Coffee Break Webinar - Business Intelligence
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Business intelligence (BI) transforms data into actionable insights to inform strategic and tactical decisions. It provides detailed intelligence about an organization's state, unlike big data which focuses on large and complex datasets. Effective BI has three essential elements - providing relevant, reliable, and real-time information. It offers accurate, consistent, and accessible data to support smart decisions across departments like finance, HR, and the CEO's office. Implementing BI can improve efficiency, identify opportunities, and reduce costs for an organization.
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Coffee Break Webinar - Business Intelligence
- 1. Put Business Intelligence to Work for Your Organization Coffee Break Webinar
- 2. Overview • What is Business Intelligence? • Business Intelligence vs. Big Data • Essential Elements of Effective BI • Explore Specific Use Cases
- 3. What Is Business Intelligence?
- 4. Business Intelligence vs. Big Data “Business Intelligence leverages software and services to transform data into actionable intelligence that informs an organization’s strategic and tactical business decisions… to provide users with detailed intelligence about the state of the business.” - Mary Pratt, Author
- 5. Essential Elements of Effective BI Relevant Reliable Real-Time
- 6. Reliable • Accurate information based on complete, unified data • Consistent across the organization • Available when you want it (no data hostages!)
- 7. Relevant • Provides the information you need in a way you can understand • Customizable and configurable reports based on your needs
- 8. Real-time • With outdated information, you’ll always be a step behind • The most current information available is important if you want to make decisions about the organization’s future
- 9. How is it helpful for… CEOs
- 10. How is it Helpful for… Finance Executives
- 11. How is it helpful for… HR Executives
- 12. BI Benefits Are Far-Reaching • Improve efficiency and productivity • Support smart business decisions • Reduce costs • Identify opportunities
- 14. Thank You for Joining Us
Editor's Notes
- MJ TO PROVIDE INTRO DYLAN BEGINS: Great, thank you everyone for joining us – let’s get started
- For today’s webinar, I wanted to put a focus on business intelligence. What it is and what it means for health and human services organizations specifically. So we’ll start broadly by defining the concept and then explore the key elements and features of business intelligence software that make it effective and useful for your industry and your organization. From there, we can take a look at some of the many applications for business intelligence across different roles within health and human services organizations.
- At the most basic level, business intelligence, or BI, turns raw data into meaningful information that enables you to take action. It can help identify problems and opportunities early, identify which areas of the organization are running smoothly and which are operating over or under budget, and so much more. How exactly? Through robust and detailed reporting. Now, traditionally, BI was handled by data scientists, either working in-house or as consultants for a business. They would slog through endless amounts of data and compile the results into reports. These days, however, we’re seeing software that is able to take on a lot of these tasks – allowing for real-time results at the click of a mouse and making BI available and usable for executives and decision makers in non-technical roles. This is good news for the Health and Human Services industry, because these types of organizations deal with some of the most complex data out there….from EHR to GLs and HR and Payroll data. Mountains of information that somehow need to be translated into the measurement of complex concepts like ”quality of care” and “value-based care” – and many organizations in this space certainly don’t have the budget for a Data Scientist.
- Before we dive in further, a quick clarification here on Business Intelligence. I know we’ve all seen the latest buzz words from ”big data” to “predictive analytics” and, of course, “artificial intelligence”. So, what does that all mean and how does Business Intelligence fit in. This quote here is a great description of how Business Intelligence really is the result of software providing actionable insights and reports that help you understand the state of your business and help you make the strategic decisions you need to lead your organization. What we need to be wary of, especially in such a unique industry with really specific challenges, is those terms “predictive analytics” and “big data”. In theory, being able to leverage data from tens of thousands of organizations, as some systems do, can be valuable in helping predict trends or make suggestions. However, what we find in some of those instances is that the “big data” doesn’t necessarily apply to our business. For instance, turnover rates in Fortune 500 companies are likely to be much different than the turnover rates and trends for our front line case workers – and the salaries will definitely be different. The Health and Human Services Industry doesn’t always fit the mold cast for public, for-profit corporations. So, when we’re talking about Business Intelligence, predictive analytics, or anything of the sort – make sure to keep in mind that Context Is King here and Relevancy is King. If you’re looking at a Big Data solution - ask, “where and how was this data collected?” and “how will I actually use it to run my business?” Because what good is Business Intelligence if its not build for YOUR business?
