Believe it or not, you learn the core concept of evaluation in high school geometry class. This concept is the conditional statement, or in its easier-to-remember format, the “if-then statement.” (Because let’s face it, there’s a grain of truth in every high school students’ call to arms, “I’ll forget every bit of this stuff because I’ll never use it in real life.”)
The conditional statement has likely popped up at many decision points in your life:
- If your friends laugh when you fall off the jungle gym, then they’re not your real friends anyway.
- If the conversation is great and time flies by, then your date is worth seeing again.
- If you hate the homework and can’t see yourself happy in the correlating career, then you should get your degree in something else.
To apply this useful concept to data analytics, five specific features make up a good solution. If the solution has these features, you’ll have actionable data that drives organizational improvement. The first relates to the dashboard, which serves as mission control for monitoring your revenue cycle. If it has the key performance indicators (KPIs) most meaningful to you― typically, first pass rate, denial rate and rejection rate―then it’ll be a valuable source of information. The second criteria is interactive reports, which go deeper than the dashboard and enable you to determine root causes of problems.
Want to learn all five criteria and how to use them? View the slide share Developing Criteria for a Data Analytics Solution: Five Crucial Elements today!