Business analytics (BA) is used to gain insights into operations, sales and financials. Data-driven companies treat data as a corporate asset and leverage it for a competitive advantage and growth. Often, the data is considered Big Data coming from multiple transactional data sources. Data is generally presented on dashboard platforms such as Tableau. Tableau integrates data from Excel files, SQL enterprise databases, text files and others. Tableau online and Tableau server have alert technology that send messages to owners and managers when revenue or expenses exceed historical thresholds. This is a value add for business owners in growth mode who want tighter controls on expenses while quickly identifying spikes in revenue.
Consulting CFOs for VKT Associates use business analytics to solve business problems for companies in the construction, medical or transportation industries. CFOs use the data to produce media rich dashboards to quickly identify problems and aid decision making to improve efficiency and increase the bottom line. As an example, medical practices can use business analytics to:
- Gather a better insight into financial, operational and patient data
- Increase staff productivity and reduce patient wait times
- Reduce man hours verifying coverage codes for specific treatments
- Analyze the impact of new services on current cash flows
- Identify opportunities to expand and open new locations
- Review medical billing coders when denial rates increase above normal
- Know when specific locations have met maximum capacity.