The Next Chapter of Enterprise Analytics for Payers Part 3 - What is Your Enterprise Analytics Roadmap?
This excerpt originally appeared as a post on the Watson Health blog.
Read part two.
Payers can deploy advanced analytics on top of their EDWs to enable reliable, faster decision making across the organization, and to enhance the value analytics teams can deliver. But with numerous business intelligence needs and stakeholders, prioritizing can be challenging.
We recommend the following four-step approach:
Align Analytics Initiatives with Business Priorities
Begin by identifying the strategic initiatives and business activities that could be most positively impacted by enhanced analytic insights. Some questions to consider include:
- What are the key business imperatives?
- Where can the greatest impact be made with support from advanced analytics?
- Which business functions and stakeholders
- require more timely information?
Identify the Analytics Required to Meet the Business Needs
With specific business priorities in mind, the next step is to determine what analytics are needed and how they’ll be visualized. You’ll want to assess the current suite of analytic tools and capabilities employed to address stakeholder needs including:
- Grouping methodologies
- Risk and severity models
- Clinical rules
- Reference data
Determine the Timeliness of Reporting Needs
As advanced analytics are selected for the analytic environment, payers should also evaluate their fit with existing business intelligence tools and capabilities. A few questions analytics leaders can ask to get started include:
- Are analytic data marts easily accessible to analytics teams?
- How current will the data need to be for various business reporting subject areas?
- Would a conformed dimensional warehouse model speed user analysis and allow root cause to be evaluated?
Monitor and Adjust
Implementing a comprehensive EDW and advanced analytics strategy will likely be an iterative undertaking. That’s why it’s important to view your EDW and analytics initiatives as an ongoing process that doesn’t need to be perfect to get started. Regardless of where you are in the EDW-analytics journey, you’ll want to designate time quarterly or bi-annually to revisit the analytics roadmap and evaluate whether needs have changed.
In today's complex healthcare landscape, the path to success for payers will likely require a greater reliance on enterprise data and the critical insights that can be derived from that data. Licensing proven analytics that can be layered on top of the EDW can help accelerate time to insight. Click here to learn more about our new solution, Flexible Analytics.