Product Analyst

$71,800 - $71,800/Yr

Inovalon - Minneapolis, MN

Full-time - Mid Level

Minneapolis, MN

Professional, Scientific, and Technical Services

About the position

Inovalon is seeking a Product Analyst who will play a crucial role in enhancing our product offerings through data-driven insights and market analysis. This position reports to the Senior Manager, Product Manager, and is integral to our mission of transforming the healthcare ecosystem. The Product Analyst will conduct comprehensive market research and analyze market data to identify customer behaviors and trends. By leveraging this information, the analyst will make informed recommendations and develop launch strategies aimed at increasing the profitability of our product lines. The successful candidate will monitor product performance, utilizing data and user feedback to suggest improvements. This role requires a proactive approach to analyzing data and researching market competition to identify trends that can lead to product enhancements and new market opportunities. The Product Analyst will also forecast the costs associated with developing and marketing products or features, as well as potential revenue and profit, ensuring that our strategies are financially sound. In addition to data analysis, the Product Analyst will create detailed reports on product performance, conduct interviews and focus groups with customers to gather feedback, and collaborate with cross-functional teams to explore market entry and expansion strategies. This position is vital for maintaining compliance with Inovalon's policies and procedures, particularly regarding confidentiality and HIPAA requirements, ensuring that all data handling aligns with our operational standards.

Responsibilities

• Analyze data and research the market and competition to identify market trends for product enhancements and new opportunities.
• Forecast the costs of developing and marketing a product or feature, as well as potential revenue and profit.
• Create reports about the performance of a given product and suggest possible improvements based on analysis of reports and reviews.
• Conduct interviews or focus groups with existing customers and/or prospects to gather feedback, including usability tests and anonymous surveys.
• Collaborate with cross-functional teams and other product lines to ensure cohesive product strategies.
• Partner with Marketing to explore entry and expansion into new markets and build competitive pricing strategies.
• Evaluate the costs of development and launch, leveraging market intelligence to suggest improvements to product and development teams.
• Monitor product performance and provide detailed insights and reports on sales, financials, and transactions.
• Maintain compliance with Inovalon's policies, procedures, and mission statement.
• Adhere to confidentiality and HIPAA requirements in all aspects of data handling.

Requirements

• 3+ years of experience in Product Analyst or similar role.
• Strong knowledge of Agile processes and principles.
• Experience in the healthcare industry is required.
• Product management experience is preferred.
• Strong interpersonal and collaboration skills.
• Ability to interact with various cross-functional teams (Product, Development, Marketing, etc.) as well as clients and prospects.
• Knowledge of Microsoft Office (Word, Excel, Visio), Confluence, and JIRA.
• Experience in conducting market research.
• Ability to work both independently and as a team member in a fast-paced, remote environment.
• Highly self-motivated and goal-oriented with strong analytical and problem-solving skills.
• Effectively leads projects and influences people to achieve department/company goals.
• Ability to organize material and complete writing assignments according to set standards regarding order, clarity, conciseness, style, and terminology.
• Strong knowledge of the documentation process from design to commercial release.
• Demonstrated ability to synthesize complex concepts and data into actionable goals and understandable documentation and presentations.

Nice-to-haves

• Experience with data visualization tools.
• Familiarity with healthcare regulations and compliance standards.

Benefits

• Competitive salary range of $71,800—$100,000 USD based on experience and qualifications.
• Opportunities for professional development and career growth.
• Flexible work environment with remote work options.
• Diversity, equity, and inclusion initiatives to foster a supportive workplace culture.