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How to be a champion of data-driven decision-making

The Big Data era has carved out its groove and is here to stay. But for some reason, executives continue to feel pushback from skeptical managers who are reluctant to incorporate data systems into their decision-making processes.

The most agile companies employ analytics to drive strategic decisions, and organizations that refuse to adopt a data mindset will rapidly fall behind.

Whether managers are afraid of being replaced by machines or are just plain lazy, modern businesses simply cannot survive without collecting and analyzing data.

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Listen to Your Gut But Check Your Assumptions and the Data

Even as a self-professed data nerd, I still find myself itching to go with my gut when I’m faced with a key decision. It’s only natural. We humans sometimes struggle to set aside our fragile pride and accept that another source of information might trump our intuition.

In business, it pays to put aside pride. Making a decision that you know is backed by data gives you confidence in what you’re doing, takes away the pressure of leading your team into the unknown and creates a culture of trust between you and your employees, customers and stakeholders.

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The Next Big Thing Isn’t BDaaS – It’s How You Use It

At one time, only the corporate elite could afford to collect and crunch millions of data points to optimize their businesses. But with the advent of big data as a service, companies of all sizes now have the chance to take part in the big data revolution.

Although the need for data isn’t new, the amount of information and the type of intelligence it can provide looks starkly different than it did even a few years ago. In fact, the same amount of data influx that was achieved over the past 50 years is now achieved every two days.

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FTI Catalyst offers healthcare professionals improved organizational analytics, enhanced decision-making, better strategy implementation, and improved overall operational efficiency.

Asha Saxena is the president and CEO of Future Technologies Inc., a data management and analytics firm. FTI’s healthcare analytics dashboard, FTI CATALYST, helps create operational efficiency for executive management through a pre-built data model. Contact Asha to have her speak at your next event or conference.

BusinessInterviews.com: You founded Future Technologies Inc., a business analytics company, in 1996 and then developed FTI Catalyst, a pre-built data model specifically geared toward healthcare analytics. What has contributed to your overall growth and expansion into the health space?

Asha: FTI works across a broad spectrum of industries, and as the company grew, we noticed an ongoing greater need for data management. This was especially apparent with our clients in the healthcare industry. Their industry changes so rapidly, so we created a flexible tool that leverages data to measure hospital performance and create new revenue opportunities. This strong data management system also helps them monitor their margins and enables them to receive real-time information regarding the strengths and weaknesses of their establishments.
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Retail Data Model: How to Make it Work for the Healthcare Sector

Half of U.S. retail marketing executives claim being driven by data helps them maintain a competitive advantage. And, according to research by McKinsey & Co., the U.S. healthcare sector could create more than $300 billion in value every year by harnessing big data and using it to drive creativity and efficiency.

Here’s how you can make the retail model work for you:

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How to Employ Data to Empower, Not Replace, Your Managers

People love to joke that robots are going to someday steal our jobs.

Don’t panic — nobody is being replaced just yet. You can put down your stapler.

But don’t relax, either. Because it’s time to revolutionize the way middle management utilizes Big Data.

The role of data collection and analysis commonly falls on the shoulders of middle managers. Given our increasing reliance on data, many business decisions are only made if they can be supported by data. This raises an interesting question: Do we still need middle management if Big Data is making all of their decisions for them?

My answer: Yes and no. Big Data should replace some traditional management positions and help to evolve the roles of the remaining ones.

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6 Ways Hospitals Can Ease Patients’ Fears About Security Threats

Data and technology have become integral parts of healthcare. They work together to offer physicians a timely and precise glimpse into patients’ personal health.

They allow physicians to consult with patients and fellow doctors around the globe. They allow medical records to be transferred and accessed with the touch of a button. But they also make patients — and healthcare facilities — vulnerable to cyberattacks.

New data breaches are making headlines every few days, affecting thousands (if not millions) of American consumers. And the latest trend of cybercriminals stealing personal information from insurance companies and healthcare facilities has consumers more concerned than ever. It’s no wonder patient trust in healthcare security standards has taken a major hit.

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When Will Tech Get Smart Enough to Stop Being ‘Men’s Work’?

Only men should be plumbers.

That sounds absurd, doesn’t it? But once upon a time, it was completely acceptable to call a male-dominated trade “men’s work.” So what about the tech field? Is this men’s work as well?

Some people use this old-fashioned line of thinking to explain the glaring lack of women in tech. But does the field lack gender diversity because women are incapable of excelling in it? Or are women simply not interested in tech?

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How to Update Your Legacy System: 5 Tips

Maintaining your old legacy system is like constantly repairing an old car: Deep down, you know you should’ve replaced it after it broke down on the interstate five years ago. Now, it’s costing you far more in efficiency than it’s worth. Still, you can’t help but wonder whether it’s better to stick with what you know rather than risk losing money on a new model.

Unfortunately, a lot of businesses are using this excuse to justify their legacy systems. According to a recent Capgemini Consulting report, companies lean too heavily on legacy systems for data processing and management. Only 36 percent of companies actually use the cloud for their big data and analytics platforms, and 31 percent utilize open-source tools.

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5 Benefits of Analytics for Ambulatory and Outpatient Facilities

Once touted for their efficiency and innovation, ambulatory surgical centers (ASCs) and hospital outpatient departments (HOPDs) are on the brink of a crisis.

In a 2013 report to Congress, the Centers for Medicare and Medicaid Services noted that, as of 2008, there were 5,175 Medicare-certified ASCs treating 3.3 million Medicare beneficiaries. Since then, patient bases for both ASCs and HOPDs have ballooned because of changes such as the Affordable Care Act and Medicaid expansion.

Like so many facilities in the healthcare field, ASCs and HOPDs face the pressure to reduce costs — on supplies, procedures, salaries, and overtime, among other things — and boost revenue through more or diverse medical opportunities. This has put leaders of these facilities in a tough position. But by harnessing data, they can begin to enjoy a renewed level of efficiency.

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