The Business Analysis field is broad and there are numerous specializations that can be found in this field.
Some of these specializations include Business Analysts in the medical industry.
Now more than ever, the healthcare industry is vital to the world. It is an industry that generates tons of data and has numerous processes.
A standard medical organization would have numerous business needs that would help improve the organization and so there are constantly in need of good Business Analyst’s to help them fulfill those needs.
Business analysts that are working in a medical organization should be knowledgeable of the business analysis knowledge areas and competencies but they should also have some business intelligence experience.
Business intelligence is defined as the processes and means of gathering, storing, and analyzing business operational data to enhance the organizational performance.
Business intelligence focuses on the transformation of data into enhanced information. This includes where to get the data, how to merge the data, and how to improve and deliver the data which would help with the organization’s decision making.
Business intelligence is especially important in the healthcare industry because it would help to reduce healthcare delivery costs, increase process and operational efficiency, and improve quality of care.
But how does Business Intelligence help a Healthcare organization ?
Due to the huge amount of data that is generated by patient care and the daily operational processes, the organization needs to be able to analyze this data in order to make informed strategic business decisions.
Some of the ways in which the business intelligence analysis would be beneficial to the medical organization are :
- Business Operations Optimization : a medical organization generates a lot of data such as patient and operational data. Business Intelligence tools can be used to analyze patterns in order to optimize these business processes and identify ways in which to improve those business processes.
- Cost Analysis : Business Intelligence tools can also be used to analyze the companies overhead and identify ways in which these costs can be minimized. Some examples of these costs include employee, suppliers, inventory, insurance and operational costs.
- Business insights : Business intelligence tools can be used to create reports and dashboards that would be used by the management team to make strategic decisions. The tools can also be used to analyze trends and predict patterns that can be used in budgetary planning and analysis.
- Improved customer satisfaction : when an organization has improved business processes, those optimized processes would translate into improved customer satisfaction because all the none value adding tasks would be identified and eliminated. This would help increase revenue, improve customer loyalty and reduce costs.