The constantly growing number of data sources and complexities associated with the generation of data within the healthcare organizations have resulted in the need for better decision-making capabilities. Here, the importance of business intelligence tools comes into play. Hospitals and other healthcare organizations need these tools to gain better insights into labor distribution, patient care and satisfaction, clinical operations, administration and management, and daily practices of physician and nurses. Today, in this era of technology, the use of business intelligence in healthcare has become a prime necessity not only for the better utilization of patients’ data but for offering the best healthcare services. In this article, we have listed out a few important reasons that highlight the importance of business intelligence in healthcare. (more…)
WP – The Modern Approach to Business Intelligence
Today, the business world has become fiercely competitive, and decision makers can’t rely on gut feeling anymore to create long-term strategies. So a lot of high-level words are thrown around in the boardroom discussions. Such terminologies emphasize the use of data-driven decision making. However, the term business analytics and business intelligence are often used interchangeably. But, there is a stark difference between the two. Although many tools used in both the disciplines are similar to each other, there’s a fundamental difference amongst them.
The recent explosion of data available to the business world has posted some serious problems to the decision makers. Firstly, how do they process and make sense of such vast amounts of data? Furthermore, how do they find a correlation between multiple variables and successfully predict the outcome by observing the change in one variable? Solving such problems can provide business executives with useful insights that can help in business planning and boost future performance.
Business analytics makes use of statistical tools, models, and predictive modeling to uncover market trends and figure out why things are happening. Additionally, based on the massive amount of data available, certain tools can also accurately predict what might happen in the future based on historical events.
Popular business analytics solutions: SAP Analytics Suite, Birst BI, Tableau Big Data Analytics, and Pentaho BA.
Business intelligence makes use of an organization’s own data to assess business performance. The ultimate goal of business intelligence is to understand the business performance in-depth and make informed business decisions by eliminating guesswork.
Business intelligence also covers unstructured data sets such as customer feedback, salesperson suggestions, marketing materials, video files, memos, and company reports. As a whole, business intelligence is concerned with the whats, whens, whys, and hows. By analyzing such unstructured and semi-structured databases, companies can monitor their performance and apply predictive and prescriptive analytics as well.
Popular business intelligence solutions: SAP, IBM Microstrategy, and QlikView.
Is business intelligence the subset of business analytics?
Numerous proponents argue that business intelligence is merely a small part of business analytics. Business analytics is the go-to tool which encompasses information management, data warehousing, and predictive analytics. The argument favors business analytics as business intelligence is just a descriptive part of data analysis.
Is business analytics the subset of business intelligence?
However, some argue that business intelligence is merely a user-facing, self-service end of BI. The dashboards and displays are customized to each business’s tailored requirements. Additionally, many ERP packages allow employees to store, retrieve, and analyze available information to generate their own dashboards to assess business performance.
Business analytics vs. business intelligence
Although there may be a lot of similarities between them, business intelligence uses past data to optimize the current or future operations, whereas business analytics analyzes the past and makes a prediction for the future. Despite their differences, the fact is not if one is superior to the other, rather what the business needs. Companies looking to improve operations and increase efficiency may be well-served by business intelligence tools. On the other hand, if the business processes or model requires a significant overhaul business analytics should be the go-to tool. Also, companies working on extensive data sets and need data warehousing and intuitive reporting must use business intelligence tools.
For more information on the differences between business analytics and business intelligence, top business analytics tools, and best business intelligence tools:
The surge in the use of mobile software and cloud services has sparked a new relationship between IT and business processes. This shift has made terminologies such as data mining, big data, and business intelligence the new buzz words for modern businesses. These terms are inter-related and often carry similar meaning which could confuse most of us. Therefore, it is necessary to understand the key differences between the two important techniques widely used by businesses today – data mining and business intelligence.
