Data-driven processes are essential to help non-acute providers return to normal operations and improve profitability during and after COVID-19. The challenge for providers is determining how to best gather and optimize data to get the answers they need. Becoming a data-driven business requires a technology solution with the capability to capture, manage and analyze those growing data volumes. This includes integrating procurement data from all facility locations.
SCALING DATA ANALYTICS ACROSS THE COMPANY
Most, if not all, healthcare providers use data in some capacity, but they’re not necessarily using their data to drive all business and purchasing decisions. Becoming a data-driven company allows executives and procurement managers to make more informed, fact-based decisions. Modern data processes can also enable automation, such as automatically creating purchase orders based on inventory levels.
Reaching these levels of decision making and automation requires companies to scale both the amount of data they’re gathering and the analytics being applied to the data. Increasing the use of data and analytics can lead to smarter purchasing and supply chain management. For example, Provista uses data and analytics to help members find the best price on products and services. Members simply upload their current line items, then Provista identifies where they can change brands to save money.
Data and analytics at an enterprise-wide scale can:
- Eliminate product and service duplication
- Analyze potential savings
- Evaluate competitive purchasing behavior