- So, to find Business Intelligence that will be effective for your business, you need to ensure that it has these three essential elements: It has to be Relevant, Reliable, and Real-Time. Let’s dig a little deeper into these areas…
- For business intelligence to be used effectively in any of these applications, it requires that you have reliable data available to pull from. BI starts and ends with good data. If you aren’t collecting and storing the information you need, BI reports won’t be able to tell you anything. Unfortunately, many organizations struggle with this, and not just within the health and human services industry. In a data quality report from Experian, they found that 83% of organisations see data as an integral part of forming a business strategy, yet these organizations also report that on average, 30% of their data is inaccurate. And honestly, these numbers are not that surprising. Organizations are using on average three to four HR systems to function. Add to this an EHR system and the General Ledger, and the end result is there’s data all over the place, in multiple systems that don’t talk to each other, preventing data from being integrated, compiled, and analyzed effectively. Another huge challenge health and human services organizations face when it comes to their data is accessibility. A third-party provider is storing that data and want to charge you for the right to look at it. These are major obstacles within the industry, but they can be overcome. At DATIS, we strongly believe in unifying data so that you have a single source of truth rather than multiple data sets with potentially conflicting information. And we also believe that when it’s your data, it belongs to you and you should have free access to it whenever and wherever you need it. So let’s skip ahead now and assume your organization has cleaned up its data and is good to go.
- Next, Business Intelligence needs to be relevant and give you the information you need in a way you can understand. If you can’t understand it, it’s not going to help you. And, as we discussed already, the information your organization needs differs from other organizations and industries, and the information you need in your role differs from what other people throughout your organization need. Your business intelligence software should be able to cater to these varying needs through configurable reports that let you drill down and focus on the specific metrics you want.
- Real-time reporting is also an essential element of business intelligence. Things change constantly, within your organization and all around you, and to stay on top of those changes, you need the most current data possible. You need to know what’s happening now if you want to make decisions about your organization’s future. We always say that relying on backward-looking information is like driving in a car while looking only through the rear-view mirror- its not effective. You need the right information, right now so you can steer forward.
- Now, lets take a look at some specific use cases of BI within Health and Human Services organizations. And to start, we’ll take a look at what BI can do for CEOs. Now, the CEO needs to report back to board members about the state of the organization and make important decisions that will ultimately steer the organization’s future direction. To accomplish this successfully, our CEO needs a clear picture of the organization and the workforce. For example, we have a CEO here that needs to prepare for a board meeting where they will have to justify the costs of a new initiative and report on performance across departments Business intelligence can help provide that visibility. It can also provide the insights necessary for our CEO to make well-informed and data-driven decisions for driving the organization forward. At DATIS, we provide our clients with key stats and numbers that highlight the success and effectiveness of each of the various programs within the organization – and we can even combine information from your EHR and GL to determine the financial efficiency of each program or service, helping executive leaders justify new programs or secure continued funding for existing ones.
- Another role that can vastly benefit from BI is Finance. What the CFO and other Finance executives care about most is determining the organization’s financial efficiency. Our CFO in this example is concerned about fund allocations and she needs to let her funders know exactly where each dollar of their contribution is being spent to show that it was allocated appropriately. Business intelligence can solve this challenges as well, answering key questions like where are funds being allocated? Are departments operating within their budgetary constraints? If the answer is yes, then great! If not though, BI can show you where you need to investigate further and make appropriate adjustments. DATIS, for example, enables you to review labor history, including labor distribution and allocations – reporting to funders, and other organization leaders, how much time employees are spending in each location, program, or cost center.
- And then we have our CHROs, HR Directors, and other HR executives. In addition to monitoring organization-wide performance and budgets, BI can help HR executives ensure things like credential compliance and wage and hour compliance, while focusing on critical recruiting strategies to attract top talent. So here, we have an HR executive who’s concerned about filling open positions. She has a number of vacancies across various departments that she is responsible for filling and she needs to know what all of these positions are and how much it costs our organization each day the position goes unfilled. Otherwise, she won’t be able to prioritize appropriately. With DATIS Business Intelligence, our HR executive can see actual staffing levels vs budgeted staffing levels, to know where she should to focus her efforts first. Then, she can further prioritize by reviewing a Vacancy Report to see the recruiting status of all open positions, and the daily lost revenue for revenue generating positions like Clinicians and Psychiatrists. She can also examine the recruiting cycle in more detail to assess its efficiency and track progress. For example, she can take a look at how many days a posting or application stayed in each stage of the recruiting process, identify bottlenecks, and work to streamline the process.
- Now these were just a few examples of the specific ways in which business intelligence can benefit specific roles within your organization, but there are plenty of additional benefits for other team members as well. With good data and the right BI system in place, the benefits to your organization go on and on. Business intelligence can improve efficiencies, enable data-driven decision making, reduce costs, and identify new opportunities – or identify potential issues before they become full-blown problems. To sum up, BI is increasingly changing from being a nice-to-have to an essential organizational tool. With the reporting software tools available, each organization can have access to the data and insights they need to help drive your organization forward and accomplish its mission – provided it fits the 3 essential elements we covered here today – relevant, reliable, and real-time. As a final point, I’d like to note that the success of your business intelligence should be based on organizational outcomes, not simply adoption rates or the fact that you have the software available. It should be a tool you can use to leverage information, drive smart decisions, and help your organization succeed.
- At this point, we’ll go ahead and open it up to any questions ---- MJ TO CHIME IN NOW