Dashboards provide a central location for users to access, interact and analyze up-to-date information so they can make smarter, data-driven decisions, according to a leading figure in the field of benefits administration.
Jamie Hawkins, president and chief operating officer of Florida-headquartered Benefit Technology Resources, said data analytics has always been important. But in the last few years, the benefits administration business has harnessed it in the dashboard environment, and companies want -- and need -- that information analyzed for them, Hawkins added.
Data analytics tools help companies import the employee's claims history so as to allow for the quick and efficient evaluation of plan design modifications. Different scenarios are created, so as to adjust co-pays, deductibles and other variables. The impact of this can better inform budget decisions.
"Now we are seeing data analytics decision support tools," Hawkins told HR Daily Wire. In the last year or two, that data driven thinking is driving plan participation, benchmarking and utilization. Information is being pulled into the decision support tools, and clients are using those resources, Hawkins said.
"The data is analyzed by the provider," she said.
Overall, the administration of benefits is getting better, and it is easier for the employee as the information is already in the system and, year by year, it can be tweaked.
"I think they are able to have a more personalized system that helps them make informed decisions," Hawkins said.
For employers trying to drive down costs, a lot of data is needed just to administer plans. This raises challenges for employers who have to make tough choices.
As they try to drive down medical costs, most employers need a lot of data just to administer the plans, even to the point of who exactly is enrolled.
"There is going to continue to be a lot of noise around benefits administration because of challenges faced by employers, including costs," Hawkins said. "They have to make tough choices. There is no getting away from that. But benefits administration helps them."
Health care is a large part of an employer's benefits package. Employers felt the pain with the roll out of the Affordable Care Act, Hawkins said, but have used technology to overcome those issues and streamlined their back office operations. The bigger problem, she said, is the rising cost of health care in general, and the impact that is having on employers, and their benefits administration decisions.
One intriguing move forward in the area of data analytics is the immediate interchange between employers and employees, Hawkins said.
"What it means in the human resources field is ability to give instant feedback, in e-learning, and where there is recognition, instantly," she said. That could be something as simple as a smiley face or a check mark, Hawkins added.
It is all about the dots connected between the employee, performance and collaboration, she said.