Two data scientists demonstrate how veterinary practices can take simple steps to better serve their communities and make more money in the process.
In a 2019 article, Harvard Business Review declared: “Data is the fuel of the new economy, and even more so of the economy to come.”1 Just 3 years later and the rapidly accelerating success of companies like Google, Amazon, and Microsoft make that commentary feel vastly understated. However, data as an economic driver is not solely the domain of tech giants. Presenting at the American Veterinary Medical Association (AVMA) Veterinary Leadership Conference in Chicago, Bridget Bain, PhD, and Rosemary Radich, MA, made the case for veterinary practices to embrace the use data.2
It’s no secret how companies like Google monetize data. All of its services—from Gmail to Google search, Android phones, smart watches, and beyond—are constantly harvesting data that is then used to sell highly targeted advertising.
How does this translate into veterinary practices? Bain believes it comes down to using data to provide better service to clients and patients.
“The more data that we collect, we are able to make the lives of those we serve more convenient, and we also improve their lives greatly,” said Bain. “As a non-data person, you may think data just involves how many clients you have or…the average transaction cost, but data is so much more than that.”
One example highlighted by the…