Many organizations spend time and money on data analytics yet do not realize the value of their investment. We suggest a few key steps to help capitalize on your data warehouse and avoid common data strategy pitfalls to elevate the data analytics game at your organization.

Maximize the Value of Your Data Warehouse

The key to success with any tool is understanding not only how to use it, but where it provides the most value. A broom is great, but if you are using it to sweep carpet instead of hardwood floors, you may not be getting the best value or results. The true value of a data warehouse is in the way you use it.

Data Integration

Your company invested in a data warehouse to take data from multiple sources and combine them to perform analysis based on the merged data rather than a single source. If you find yourself running most reports from a single data source, you are missing the true power of the warehouse. For example, instead of asking how much behavioral health is affecting medical claims cost, take a look at how it ties to your carved-out pharmacy and how it drives your life and disability claims as well.

Better Access

As part of your benefits process, you may want to know more about your top cancer facilities as you think about a center of excellence strategy. You could ask your carrier to provide some information. They get back to you after a while, some of the data is confusing and you have additional follow-up questions. With your data warehouse, you can run your own reports to get data quickly and to your specification. You can do further drill downs without waiting for the carrier to send you updated reports. Once you complete all of the basic research, you can ask your carrier the questions that only they can answer and pull in the decision-makers.

by Nicolai Adamsky, ASA, MAAA

Managing Consultant