Data mining is essentially the practice of examining large pre-existing databases with the motive to generate new information. Data mining specialists work with large datasets to identify insightful trends and patterns. In many cases, due to information overload data miners often overlook essential parameters that could make their companies excel. In short, data mining is all about deriving answers to issues you didn’t know you were looking for beforehand. Business intelligence, on the other hand, deals with the business processes and data analysis techniques which help to collate enterprise data. With the help of BI, companies can gain historical, current and predictive views of business operations. Data scientists devise Business intelligence tools to generate, aggregate, analyze, and visualize data, which in turn assists a company in better decision making.
Learn more about our portfolio of services and how we help businesses formulate effective go-to-market strategies
Data mining VS business intelligence
BI utilizes the past data in small or large scale. It is useful for the management to interpret past information and also to enhance their decision-making capabilities. On the contrary, data mining techniques utilize computational intelligence to discover relevant business factors on a small scale. The data helps management to identify potential opportunities and business factors that they were previously unaware of.
A prominent feature of business intelligence is that it is volumetric. These analytics tools are concerned with monitoring the predetermined key performance indicators(KPIs’). Data mining makes use of scientific methodology and algorithms to discover data patterns and behaviors. Furthermore, it helps identify management blind spots and provides an in-depth case-by-case statistical analysis.
Presentation of results
Business intelligence provides dashboards with consolidated views of the KPIs in the form of graphs and charts. In data mining, reports are presented with recommendations for strategic decision making.
Focus: BI helps to monitor factors such as price, value, temperature, total cost, etc. On the other hand, data mining identifies data patterns, which creates new analysis indicators for BI.
The volume of data
BI is exposed to large datasets; however, they are limited to the processing of relational databases. Data mining, however, deals with smaller datasets, accompanying higher data processing expenses.
To know more about how data mining and business analytics can be leveraged for your business
Often, we come across several terms in business that sound more or less the same, but they turn out to be completely different. Before getting into the differences, let us cut to the chase and get to the basic point of similarity between competitive intelligence and market intelligence. Both these types of intelligence help companies to gain a better foothold in the market and require considerable amount of accurate research to succeed. So, what is the key difference between the two? Here goes- Competitive intelligence is the strategic study used by companies to understand their industry and track the moves of their rivals. On the other hand, market intelligence is a broader concept which includes the research conducted by a company on the external market it wishes to enter, their competitors, and customers. But that’s not all; there are other factors as well that differentiates the two, curious to know what they are?
Focus of the Data Collected
As discussed, market intelligence gives a larger picture to companies about the market and customers. This means that it is more client focused, which helps companies to understand their customers and the general consumer behavior better. Competitive intelligence is more business focused as it comprises of data pertaining to a company’s competitors and their business strategies.
Digging Deeper into the Data
Customers are in the spotlight in case of market intelligence; therefore, the data gathered in this type of business intelligence involves economic and social statistics of people such as demographics, population, consumption, and demand. On the other hand, competitive intelligence helps companies identify competitor’s strategies, their strengths and weaknesses, the chunk of the market share they own, how their tactics are impacting your business, etc.
The Game Plan
While the ultimate aim of both these strategies is to reduce business risk and up the game in the business, the data focus of both these techniques is very different. Therefore, their application in a formal business plan of a company also differs. Market intelligence is employed by businesses to improve their existing product offerings and develop new and innovative products, which will ultimately result in improved customer loyalty. Competitive intelligence is used by companies to plan specific strategies to overcome the competition from various competitors in the market. Each competitor will have different business strategies and tactics and with the help of competitor intelligence, companies can plan different counter tactics for each of them.
Success in business largely depends on the qualities and vision of leaders and managers. The importance of data had largely been repressed in the past in favor of gut feeling, intuition, and experience of business leaders. That scenario is quickly changing as businesses are realizing the importance of data in driving the profitability and efficiency of an organization. Companies are increasing their reliance on business intelligence tools to monitor data and generate accurate business insights. There are numerous business intelligence tools available in the market. Here are some of the top business intelligence tools you can use to improve business-decision making process:
Top Business Intelligence Tools
SAP Business Intelligence (BI) Solutions
SAP BI solutions provide a broad suite of solutions, covering every company processes. It offers both on-premise and cloud solutions to give users actionable insights on their fingertip. This tool caters to a diverse set of needs, serving various departments in an organization such as IT, management, operations, and end users. SAP’s predictive analytics tools harness the power of R to facilitate data visualization.
