Analytics uplift organizations and brands. They provide a line of sight to things that otherwise cannot be seen. They provide a narrative that is better aligned with the marketplace because it reflects reality. Analytics balance arguments and raise assumptions. In 2019, leaders and managers face major challenges in steering their businesses to ensure growth and relevance. This business priority finds itself squarely in the performance target of communications and marketing executives.
For the healthcare industry, how should companies incorporate analytics into business advantage?
The key is recognizing analytics are just the engine that propel corporate change. The fuel is the insight that provides advantage. The data collection itself, while important, is only valuable when it’s mined for unique insights, behavior patterns, influencer ecosystems, opinion formation, process improvements, innovation trends, and information tendencies, etc. As healthcare leaders assess their strategic capability this year, there are four considerations that are meant to capture the Zen necessary to handle analysis and act on insights for enterprise excellence:
- What are you searching for? It might not be what you need. The great thing about analytics is uncovering new clues about the business and the market and important activities on education, unmet need, purchase, interest, engagement, advocacy, and information consumption. Honing your data accumulation approach to discover nuance in how you conduct business will raise the level of confidence and knowledge amongst your stakeholders.
- How many internal functions can be connected? Data and insights are the great equalizer inside organizations. They can also become a divisive force. Your analytics need to bring together multiple groups, providing a pathway to understanding and integrating planning and execution. Upfront discussions must involve a wide spectrum of key people with diverse responsibilities but a common goal to discern the relevance of the organization. As such, your analytics effort must capture a wide and deep range of data reflecting how and why stakeholders interact with the company to ensure a more consistent and sustainable result.
- What is the insight telling you not to do? The typical reaction to comprehending insights is to look at what the benefit is to the organization. However, viewing insights for what they signal not to do provides even more value in ending less effective practices.
- Can you create a different reality? Employing analytics to view aspects of the business currently driving differentiation, growth, costs reduction and innovation has the potential for an entirely new and different landscape. The insights from such analysis can generate better services, different infrastructures, new markets, greater engagement and optimal outcomes.
Analytics and the insights generated can be defined as Zen like because it keeps the organization in a constant state of becoming, learning, and sharing. Data drives the insights and the insights lead to deeper discovery into delivering for patients, physicians and healthcare stakeholders overall. As 2019 unfolds, organizations that commit to managing based on data, analysis, and insight improve the ability to connect in a more meaningful and relevant way and win in the marketplace increasing the business IQ exponentially.
Maybe it’s time to ask yourself, “What Don’t I Know?’
If you’re interested in learning about W2O, check out our Analytics and Healthcare pages.
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