It is no secret that Data Analytics is rapidly changing within the healthcare segment. What is important though is that each organization has a proven way of analyzing and quantifying their involvement in the areas of change.
Here are a few tips on what matters most:
- Develop an analytics tool or engine that is capable of ingesting, integrating and manipulating data in different and often incompatible data standards and formats. The issue of vast amounts of different data types must be adequately addressed in order to have a significant foot print in the Big Data universe.
- Explore international business opportunities, as competition in the US domestic market is predicted to intensify. This is particularly important for small to medium size companies and new comers into the Healthcare Big Data IT playing field. Companies that do not have significant international exposure may well gain that through partnerships and alliances. Indeed, this is one area where size and exposure really matter.
- As is the case in most rapidly growing market sectors, Healthcare data analytics will be flooded with many analytics tools and services in the near future. To ensure survival; applications, products and/or services must stand apart from the crowd by being fast, responsive and user-friendly. As the market grows and the IT budget shrinks, Clients will be looking for cost effective ‘Do-It-Yourself’ solutions that represent excellent return on investment.
- The final question that each company must answer in the affirmative is whether their product and/or services can provide Clients with decision-making insights to enable appropriate response long before an event actually occurs. In the coming years, it will not be sufficient to show what has already happened using descriptive informatics. Instead, the prevailing trend will include predictive modelling, intelligent forecasting and effective risk assessment and management.