Innovation Lifecycle Management: IT-Benchmark Analysis

Benchmarking is a continuous process by which an organization like healthcare can measure and compare its own processes with those of organizations that are leaders in a particular area. It involves a management approach for implementing best practices at right costs. IT benchmark analysis is critical for large organizations like hospitals as it provides valuable input into how other businesses are tackling critical initiatives. HIT organizations should perform IT benchmark analysis on all tools to get an idea about what constitutes fair pricing for technology. With the help of benchmarking, healthcare innovators can get a high-level view and a helpful frame of reference for their overall work, which in turn helps them to inform their purchase and technology evaluation decisions and the overall IT strategy. By employing IT benchmarking analysis against their competitors, innovators will be able to (a) decide if they are over spending or under spending (b) get a sense of the market (c) Make a case against or for a particular expenditure/purchase. All these things will be useful for them when they are researching about a product innovation, preparing a business case, or justifying their innovation to the CIOs. One of the main reasons of healthcare benchmarking in is to improve care efficiency, healthcare quality, patient safety and patient satisfaction. For healthcare innovators, benchmark analysis can play a major role in assessing existing operations and defining and implementing effective change strategies.