Digital Innovation Strategy
Wockhardt, being a multi-location, tertiary healthcare provider, understands the importance of protecting the bottom line of the organization and keeping the cost minimal. It developed an automated technique to pull out all the data, be it structured or unstructured, and valuate it with a best fit model such that it matches the actual financial results. With a few iterations in six months, Wockhardt was successful in creating an automation method that involved financial consulting, IT and independent validation.
With a second phase solution mapping, the company overcame the challenge of finding an effective business intelligence tool that could handle and load all the data generated. The required tool was also to present the model in a user friendly and visually appealing way by replicating the model. They selected a reliable vendor partner to navigate them through this process. Wockhardt then invested on identifying relevant data with additional steps like data cataloguing, modelling and hypothesis testing with regression and analytics. For every service delivered and transaction made, this project offers a near- to real-time calculated data for profit or loss analysis.
Furthermore, it included forecasting elements by adding a what-if analysis to the project. With automation, mobile device access and BI interface tool, Wockhardt gets very valuable insights by a few clicks with this new platform.