Interesting HBR Blog post on how analytics will move from providing insights on improving processes to “operational analytics” actually controlling business processes. Emphasis of the article was the manufacturing sector (HBR Blog, “Let Algorithms Decide-and Act- for Your Company”, September 10, 2014)
I posted following comments sharing a vision on where predictive analytics is heading in the health care sector….
Thanks for insightful post and operational analytics insights you shared.
Glad to share several comments.
First, if you replace “manufacturing” with “healthcare” which now represents about 20 percent of US GDP, and you understand how we can leverage predictive analytics to improve cost performance and quality, you quickly realize the high potential that lies ahead.
Here are a few high potential applications and benefits of these new capabilities which are only a small sample of what lies ahead here:
• Tracking Medical Diagnoses, Treatments, Medications, Outcomes, Costs,Reimbursements, and Relationships
ICD or International Classification of Disease Codes classifies diseases and CPT or Current Procedural Terminology codes describe services provided by medical practitioners. Tracking and examining relationships among these metrics, looking at patient data, identifying processes, and key cost and patient health drivers, we can develop ‘best practices’ … Read more comments and the HBR Blog post at http://tinyurl.com/k9pfpjp
Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the School of Business at George Mason University. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.