A growing number of retailers are actively expanding their businesses to include pharmacies and other health and wellness services. These organizations, whether they realize it or not, are essentially becoming health care companies. As such, they need to look beyond their traditional retail practices and begin to adopt leading practices and technologies from the health care sector.
Data analysis is an especially promising area. Many of the retailers we have spoken with have expressed more than a little frustration about the complexity and opacity of the health care system — particularly the payment process — and lamented the lack of available information and insight to help them streamline their operations and make smarter business decisions. Yet, in most cases the insights they are looking for are already at their fingertips; they just need the right analytical tools and techniques to unlock those insights from their existing data.