Receiving actionable information and making decisions are time neutral and may or may not make a difference. There’s something missing. Think of it this way. Information that is easy to interpret and timely gives executives the power to make correct decisions to take opportune action to generate positive results – quickly. It’s more than a matter of reports, it’s the quality and timing of the information.
Many of you can recall the days of spreadsheets, the data for which was manually gathered, input, processed, formatted into reports, converted to hopefully useful information, distributed, and then interpreted for action. Too often, it was too little, too late. In today’s world, that’s changed. Data is everywhere. The key is to harvest, process, and in real-time combine and recombine the data, converting it into information that is immediate, meaningful and compelling.
In previous blogs, we have discussed the advantages and availability of business intelligence (BI) through data warehousing and data mining. The multi-dimensionality of data-driven information, therefore data-driven decisions, is limited only by the questions asked. Our customers often ask us to generate new ways to display information or to identify new information to meet emerging challenges and opportunities. Let’s explore what our customers have been able to do with BI from real-time data.
But first, executives must identify the Key Performance Indicators (KPIs) which will stimulate correct and actionable decisions. Our primeVIEW customers have identified the following categories or information sets which executives and managers at all levels of their companies can view and act on.
- 5 Star
- RAC Audits
- And more
Within each of these categories is information that enables executives to view current performance, performance trends, current and prior year performance comparisons, performance projections, comparisons between business units, and budgetary and regulatory compliance status. Also, the system generates benchmark-based alerts which notify appropriate decision makers and stakeholders that a threshold has been or is about to be crossed. As alerts appear on their mobile devices, executives report to us, they immediately reach out to the facilities to confirm, to coach, to correct, and to facilitate. These real-time alerts stimulate timely data-driven decisions and real-time accountability
BI has helped providers enjoy the benefits of real-time accountability through threshold alerts and dashboard-based daily, weekly, and monthly business unit performance reviews. One CEO of a multi-facility operation reports that he conducts his monthly facility financial reviews using the dashboard which is displayed on screen right in front of him. He can view a facility’s performance compared to its peers, its trends, its projections, and drill down to the employee or even resident level depending on the topic at hand, from financial to cash to labor to clinical. It’s certainly timely and it’s definitely relevant. Facilities managers know that they have to be prepared to address not only the prior month’s performance, but also current issues and opportunities as well.
In the today’s world of BI, executives and managers don’t have to wait for reports which may be too late or even prone to error. They can access accurate and timely KPIs right now. Real-time information does help providers make timely, actionable, and data-driven decisions that grow results.
What advantages have you experienced through the use of business intelligence?