Why Business Intelligence (BI) is an essential element in a 340B Application?
Executive Summary of this Blog:
The increasing ubiquitous, difficulty, and seriousness of today's business intelligence (BI) applications have led hospitals a.k.a covered entities to recognize the need for something more formal than a traditional IT support center to maximize returns on their BI and performance management investments. Most covered entities remain unsure as to whether their Business Intelligence Support system conform to industry best practices for charter, scope, roles, processes, and health care business alignment. Many real-world implementation stumble or drift as they fall prey to a long list of worst practices. To realize BI's full promise Health care IT professionals must address the key issues and challenges associated with forming and operating BI Support Centers.
The Intelligence to have thorough insights about the Business
As BI grows more ubiquitous, complex, feature-rich, and mission-critical, it also becomes harder to implement effectively. Many IT companies and professionals question whether they architect, implement, and manage their BI initiatives properly. Doing so requires vigorous BI and performance management best practices — and an awareness of the countless ways it can all go wrong.
Business Intelligence is no longer just about back-office reporting for any health care organization. As BI solutions increasingly radiated to the covered entities and span a wide range of applications, analytics-driven organizations recognize BI as a key corporate asset and a do-or-die platform. In today's turbulent and increasingly commoditized economy, hospitals or contract pharmacies must make better and faster decisions to stay competitive — and often just to keep their heads above water.
Forrester's ongoing research compiles repeated worst practices committed, deliberately or inadvertently, by even the smartest IT companies in the world. The most common deficiencies in many BI area often manifest themselves at the application level, but the root cause of the issues must go deeper. Here are the main symptoms of the suboptimal BI management practices:
|BI Applications are too complex and haphazard to use effectively. Crafting sophisticated BI applications for C level users is important, but designing them for casual business users is far trickier. Even the most user-friendly, point-and-click BI applications for 340B software often require users to drill through a daunting range of user interfaces, features, reports, metrics, dimensions, and hierarchies. Also, BI is just a subset of the surplus of productivity tools that information workers must juggle just to perform their basic responsibilities. As a result, most BI end users have barely tapped the productivity potential of the tools at their disposal and often run back to IT to help them create new reports, queries, and dashboards.
|BI Applications are too rigid to accommodate even minor business changes. Our modern world regardless of healthcare industry moves at a lightning speed, but BI solutions are often too rigid to keep up with the changes. One simple change to a single source data element can result in a few changes to load process jobs, which may turn into several database level changes; this in turn affects dozens of metrics and measures that could be referenced in hundreds of queries, reports and dashboards.|
|The lack of a 360 Degree View or Single Trusted View of all relevant health care information. Many hospitals strive for a single unified view of desperate transactional data and commit themselves to the long range goal of consolidating it all into an all-encompassing enterprise warehouse. The diversity of the data formats received from multiple applications both internally and externally; social media data, machine learning data, EHR, EMR, ADT, etc., cause huge complexity in integrating the information to deliver an unified view about a patient history. Also insufficient focus on data quality and master data management (MDM) only adds to a lack of trust. As a result, BI application users resort to old fashioned methods to collect and analyze data such as running their own statements and bringing data into spreadsheets for analysis.|
How Cloud 340B addresses the above complexities?
Cloud 340B developed with complete, scalable, "Industrial Strength" BI solutions, application of best practices, and a significant integration effort. Because true best practices do not evolve from implementing two or three BI applications and Internal resources with experience in dozens of successful BI implementations are difficult to find. A knowledge of best practices and lessons learned needs to be accumulated across hundreds of BI implementations.