The buzzword “Big Data” generates a lot of hype in health care these days – but many companies are still struggling to develop efficient ways to use their vast data sets to build competitive advantage. While continuing technology advances make it easier for companies to capture, analyze and report on larger quantities of data than ever before, the sheer volume of information can be overwhelming and costly to manage.
At CVS Health, we are investing in myriad new ways to use the power of data to reinvent pharmacy to extend the front lines of care. The most critical component of our data strategy is ensuring best-in-class security. However, our data also must be accessible in a cost-effective way to appropriate end users. With our IT partners, our analytics team has launched several initiatives to make it easier for colleagues, prescribers and others to use our data every day to make better decisions.
We also are investing in advanced analytics to provide more personalized services and efficient operations. Here are just a few examples:- Our investment in data visualization has helped us demystify billions of rows and columns of data tracking our PBM clients’ spend on pharmacy benefits. We now can offer simple, meaningful visual presentations to help these clients understand what’s driving their drug spend, and then design benefit plans that improve access for their members while reducing costs.
These are just a few examples of the innovative ways that teams across CVS Health are using advanced analytics. We are continuing to roll out new initiatives that will further demonstrate how data, “big” or “small,” can help us reinvent pharmacy to drive value for our customers.
Bob Darin is Chief Analytics Officer of CVS Health. You can learn more about Bob and his team on the CVS career site.