InetSoft Webinar: Analytics Technologies Being Employed

This is the continuation of the transcript of a Webinar hosted by InetSoft on the topic of "Business Intelligence for Healthcare Insurers." The speaker is Mark Flaherty, CMO at InetSoft.

Now let’s talk a bit about the analytics technologies being employed. How is analytics infused within an enterprise business process? What business value or ROI can be gotten by good analytics? It’s a question that on the surface is pretty straightforward, but I think it's a good question. We would encourage that question to be peeled back several layers by our clients.

I think if they do, what they are going to find, I think that the true return on investment within a business intelligence platform may or may not be the initial price tag, right? It’s a total cost of ownership play. The questions are what is our ability to get a solution to market, to support that solution overtime, and to deliver incremental improvement as well as step change innovation over a three to five year period.

analytics technology example



dashboard demo
View a 2-minute demonstration of InetSoft's easy, agile, and robust BI software.

And I think from our perspective, we recognize that that our a very unique BI platform, that you have an ability to start with a very cost effective core but then layer incremental value on it overtime, and that’s the way we have tried to go to the market. We will continue to challenge ourselves to go to market with solutions that have a very short return on investment per today’s measurements.

But also, I think it's even more important that these BI solutions are driving very attractive total cost of ownership over a three to five year period. So our clients should expect that. They should demand that when a BI vendor is coming to them that there is an effective price point. There is an effective return on investment for the next 12 months. But also, how does this position need to continue to drive incremental cost out of my operation and add incremental value to my constituents over the course of the next three to five years?

Is this kind of analytics solution just for large enterprises, or are mid-tier companies and smaller ones also adopting it? I think that’s a question that we need to get out there. I think that’s a message that we need to get to the industry that this does not have to be something that’s only affordable for the large national players, the super-regional health plans, those that have 4-5 million members in their covered base, that have $6 billion to $8 billion in revenues flowing and that are spending, that have an IT budget of $150 million to $300 million per year. That’s certainly a market.

But I think InetSoft has done a very nice job of not only offering a reasonable entry level from a price point standpoint, but also from a solution perspective. That I think makes the analytic solutions very relevant for local health plans, regional health plans, all the way up through the major national players.

view gallery
View live interactive examples in InetSoft's dashboard and visualization gallery.

So I think that’s something that I think we need to continue to get the word out on, and we are focused on that. And I think if you look at our client base today, it's significantly more diverse than it was three years ago. I think that will continue to take place. But because we serve with one of the largest health plans in the U.S., as well as very modestly sized local and state-based health plans, we think that their mission is every bit as relevant at the local level as some of the major players are.

Their interest in changing the lives and changing the wellness of their population whether it be for 600,000 members in the state community or 6 million members or 16 million members on a local basis, they deserve the best technology and the best consulting expertise and professional services to bring to their constituents again cost effectiveness as well as medical innovation. I think that’s where we like to continue to focus.

Previous: Savings From Good Customer Analytics