Sisense is one of the most prominent players in the BI tools market. In 2016, they won Best Business Intelligence Software Award from FinancesOnline, a business software review platform. Sisense facilitates data collection from various sources such as Salesforce, Google Analytics, and AdWords to simplify complex data sets and make big data analytics accessible even for small companies and startups.
As quoted on the homepage,”Any BI tell you what happened, Yellowfin tells you Why,” Yellowfin BI offers business intelligence tools that share insights via simple scripts that can be uploaded, embedded, or sent to collaborators. With a vast customer base of over 25,000 clients, they serve to some of the big corporations such as Coca-Cola, Vodafone, HONDA, Xerox, and BMC. It offers FREE trial features with the full version starting at $1,750 a year for five users.
Clear Analytics is an Excel-based self-service analytics tool with spreadsheet manageability that allows you to centralize all your data in the process. As it uses the usual Excel reporting, there is a little learning curve involved, and it becomes easy to trace and audit data, ensuring company-wide compliance.
Unlike other business intelligence tools, icCube is a high performance and real-time analytical and visualization engine that is embedded in your application. icCube can seamlessly blend into any companies reporting themes and can be easily integrated into an Enterprise or OEM architecture. They offer a FREE trial business intelligence tool with the enterprise version starting out at €6,500 a year for up to 100 users.
Domo is a cloud-based business management suite that gathers data and insights from multiple sources including databases, spreadsheets, social media, and any existing software solutions. It connects all your crucial business data and facilitates collaboration across various business functions such as finance, operations, marketing, IT, and Sales. They offer FREE trial options for a year for five users with up to 5 million rows.
Oracle Business Intelligence Suite Enterprise Edition
Oracle BI is an all-inclusive collection of enterprise BI functionality that fosters a data-driven culture with visually stunning and powerful analytics tools. Its latest version, OBI EE 12c, provides a vast array of features such as advanced analytics, data visualization, mobile platform, in-memory enhancements, and self-service abilities.
To know more about top business intelligence tools, data visualization, business intelligence software, and predictive analytics:
The medical device industry is under pressure to offer healthcare and medical assistance to patients at affordable prices, thanks to the growing competition and technological advancements in the market. One of the factors that has increased the level of market competition is the ever-changing consumer needs and expectations from the healthcare industry players and the entry of new medical device manufacturers in the surgical instruments landscape. The only way to stay abreast of the latest trends and developments in the medical device industry and tap the hidden growth potential in the market is to undertake market opportunity assessments. But what are the benefits of the market opportunity assessment for the surgical instrument manufacturers in the medical device industry, you ask? Here’s what.
Market Opportunity Assessment Benefits the Medical Device Industry
A thorough market opportunity assessment can help organizations in the surgical instruments landscape to gain a strong foothold in the competitive market environment and meet the growing needs of the healthcare industry. The medical device industry can effectively develop products and services that resonate with their target customers as it’ll help drive business sales. The surgical instruments manufacturers can make use of business intelligence and market intelligence tools to identify the potential market risks and new market entry barriers to devise effective risk mitigation strategies. It is extremely essential for the surgical instrument manufacturers to gain in-depth knowledge about the industry’s competitive landscape and assess the market attractiveness. Apart from this, a market opportunity assessment helps surgical instruments manufacturers to devise fool-proof go-to-market strategies and retain their market shares in the medical device industry.
Recently, Infiniti Research helped a leading company in the medical device industry to assess the market and competitive landscape, current product offerings, and build robust market entry strategies for the medical device manufacturing space. Read the complete case study here.
The Infiniti Way
The rule of thumb to survive in the market, create lasting impressions, realize business objectives, and drive profitability is to listen, identify, and analyze customer and market information.
