Analytics

‘Big Data’ – An Untamed Superhero

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Whether you hate it or love it, you just can’t get enough of Tony Stark a.k.a ‘Iron Man’ – genius, billionaire, playboy, philanthropist and ofcourse an admirable superhero. Can big data play the role of iron man in healthcare industry i.e. unlock insights and enable an analytic enterprise? In recent times, healthcare and life-sciences industry is increasingly focusing on implementing superior business decisions while driving better care outcomes. The influx of data from electronic medical records, medical devices and mobile technologies provides the much needed intelligence to make this a successful quest.

A recent studyPicture1, ‘The value of analytics in healthcare’, by IBM Institute of Business Value (IBV), outlines that how the plethora of information harnessed out of “big data” creates actionable insights which enables healthcare and life-sciences organizations to build business capabilities based on business priorities.

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Organizations around the globe are slowly but progressively understanding the great powers of analytics. A recent example is the collaboration between UCB pharma and IBM, where IBM intelligent analytics and expertise in super computers will help to provide improved personalized treatment to millions of epileptic patients. A comprehensive bank of scientific literature and patient data on epilepsy is being created, which can help physicians to make informed treatment decisions with the help of predictive analytics.

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More recently, IBV conducted an in-depth study for its upcoming thought leadership white paper, “Analytics across the healthcare eco-system”, which highlights the following:

1)      Evolution of analytics across healthcare eco-system

2)      Strategies adopted by organizations to implement analytics

3)      Barriers for data management and business process integration

4)      Enabling analytics across the enterprise and deriving maximise competitive advantage from analytics

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This extensive study has quantitative and qualitative insights derived from 555 responses, including 139 payers, 228 providers and 188 from within life sciences companies, spread across the regions such as North America, Europe, India, Japan, China, Singapore and Mexico. Interviews were conducted with representatives from the main healthcare models around the world along with Gartner, Forrester and IDC analysts. Insights were also extracted through interviews across IBM divisions including IBM Research, Watson, Software Group, Global Business Consulting and Sales and Distribution.

Stay tuned on this blog platform and the IBV HCLS webpage for accessing full edition of this white paper, which will be out soon. It’s a must-read!

Global Industry Marketing Manager - Healthcare & Life Sciences

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