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.
Empowering businesses with intuitive data analytics, driving informed decisions for growth and profitability. We make people feel good about data.
Delivery in full on time: Why it matters and how you can improve
Delivery in full, on time (DIFOT) is a fundamental measure when analyzing the performance of your supply chain. The main goal is to get your customers the products they need, when they need them, in the quantity they ordered. DIFOT measures how successful your business is at achieving this objective and identifies fulfilment problems and supplier reliability.
How to get your KPIs on track with data analytics
Many data analytics vendors give users the ability to measure everything but offer little guidance. Too much choice can be overwhelming for new users. Instead, we recommend determining the metrics that matter to your business and to get you started; Phocas helps you establish KPIs in the data analytics solution.We have three pillars that serve as guideposts to help you decide what to measure. So every area of your business from sales, inventory management to finance is measuring core KPIs that contribute to the overall success of the business.
How to measure stock on hand, over stock, under stock and dead stock quickly and simply
Many businesses are adjusting demand forecasting due to ongoing supply chain disruption. Companies are experiencing continued delays in shipping and higher transportation costs for products sourced internationally.
What is dead stock and how to eliminate it
A CFO in a wholesaling business recently described dead stock as piles of cash in the corner of a warehouse that she can’t access.
Find out how our platform gives you the visibility you need to get more done.Get your demo today