“In this dynamic and competitive market environment, it is essential for organizations to gain an in-depth knowledge of their target customers and leverage these insights to improve their decision-making process.” says a leading senior market analyst at Infiniti Research
With more than 14 years of experience, Infiniti Research has worked with several clients across the globe and provided various business intelligence services that has helped them make strategic business decisions wisely. We have worked with over 120 plus clients, including 55 Fortune 500 companies and helped them build capabilities and drive bottom-line growth by leveraging the constant influx of information and data. With the help of our team of expert analysts and consultants, we strive to complement our client’s business objectives to discover growth opportunities and drive business excellence.
To know more about market opportunity assessment in the medical device industry
- Impress Your Investor with a Thorough Market Analysis
- Competitor Analysis and Market Intelligence in The Medical Device Industry
- Market Access and Reimbursement System in the British NHS
For any solution provider, market assessment becomes a foundation to expand into a new market or further refine the relationship with the prevailing customers. A comprehensive understanding of the market landscape empowers decision makers to assess potential opportunities and develop robust strategies. A promising market assessment engagement allows businesses to devise a 360-degree approach, focusing on business characteristics, end-user insights and expectations, development initiation strategy, organic and inorganic growth strategy, regulatory environment assessment, financial modeling, and competition mapping. Also, a full market analysis enables businesses to size up the challenges and opportunities in the market and allocate resources effectively. Moreover, the engagement also helps businesses gain insights on customers awareness, usage and perceptions of the brand and major competitors.
Infiniti’s market assessment engagement helps the client gauge information on the needs, expectations, and standards of the customers. With the help of our market assessment solutions, the client will be able to assess customer satisfaction levels and frequent changes in the product or the market as a whole.
A B2B industrial company wanted to create a business unit focused on providing end-to-end solutions. The client wanted a business case to convince their senior management to invest in a new target vertical. With an aim to expand their operations to new and niche segments, the client approached Infiniti to analyze the universities market and the opportunities present in it and devise a go-to-market strategy to establish a robust market entry strategy.
To offer actionable insights, Infiniti’s market assessment experts carried out a comprehensive market research comprising of deep-dive interviews with key decision makers at universities, energy service companies, and key specifiers. Moreover, Infiniti’s experts also carried out extensive research to assess the market size and potential, generate customer insights, and understand customer insights. Also, to determine the market size and growth potential, Infiniti’s market assessment experts collated information from various sources such as federal energy consumption statistics and key research studies.
Market Assessment Engagement Solution Benefits
- Identify the competitors, their offerings, and the ability to compete
- Identify top-of-mind solution providers and establish credibility
- Determine areas of potential unique differentiation
- Assess the current value proposition and suggested modifications to better align with target needs
- Suggest a communication and messaging plan and a detailed activation plan
Benefits of Out Integrated Approach
In a span of six weeks, the client was able to understand the universities’ approach prioritization for energy-saving initiatives. Also, the client further gained insights on the customer’s needs-based segments and their differentiated needs. Moreover, the engagement also helped the client identify the buying process for universities and the key stakeholders in the market.
A must-read market assessment case study for strategy experts and decision makers looking to develop an an understanding of the business landscape.
- Customer Intelligence Study Assists an Automotive Parts Supplier to Understand Customer Behavior
- Market Intelligence Engagement on the Financial Services Sector Enables a US Retail Chain to Build a Better Distribution Strategy
The global automotive industry is rapidly transforming with the growing innovations in automobile engineering and increased investment in research and development by the automobile manufacturers. Trends in automotive industry like connected cars, electric vehicles, and autonomous or self-driving automobiles are driving growth in terms of revenue and inventions. The automotive industry is one of the important industries in the world where automobile manufacturers undertake a wide range of activities right from designing vehicles to selling them in the market. The connected car, one of the recent developments in the auto industry, has the potential to disrupt the automobile market with a high level of digital infiltration, which will bring a wave of change across the global market.
Connected cars are touted as the “next big thing” in the automotive industry and will soon replace the traditional mode of transportation for businesses and consumers alike. In simple words, a connected car can be explained as a motor vehicle that leverages mobile technology and the internet to operate and control key functions with the help of a smartphone, watch, tablet, or a desktop. These automatic cars work on the principle of IoT and are expected to offer new services to customers, which will help revamp the driver-car relationship in the near future.
