Data analytics for health and medical

When it comes to embracing electronic and digital information, the healthcare industry may be second to none.

Driven by industry compliance, government regulations and a goal to make data easier to manage and more accessible for health and medical professionals and their patients, the industry has seen dramatic growth in the application of big data tools.

The challenges facing the healthcare industry today demand that data play a more important role in decision making. By itself, however, the data is not enough to improve outcomes. It’s the ability to capture, track and analyze data that will ultimately save time and money for healthcare businesses.

Pressure to improve

The internal and external pressures to reduce costs, improve coordination and outcomes, deliver greater value and be more patient centric cannot be lost on health and medical suppliers and distributors as well. These companies need information to better understand and serve their customers and to make better decisions today and in the future. They understand that working with healthcare providers means continually improving their processes and optimizing their operations so that they can deliver the right products on time.

In an earlier blog, we addressed four ways data analytics can help medical suppliers with their operation and sales, including improving process efficiencies, accelerating sales progress, creating targeted campaigns and forecasting to thwart any future customer challenges.

A complete overview

ICU Medical, a leading global medical devices and accessories company, illustrates how access to consolidated data empowers more people in the business to step up. The company said, “Access to accurate data has significantly changed the way we do business. Decision-making is not a one-person dependent role anymore. People can refer to Phocas on their laptops, iPhones, iPads, anywhere they go. They have access to their data and the confidence to make accurate decisions."

Like ICU Medical, Days Healthcare, an award winning business in the mobility and rehabilitation industry that supplies over 600 products to customers in the U.K, deployed Phocas to provide a clear picture of its business.

“Phocas illuminates where opportunities and risks are and… drills down and shows (us) what is REALLY going on.”

Phocas for purchasing, stock control and warehousing

The ability to know what is REALLY going on in the areas of purchasing, stock control and warehousing are especially important in the healthcare industry. Any delay, errant delivery, or expired or damaged product can have major consequences. Phocas combines and analyzes data from sources across the enterprise to ensure, among a variety of benefits, that suppliers can track government product licensing obligations for compliance, improve the transparency and accessibility of the group buying process, capture and track batches for accurate delivery, shelf life and traceability and enhance inventory control to manage stock shelf life according to product demand.

Delivering this level of data analytics for health and medical companies will provide the intelligence needed to continue to meet customer needs, as well as discover new opportunities and recognize issues before they impact the customer.

There is no doubt that data has become a valuable asset to healthcare providers. More important than the collection of data is the how it is analyzed to track trends, identify patterns and improve efficiencies. In an industry that includes complex collaborative agreements and compliance requirements, data analytics for health and medical suppliers can facilitate operations while empowering decision makers with the actionable data they need to make smarter business decisions. This is the power of Phocas BI software.