Generating value from data analytics and artificial intelligence

The data analytics ecosystem is rapidly evolving, and with the increasing availability of AI, generative AI and machine learning (ML) tools, innovation now offers more potential advantages than it has ever in the past. Companies across all industries are leveraging these technologies to transform key processes, become more agile and further business outcomes. Below, you’ll learn more about four different organizations that have utilized data analytics and AI strategies combined with timely advice to overcome critical challenges and position themselves for greater success.

The first step to capitalize on emerging data analytics and AI solutions is to identify the problem area(s) within your organization, be it internal, external or both. Then, by gaining a better understanding of your organization’s data, you can act upon it and connect it with the desired outcomes to make your business more efficient.

Transforming information into insights that empower people to take action is one of the biggest benefits of analytics. It is important to have a goal in mind and continually ask yourself and your key stakeholders: “What will we do with the information once received? How will you take action and react to the insights you receive? What will change the game for you?”

Draganowski recently joined fellow RSM partners Michael Charette and Joy Cruz as well as RSM directors Robbie Beyer and Joe Knoll as presenters for the third session in the firm’s Data Analytics and AI Webcast series—Client success stories: Deriving value from DA and AI. The session highlighted a variety of data analytics and AI use cases across multiple industries, illuminating the true power of transformative technologies.

Decoding enterprise AI and digital transformation

A dedicated process to implement AI-driven solutions for increased efficiency, improved outcomes and a more competitive position is known as enterprise AI. It varies from internal (addressing a particular business challenge) and external (providing a competitive advantage and enhancing customer satisfaction) to piloting AI (researching the potential benefits to set a technology foundation)— encapsulating five governance tenets:

• Ethics
• Organization
• Processes
• Technology
• Data

Externally facing, the City of Kelowna took on the bold challenge of addressing the housing crisis by reducing the time it takes to receive a building permit. RSM helped the city develop an intelligent permitting assistant with AI to help facilitate the traditionally confusing process with a friendly, chat-like experience, thereby reducing the timeline of the entire process from months to days. 

RSM conducted a comprehensive process review to capture existing procedures, business needs and the intricacies of QuadReal’s REIT test calculations. The team then devised an automated extract, transform and load process to collect and align information to a unified data model for REIT testing. Additionally, calculation intricacies were translated into model functions to automate required tests. We further standardized output reports, accompanied by a log enabling user validation of executed tests.

Through a collaborative approach, the RSM team was able to assist with successfully optimizing and centralizing data into an enterprise data warehouse built on Microsoft Azure. They also designed and implemented a governance framework with an operating model for data democratization. Furthermore, RSM created interactive analytics with key performance indicators using Microsoft Power BI. 

Through this digital transformation, this organization can now better understand key stakeholders and they can recognize additional opportunities for growth through further analysis of their very data-rich environment. It has created a foundation to enable their stakeholders to make more efficient and effective decisions, as well as helped create a culture of curiosity and exploration to further drive its mission and values.

RSM suggested a denial analytics solution utilizing Tableau and Ask Data AI (formerly Narrative Science) to comprehensively and efficiently analyze the hospital’s current state concerning revenue cycle performance, charge master, EMR functionality and configuration, and organizational structure.

Phase I benefits involved denials cut in half, while phase II saw a 66% reduction in registration issues and a 40% reduction in technical write-offs.