Business intelligence (BI), also referred to as big data, refers to the capture, aggregation, and analysis of large amounts of data. Such data can be used to help organizations make better decisions about all aspects of their business. In recent years, BI has been applied to the healthcare industry with great success.
Business intelligence (BI) tools used to be prohibitively expensive because they required hiring specialists to analyze business data. This is why only large companies could afford them in the past and why small- and medium-sized businesses (SMBs) were hesitant to implement them.
In the healthcare industry, mistakes lead to misdiagnoses, improper medical treatment, and, inevitably, hospital readmissions. But business intelligence (BI) is changing that by equipping healthcare professionals with powerful real-time information.
At its core, BI software is all about data analytics.
It’s difficult to create budget plans, data entry records, and financial information without a productivity tool like Microsoft Excel. Over the years, it’s been a staple in most offices because of its many useful functions, which aid in making business decisions a lot easier.
For years, big companies have been harnessing the power of business intelligence (BI) to improve business performance. And for them, paying experts to analyze large data sets is no issue. It’s different with small- and medium-sized businesses (SMBs). SMBs also store large volumes of data, but many are wary of spending too much on BI. Still, SMBs should leverage BI to gain an edge — fortunately, there’s plenty of budget-friendly business tools and resources available nowadays.
Business intelligence (BI) has fueled the growth of many businesses through the years, especially in the finance and manufacturing industries. Today, the benefits extend beyond those industries, as BI and big data have become important tools for healthcare businesses aiming to improve their processes.
Business Intelligence (BI) has conventionally been limited to big business; only they can afford pricey experts with specialist knowledge who can leverage BI’s value. But the rise of self-service BI tools has leveled the playing field, allowing small- and medium-sized businesses (SMBs) to get in on the game too.
Dashboards have become extremely useful tools for companies to make the most of their raw data. With proper implementation, a dashboard can display essential information in an easy-to-understand format, allowing business owners to easily make informed decisions.
The medical industry is teeming with data. Patients that receive care, for example, have hundreds of data points associated with their medical history. But how is this data being handled? In most cases, not carefully enough. By adopting one of business’s more popular technology solutions, your medical facility could save money and improve patient care so much as to lower readmission rates.
The right technology investment can lead to business success. With customer relationship management (CRM) software at the helm of your sales and marketing efforts, you can nurture long-lasting business relationships and improve your bottom line.