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What is bad data and why should it bother you?

Today, the speed at which we produce data is high. And increasing. The sources from which we get data are high. And increasing. The speed at which we need to make critical, data-driven decisions is high. And increasing. The downside of making an erroneous business decision is high. And increasing. And with the new regulatory requirements, erroneous data can lead to fines and even criminal proceedings. Data anomalies thus remain a chronic problem with businesses; inaccurate data leads to inefficiencies, and often to wrong decisions. In short, the quality of your data is becoming a key factor to your success.

To improve the quality of your data, your IT groups buy tools from ETL or Data Integration vendors. They pay high costs for software licenses and then they struggle to deploy and maintain the tools. You pay expensive consultants to extend these proprietary tools to meet your needs. And then they put you through time-consuming training classes so that you can use these tools. Painful for you and for them.

  


How does it impact the Healthcare Industry?

A well-oiled supply chain plays a significant role in keeping healthcare industry operations efficient and keeping the sourcing costs at a minimum. Bad data creates clogs in this supply chain. A hospital’s Materials Management Information Systems (MMIS) host enormous amount of data that could be plagued with discrepancies like duplicate and incomplete records, archaic product and pricing information, and erroneous vendor information. This results in overspending on sourcing and inefficiencies in the supply chain. Materials Management departments, therefore, are always challenged to keep their MMIS data accurate, current and error-free.

Analysis reveals that sourcing costs amount to 32% of the overall operational cost of a hospital. Out of this, almost 40% of the time, hospitals pay differential pricing for sourcing same products. This presents hospitals with a challenge to track purchases and standardize sourcing at best price. According to Gartner, the industry in general looses over $30 billion every year due to bad data.

How does Bodhtree SDMS™ help?

Bodhtree is a leading provider of Data Quality Solution to the healthcare industry. With a strategic relationship with Owens & Minor (a Fortune 250 Supply Chain Solutions Company), Bodhtree offers its SDMS™ (Spend Data Management Solution) including Data Cleansing, Enrichment, Classification, Analytics and Master Data Management to leading healthcare organizations in the US. Its customers include leading Hospital Chains, Medical Distribution Companies and Group Purchasing Organizations.

Spend Data Management

Bodhtree SDMS™ (Spend Data Management Solution) enables the healthcare organizations to maintain data integrity and accuracy on an ongoing basis while also providing them with essential analytical intelligence into the supply-chain dynamics that helps keep it efficient. Each hospital is a unique entity and so are its problems and needs. Bodhtree SDMS includes an array of cleansing, maintenance and analytical reporting options, which are customized for each hospital’s specific needs. Healthcare providers receive these benefits from using Bodhtree’s solution:

  • Profile, Cleanse, Standardize and Enrich your organization’s data quality on an ongoing basis
  • Increase efficiency of your operations based on accurate and updated data
  • Provide decision-makers with reliable and actionable information
  • Data Profiling Capabilities

Bodhtree SDMS™ features the following capabilities:

  • Data Profiling
  • Data Cleansing
  • Data Enrichment
  • Data Classification
  • Data Analytics
  • Master Data Management

  

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