In this, an AI system learns a consumer’s preference based on ‘explicit’ or ‘implicit’ feedbacks. This information can help the organization reduce bounce rate and craft better customer-specific targeted content.
4. Problem Solving
An expert system is a kind of problem-solving software which tries to replicate the knowledge and reasoning methods of the experts. This system uses expert thinking processes to provide data, which includes assessment and recommendations for your problem. This makes it easier to make the right decision and respond swiftly when faced with issues and problems.
5. Opinion Mining
AI has been able to provide reliable insight to decision-makers. For example, in marketing, AI has provided businesses invaluable insight about consumers, which helps them enhance their communication with the consumers. It also helps retailers predict product demand and respond to it quickly.
To that end, opinion mining helps businesses understand why people feel the way they feel. Most often a single customer’s concerns might be common among others. When sufficient opinions are gathered and analyzed correctly, the information gleaned will help organizations gauge and predict the concerns of the silent majority. AI has improved this mining process through automation, which is quicker and more reliable, helping organizations in making critical business decisions.
6. Augmented Analytics
According to a recent press release by Gartner, Augmented Analytics is going to be the next big trend which will transform the way analytics content is advanced, expended and shared. VP analyst at Gartner, Rita Sallam said, “The story of data and analytics keeps evolving, from supporting internal decision making to continuous intelligence, information products and appointing chief data officers.”
Wise business decisions are made when business executives and decision-makers have reliable data and recommendations. AI not only improves the performance of both the individual members of the team but also the competitive edge of the business.
Make Bigger, Faster, Better decisions with AI
Common sense and experience are no longer enough to anticipate the risks and consequences of critical business choices. AI with its varied applications helps businesses make informed and effective decisions which will have a positive impact on their business.
Implementing AI in your business isn’t as tall an order as you may imagine. It can be incorporated with your existing business applications to enhance them and make them invaluable. To learn how your business can avail the best of AI, get in touch with our experts today!
Enterprises today have to deal with a fast paced business environment and truck loads of data coming from all directions. In order to keep up in the race for survival, organizations need to be as agile and alert as possible to overcome the challenges and adapt to the environment. Within the organizations too, data is growing rapidly. With all these complexities, it is necessary for the business managers to make some sense out of the incoming data on time and use it to boost the efficiency of their company.
In other words, the key to the success of any business lies in extracting relevant and actionable insights from the generated data, from anywhere in the world, in an organized and secure manner. It helps managers in making better, more informed decisions and thereby seize every opportunity that may come.
So what can be done to garner such insights? Or rather, what can be used to aid the process of decision making?
The answer is Corporate dashboards. We are all familiar with that term aren’t we? We also know that it is one of the most reliable and effective decision-making tools, as it helps managers get an overall top view of their enterprise by extracting Key Performance Indicators (KPIs). It also enables an easy analysis of the metrics in a user-friendly manner.
Using such dashboards helps organizations improve their efficiency as well as save a lot of time and money. It also adds to the reputation and goodwill of the company as a result. And how?
Before we get into the benefits of using dashboards, let’s see why organizations need dashboards.
Every manager in an enterprise, at whatever level of management he may be in, is responsible for decisions concerning his department or division. He has to go through and understand the corporate goals and at the same time manage his own department or team to achieve the goals set for his team. For this purpose, he will have to sift through various spreadsheets, reports and databases across the enterprise to collate information and make the best decision. However, he may not have the time for all this. On top of that, not all users may have access to all the information required to make decisions. These problems may make it difficult for the managers to make decisions.
Dashboards, on the other hand, provide a clear and concise picture of the state of affairs, by integrating data from various sources into a single common platform. It presents such data in the form of insightful graphics, patterns, and the like and also highlights the pain points that require immediate attention.It enables managers to easily make faster and more accurate decisions.
How dashboards save you time, money and reputation
Typically, dashboards offer a number of general benefits such as:
- faster access to information
- ability to generate comprehensive reports
- graphical presentation of real time data
- better visibility into all required departments
- better transparency
- availability of all information in a single place
- insightful illustrations
To discuss how dashboards help in saving time and money, let’s consider a hypothetical situation.
You, being the sales manager of a leading advertising company, are psyched on winning a project with an international client. You are about to reap huge profits and take your company to new heights. On being the sole person creditable for this huge deal, you are required to give a presentation to your team regarding the client and the project. You have prepared your work with the help of presentations and reports and spreadsheets for accounts. Finally, on the day of the presentation, as you stand in front of your team with your laptop, you realize that you haven’t transferred your file from your personal system where you created it. You also find that the spreadsheet that you created does not have a whole page as you forgot to save it…..
The above scenario is the result of using traditional methods of presentation or work. Such spreadsheets and reports create a whole lot of confusion and complexities that you can actually avoid using dashboards. Imagine, having a dashboard that lets you access your client’s information directly in real-time. One that lets you extract specific relevant information in the form of reports on the spot, in case you want to show some financial information.
Dashboards allow you to get all the important information in a single place, rather than through separate files and reports. It thus lets you save a lot of time that you would otherwise have spent on making the presentation with spreadsheets and documents, collating information from various departments etc. It also lets you save money used in buying and maintaining spreadsheet software and in making frequent visits to your client’s site.
Using dashboards for presentations during client visits and the like, boosts your reputation as well as it shows that you have your operations under control and in one place. Moreover, the visibility that lets you access information from other concerned departments shows that there is transparency, which adds to the trust factor. Moreover, you can allow your client to filter the data according to his requirements.
Such interactive and insightful dashboards, made with simple graphics such as pie charts, bar charts and the like, basically make your work very much easier. Being dynamic and flexible, dashboards can be created to suit your business model and can adapt itself to your company’s look and feel. If you are looking for a way to integrate information from different departments in your organization, contact us.