Connected Cars and Their Drivers
The automotive manufacturers are increasingly adopting digital technologies across their automobile designs. Connected cars offer a wide array of technology and IoT-enabled features such as real-time traffic data, smartphone-vehicle synchronization, and driving assistance; thereby, changing the customer’s definition and usage of a motor vehicle. Today, technology led automobile engineering companies leverage artificial intelligence and telematics to deliver an exclusive customer driving experience. Connected cars offer safety, increased efficiency, better value proposition, and personalized customer experience, thereby changing the operations and functioning of the global automotive industry.
What’s driving the connected cars market, you ask? Here’s what.
The market space for connected cars will be driven by these factors, across the globe. However, the automotive industry will face few roadblocks before achieving complete digital transformation. The challenges of the connected car market include data threats, platform incompatibility, and questions over its customer safety quotient. But for now, connected cars are the next big thing in the automotive industry and it is here to stay.
Thanks to the ongoing healthcare bill debate between the Affordable Care Act (ACA) and the American Health Care Act (AHCA), the market space for health care in the US has been the center of attention across the globe. In the year 2010, a new healthcare bill named the affordable care act, more commonly known as the Obamacare, was brought into effect by the president of the US. The affordable care act was introduced with the objective to improve health care in the US by making health insurance coverage accessible and affordable to all. Through the affordable care act, the United States was one of the few developed countries to offer universal health care to its residents.
However, when the political reign shifted to president Trump’s administration, the Republican party introduced a legislation to repeal the affordable care act and replace it with the American health care act, with certain reforms. While the AHCA plan looms under the clouds of uncertainty, groups of doctors, nurses, hospitals, and patients have contested against the GOP’s health care plan to repeal Obamacare with the AHCA. One group missing from the opposition against the new health care bill are the medical device manufacturers organization.
What is the difference between the Affordable Care Act and the American Health Care Act
The American health care act, the GOP alternative health care bill that aims to repeal Obamacare (ACA), has been introduced with certain amendments to the latter. There are certain similarities and differences between the affordable care act and the AHCA; let’s have brief look at each. The similarities between the ACA and the AHCA are as follows,
- The pre-existing medical conditions such as pregnancy or cancer will still be covered under the new coverage options, and insurance companies cannot refuse the coverage for the same
- Both the legislative pieces, the affordable care act and the American health care act, offer coverage to young Americans under their parent’s insurance till the age of 26
- The affordable care act and the AHCA still prohibit the insurance plans from setting a lifetime limit and also offer tax credits to the citizens who buy insurance coverage
While a few aspects have been retained, there are few amendments made by the Republican party in their quest to repeal Obamacare through the GOP health care bill, replacing it with president Trump’s proposed health care reforms. The differences between the two are as follows,
- AHCA eliminates the individual and employer mandate and the resulting penalties by making health insurance coverage optional for both the parties
- Under the GOP alternative, Medicaid expansion is brought to a halt and restricts federal funding to facilities that offer abortions and planned parenthood
- The proposed bill intends to repeal the taxes on health care and related services such as the over-the-counter medications, prescription drugs, health insurance and the medical device manufacturing industry, which was used by the affordable care act to pay for their plans
AHCA and Its Impact on Medical Device Manufacturers
Under the AHCA, the medical device manufacturers are set to witness sustainable growth that was capped by the excise tax of up to 2.3 per cent on the annual sales to help fund Obamacare. Under the affordable care act, this tax amount would be used to extend coverage to millions of American citizens without a health insurance coverage. The medical device manufacturing industry in the US develops, produces, and sells medical devices and surgical equipment such as high tech devices such as pacemakers and hearing aids across the globe. However, with the introduction of the affordable care act, the medical device manufacturing industry saw a significant loss of American jobs within a span of two years and scaled back their investment in research and development, and other related capital spends.
The drug, biotech, and medical device makers are set to benefit under the new reformed health care bill proposed by President Trump’s administration as it eliminates taxes worth billions of dollars on the industry. The medical device manufacturers have deemed the health care bill by the Republican party as a positive step towards eliminating medical device tax completely.