The Role of Data and Analytics in Health Care

The healthcare analytics industry is projected to grow to $19B by 2027. Improving quality of care, operational efficiency and business expansion are typical concerns, but in the new business environment emerging from the pandemic, healthcare organizations also want to get a competitive edge, taking advantage of data related to finance and operational KPIs to identify areas of opportunity.

Healthcare organizations have a wealth of data in patient medical records, pharmacy records, biomedical research, and insurance records. But they continue to face challenges in making sense of the data, getting a comprehensive picture of the business, extracting actionable insights, and taking quick steps to remedy any failures to deliver on the promise of analytics. This is why analytics must become an integral, invisible part of daily workflows to inform every step of the decision-making process across the organization.

In times of uncertainty, companies must work even harder to retain customers and deepen relationships by delivering value and empathy at scale.

Changes in customer expectations and behavior have been driving demand for digital product analytics:

• The increase in online shopping due to the pandemic has meant that more customers are interacting through digital channels, and this applies not only to retail but also to health care.
• The rise of mobile commerce has led to customers’ expecting a consistent experience across all devices.
• The rise of new technologies has led to customers’ expecting more personalized experiences.

The challenge for many healthcare companies is to measure, monitor, and improve digital customer engagement while thousands to millions of customers are at widely differing  points along their respective digital journey. Brands need to know:

• Where do customers focus their attention?
• When and why do customers struggle to complete tasks within a journey?
• What is the optimal way to reduce friction and make the customer interaction most efficient and satisfying?
• How should their digital experience teams prioritize their time and resources to most improve business outcomes?

The customer experience has always been important, but it has never been more challenging to provide a completely satisfying customer experience that results in competitive advantage. In order to compete in today’s digital landscape, healthcare organizations need to invest in digital product analytics and change their processes and culture accordingly. Digital product analytics can help organizations in a number of ways, by reducing operational costs, increasing marketing ROI, and improving the customer experience. However, there are several challenges that organizations face when adopting digital product analytics, such as data access issues, lack of expert knowledge, not fully leveraging available customer journey data, and not using other capabilities like session replay and voice of the costumer (VoC) data to improve digital experiences.

Organizations can overcome these challenges and realize the benefits of digital product analytics by following a road map that includes the following steps:

• Making sure they collect and access all of the data they need, leveraging data to personalize the user experience,
• Using technology that allows teams to quickly answer questions about performance,
• Using automation for data validation, data access policies, and data set management.
• Creating a culture of learning from experimentation

By following these steps, organizations can realize the full benefits of digital product analytics and improve revenue and customer satisfaction and increase efficiency.

Revamping data analytics to match the demands of current and future markets and to provide excellent customer experience as well as to find critical trends in the data requires a new kind of data analyst. Historically, data analytics has been a largely internal function that organizations used to manage costs and trends in patient care. Today’s market demands a shift from tactical to strategic approaches and requires recruiting personnel who can create processes and work as a team with marketing, customer operations, and leadership to anticipate changing customer needs.

Attracting and retaining this new kind of top talent can be a daunting process, particularly for companies with an outdated relationship with their data analytics program. A relationship with a recruiting firm that understands and outlines the company’s purpose and its support of strategic innovation is likely to produce the best results. An effective recruiting partner will partner with HR to identify the right combination of skill and experience to find the top candidates.

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