Where is data destroying enterprise value today?

Now your organisation consumes capital with every activity that it does, and every time we spend money on something that’s not driving the core business activities forward and driving returns to our shareholders, we are destroying value.

So where is data costing you money today? Let’s take a quick look at the impact on your customers and your employees.

Data inefficiency

So in this example, here we’ve got a customer talking to a first department, getting some data from them. Then they talk to another department. Maybe it’s the retail people and then they finally talk to a third department.

And this causes a huge amount of frustration and anger to your customers, as well as disillusionment. Because if your data about that customer is inaccurate, how can they trust you to be doing anything else accurately?

Where data destroys value in Healthcare

That’s a quick look at how data destroys value. Now, in this short topic, we are going to make it a bit more tangible, and let’s look at the healthcare industry and see how data is destroying value both for the healthcare companies, but also, more importantly, for their patients.

Time wasted on paperwork

So where is data in healthcare wasting money and eroding value? Well, doctors are getting stressed out here, and nearly three-quarters of them are reporting that they’ve got some burnout related to the electronic health records that they have to fill in whenever we go and visit them.

That’s partly because of the amount of time they’re spending. Every time they spend an hour with us, they spend 2 hours writing that up and creating paperwork and inputting data. We’ve got to get that down to make sure that they can spend more time on value-added activities.

And over a single shift, they make over 4000 clicks on a computer. Are they really data entry people? Or are they treating us and diagnosing our illnesses?

The state of healthcare data

So what does health care data look like today? I bet you’re hoping that I’m going to bring great news and tell you wonderful things, but unfortunately, I’m not. Let’s have a quick look at the situation we find in health care organisations right now. So one of the drawbacks of making our frontline people input too much data is that we end up with errors in that data. And what you see on electronic health records is: