This is a review of a chapter from ""Competing on Analytics"-
Companies that successfully compete on analytics have analytic capabilities that are:
Hard to duplicate: It is one thing to replicate IT applications or its products and their attributes and a very differetn proposition to replicate processes and culture.
Unique: The way every company uses analytics is unique to its strategy and market position.
Adaptable to many situations: Use the metrics in other innovative ways. For example can use a "cutomer experience life cycle" and apply to "employee experience life cycle"
Better than the competition: Some organizations are just better at exploiting information than others. Can you break apart a category or a metric and get more analytical advantage?
Renewable: Needs to be continued improvement and reinvestment.
My Thoughts:
If you are doing business with a company, and they have better analytics than you do, they have the advantage. If CMS has better analytics than you, you are at a disadvantage. If the hospitals have better analytics than you, you are at a disadvantage. If the insurance company has better analytics than you, you are at a disadvantage. I think in healthcare the "competition" is a little different. Competition occurs in a market and healthcare competes in several markets as a buyer and seller. Attracting physicians and other employees, attracting referrals and patient visits, attracting better contracts with the hospitals and with insurance companies. Buying equipment, buying or leasing realty, hiring employees, and making IT purchases. In a general sense- attracting the money in the market- CMS and insurance premiums, which is a problem individually and collectively by specialty as they demonstrate value.
Hard to duplicate: It is one thing to replicate IT applications or its products and their attributes and a very differetn proposition to replicate processes and culture.
Unique: The way every company uses analytics is unique to its strategy and market position.
Adaptable to many situations: Use the metrics in other innovative ways. For example can use a "cutomer experience life cycle" and apply to "employee experience life cycle"
Better than the competition: Some organizations are just better at exploiting information than others. Can you break apart a category or a metric and get more analytical advantage?
Renewable: Needs to be continued improvement and reinvestment.
My Thoughts:
If you are doing business with a company, and they have better analytics than you do, they have the advantage. If CMS has better analytics than you, you are at a disadvantage. If the hospitals have better analytics than you, you are at a disadvantage. If the insurance company has better analytics than you, you are at a disadvantage. I think in healthcare the "competition" is a little different. Competition occurs in a market and healthcare competes in several markets as a buyer and seller. Attracting physicians and other employees, attracting referrals and patient visits, attracting better contracts with the hospitals and with insurance companies. Buying equipment, buying or leasing realty, hiring employees, and making IT purchases. In a general sense- attracting the money in the market- CMS and insurance premiums, which is a problem individually and collectively by specialty as they demonstrate value.
