The new era of business intelligence

Abstract

Purpose As the health care sector is changing rapidly, there is a growing need to develop new ways to make data-driven decisions, especially at the organizational level. Data utilization, like business intelligence (BI) activities, benefits health care organizations. The purpose of this paper is to study the potential of Big Data and the utilization of BI tools in creating value in the private health care industry in Finland. Design/methodology/approach Intellectual capital (IC) components and Möller et al.’s (2005) work on value capabilities are used as a framework to point out the roles of data utilization and BI tools in value creation. Thematic interviews enable understanding of the value creation based on Big Data potential and utilization of BI tools in the Finnish private health care industry. Findings The findings will provide an understanding of the existing data sources and BI tools used in private health care. In addition, it provides an insight into the future-oriented Big Data potential, which can create new business concepts. The approach provides valuable insights for value identifying the future needs of data utilization and creates an understanding on the current state within the private health care sector. Originality/value Data-driven value creation is one of the most discussed topics in private health care sector. By analyzing the current data-source utilization, challenges with data and BI tool utilization and the future vision and development roadmaps, the authors gain a better understanding of the IC components and value creation capabilities.

RETRACTED ARTICLE: The complementarities of big data and intellectual capital on sustainable value creation; collective intelligence approach

“…Digital RC plays a crucial role in enhancing organizational' performance through website development and communication (Molodchik et al, 2018). Successful deployment of big data within relational capital management is possible through websites and social media management (Molodchik et al, 2018;Ratia et al, 2018). The analyzing process of social media viewers and evolving an approach tailored to them, distributing and creating content for social media outlines, cooperating with influencers, measuring, reporting and monitoring social media performance, observing operational conversations, ROI and giving community service are the examples of social media management.…”

“…Digital RC plays a crucial role in enhancing organizational' performance through website development and communication (Molodchik et al, 2018). Successful deployment of big data within relational capital management is possible through websites and social media management (Molodchik et al, 2018;Ratia et al, 2018). Social media management is the process of managing organizations' online presence through social media platforms (Van Looy, 2016) Since the website's role is significant in driving organization's financial and non-financial performance, the company may hire or outsource social media experts, web developer, etc.…”

Corporate accountability and big data analytics: is non-financial disclosure a missing link?

“…For these reasons, appropriate information management systems and human analytical skills become crucial. They represent value creation capabilities (Ratia et al , 2018) to select, explore and analyse data; develop BDA capabilities and permit the integration of data; and generate information, which is disclosed after the proper evaluation of opportunities and risks. Indeed, according to signalling theoretical framework, effective information about corporate actions and about the quality of corporate offerings (especially about sustainability and CSR communications) translate into positive market responses (Blasi et al , 2021).…”

“…The precision and granularity of such data-driven information increase the objectivity of managerial decisions (Grover et al , 2018; Gružauskas et al , 2018; Ratia et al , 2018) and minimise risks through preventive analytics (Kitchens et al , 2018; Zeng and Khan, 2018). In addition, the technical characteristics of BD are leveraged for implementing real-time, interactive forms of disclosure that increase stakeholder connectivity and participation (Al-Htaybat and von Alberti-Alhtaybat, 2017; Neu et al , 2019).…”

“…The precision and granularity of such data-driven information increase the objectivity of managerial decisions (Grover et al, 2018;Gružauskas et al, 2018;Ratia et al, 2018) and minimise risks through preventive analytics (Kitchens et al, 2018;Zeng and Khan, 2018).…”