Savings Beyond Price™
Innovative Supply Savings and Quality Solutions That Work
by Strategic Value Analysis® in Healthcare
Did You Know...?
That Value Analysis Was Developed Back In the 1940's After World War II as a Way to Find Lower Cost but Higher Quality Alternative products and methods. This was Due to the Lack of Material Resources At The End of The War.
Savings Beyond Price -Weekly eNewsletter - July 30, 2010
Robert T. Yokl
President & Chief Value Strategist
Achieving High Performance with Analytics
Greetings,
We all toss around the word “analytics” (or the science of data analysis) which sounds very impressive, but what does it really mean to you and your hospital, system or IDN?
For one thing high performers in supply chain management are five times more likely than their peers to view analytics as a core supply chain function, not just as something we do upon request. These same supply chain organizations employ their analytics to gain a much more sophisticated understanding of how their products, services and technologies are used after they are bought. They not only look backward, but forward to predict what is likely to happen and adjust their supply spend accordingly. This resulted in leading these healthcare organizations to breakthrough double-digit savings as well as command and control over their total supply spend.
Jeane Harris, Thomas Davenport and Robert Morrison of Accenture tell us that there are five traits that make analytic high performers different from their peers. They are:
1. Generate good, clean and actionable data
While others are trying to get their data in order, high performers focus on having their data in pristine condition at all times. We see this in our own analytics practice. The clients who have the most success in identifying savings opportunities utilizing analytics take great care and discipline in keeping their data in order.
2. Think in terms of the entire enterprise
If you are only performing your analytics on your med/surg supplies, then you are missing 50% or more of the achievable savings available to your healthcare organization. Just the other day we uncovered for a client $65,329 in savings in their hand sanitizers category that wouldn’t have been discovered if we had limited the scope of our analytic work to a few categories of purchase.
3. Promote analytical leadership in their ranks
Top to bottom support of your analytical work is necessary to obtain the time, money and resources necessary to become a high achiever. This leadership always begins and ends with a strong analytical leader who sets the pace, promotes the standards and lays out the goals and objectives for his or her department.
4. Understand what their targets should be
Where to get started? Price analytics is only one area of concentration for these top-tier supply chain organizations. They also give equal attention to their demand, utilization and operational analytics so they touch all of their bases. If you are only analyzing your prices, then your analytical work is only half done!
5. Focus on the hiring the best and the brightest
High performers also hire best and the brightest, but then they make sure that they are happy in their jobs. Furthermore, they have them work closely with to their customers so that they can bring integrity, credibility and synergy to their analytic work.
As you can see, just hiring analytic specialists and saying to them go save me money isn’t the optimal approach for your healthcare organization to become a high performing supply chain analytics factory. It takes fact-based insights to make better decisions about what you are buying, together with a strategic framework (as suggested above) to achieve the highest performance level with your analytics. Then all it takes is PRACTICE, PRACTICE, and more PRACTICE to become proficient in this new and emerging discipline!
Your Partner In Savings Beyond Price™,
Robert T Yokl
Chief Value Strategist
Strategic Value Analysis® In Healthcare
1-800-220-4274
P.S. If this topic intrigues you, you might want to read my article, “New Science for Bigger Savings” from our library of 400+ articles to get even more insight into this emerging best practices.
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