Healthcare organizations need an effective care platform to comprehend all the elements involved in the patient care and simplify the overall process. Data plays a vital role in further strengthening the supportive care system. This article shows how data is revolutionizing the digital transformation and why data intelligence is necessary for healthcare enterprises.
Where do healthcare organizations stand on the analytics part?
An analytics revolution is taking place in the healthcare sector, and it’s driving a business transformation across organizations in the healthcare ecosystem. Leveraging connected data and artificial intelligence is helping healthcare providers get ahead of chronic diseases, costly acute events, and uncertain outcomes, for a wide range of patients.
The data maturity of healthcare organizations lies at 5 different stages:
- Analytically impaired
- Localized analytics
- Analytical aspirations
- Good at analytics
- Analytical nirvana
Most healthcare enterprises are at the lower end of the data maturity curve. Companies exhibiting a higher analytics maturity are more likely to outpace the competition. And, they are on the track to high market capitalization and shareholder returns.
Why a data driven healthcare model is important
Data is the lifeblood of organizations and in the case of healthcare data visualization is a game changer for decision makers. According to the Stanford Medicine 2017 Health Trends Report, the amount of global healthcare data generated every year is increasing at an exponential rate. It is expected that healthcare data would occupy 2,314 Exabytes by the end of 2020. But a Cisco Global Cloud Index report shows that we will have rooms for an estimated 985 Exabytes by 2020. With this amount of medical data getting generated, it’s easy to get lost while using all the data.
Data intelligence in healthcare is necessary to discover patient stories and proceed with tailored treatments. The data dashboards enable health practitioners to see unknown analytic insights.
Adopting big data technologies in healthcare
According to a report from SNS telecom & IT, a connected healthcare system through Big Data can yield 20% to 30% in cost savings, and 35% increase in patient access. The healthcare enterprises are also estimated to see an increase of 20% in health outcomes and a growth of 30% in revenue.
Healthcare organizations should understand how to connect data for new growth opportunities and high efficiency. Without knowing the importance of data within the company, it can be challenging to serve the consumers on what they expect. Healthcare businesses should learn to filter information from the big data and convert them into actionable insights. When the enterprise is able to gain these insights, and adopt the development measures, it will become a major differentiator to thrive and stay ahead of competitors.