When it comes to healthcare analytics, there’s a lot of fiction that’s presented as fact. This can muddle the buying process, which is already more complicated with more decision-makers involved. In fact, statistics show that the average buying team is 5.4 people, and that the more stakeholders involved, the lower the likelihood of any purchase.
When lots of people are involved in a purchase decision and reputations are on the line, unfortunately, the best solution often isn’t picked, but rather, what’s thought to be the safest solution. This brings us to our last myth in our blog series in which we’re busting the biggest pieces of fiction in healthcare analytics.
“No one ever got fired for buying from the biggest BI companies, right?”
A lot of buyers feel comfort in buying from a big vendor. Bigger must mean better, right?
Unfortunately, the process of growing into a bigger company often comes at the expense of customer service. Consider this: Dresner Advisory Services’ 2015 Wisdom of Crowds® Business Intelligence Market Study surveyed BI users on satisfaction. This survey is notable for both its user-centric nature and the breadth of the users it surveys (1,495 BI users spread throughout industries such as technology, financial services, healthcare, education, and much more). Of note:
- The average score of those vendors in the “BI Titans” category (the biggest BI companies) was 3.52 versus 4.28 for all others.
- For the “Specialized BI” category, BI vendors are characteristically smaller than others, but are established (10+ years old), focused on a specific market segment, and have higher overall scores.
Best practices to find the right BI solution
Here are 3 tips to ensure you pick the right BI solution for your needs:
- Partner with a vendor that understands the complexities of your data sources and business rules.
- Make sure the company can help guide you on your journey of which KPIs to measure and analyze that will uncover opportunities for improvement.
- Understand that deriving value from data doesn’t just happen; it needs to focus on both the technology and the human element of an analytics program.
To learn more, download our white paper, “5 Healthcare Analytics Myths Busted!” Have any more myths to debunk? Let us know in the comments below.
- 4 Ways to Use the Wisdom of Crowds BI Market Study in Your Buying Research - June 10, 2021
- The Data You Need to Look for in the Omnichannel Era - June 8, 2021
- Adaptability: The Key to Healthcare Technology Planning - April 27, 2021