Data Analytics in Healthcare Industry

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Data Analytics in Healthcare Industry

 

Healthcare Industry Embracing Data Analytics and Related Technology

The healthcare industry is now replete with the usage of data analytics for accurate forecasting and apt prediction that is of value to patients and doctors alike. Even the nascent and evolving segments in this vertical are resorting to data science for a fruitful evaluation of abundant information available by being pragmatic in the use of statistics. The application of the data analytics in healthcare industry is ranging from basic reporting and internal dashboard creation to high-end predictive and prescriptive analytics as big data analytics in healthcare is a valuable contributor in the vertical.

The concepts of cloud, mobility, and social media are enabling organizations to rationalize internal costs, facilitate the integration of abundance of data and processes across departments, and focus on better profiling and targeting of clients as deemed profitable by the medical fraternity. There is proper usage of regulatory supervision as well, as the regulatory requirements are putting in place a foundation for data requirements that can be used to positively drive data analytics in healthcare research and other work intensive divisions of this vertical. Indeed, big data analytics in healthcare has come of age in providing productive forecasting and valuable predictive models.

The key application of analytics in healthcare and life sciences sector includes regulatory compliance reporting, sales, and marketing support, and enabling optimal products and services for customers from diverse spheres. Big data analytics in healthcare is truly undergoing a tectonic shift, thanks to various analytics and business intelligence tools, and machine learning and statistical methodologies available for the data scientists. There is a good understanding of the positive impact of data analytics in healthcare industry on the ability to drive growth and profitability. Additionally, the impact of digital data on the value chain is adding an additional twist to the vertical poised for a major transformation.

Key drivers of analytics in the healthcare domain comprise of compliance, productivity in research and development, value chain digitization and profitable growth. The advent of analytics using cloud-based services and mobility solutions offer healthcare industry an ability to rationalize internal costs, increase agility in responding to client needs, and facilitate the integration of information and process across multiple divisions that are generating valuable data and information. The proliferation of social media, in particular, is increasing the public scrutiny of the healthcare vertical and data analytics in healthcare industry.

Leading players in the healthcare vertical realize the need for digitization across the divisions of the industry and are taking the steps accordingly. For instance, drug discovery is using cloud-based simulation models and mobility-driven real-time electronic research data exchange. Clinical trials division is putting to practice electronic data-capture systems for unified planning, setup, and execution of clinical trials leveraging data analytics in healthcare research. Operations management division is effectively synchronizing ERP and information systems to facilitate regulatory compliance and have centralized batch monitoring. Sales division is deep into social-media engagement, ensuring proper patient and physician outreach, and finally, the distribution division is using RFID solutions and using predictive modeling to optimize order fulfillment. The increased use of statistical tools for analytics and optimal utilization of data across multiple functions has truly brought about a positive transformation in the healthcare industry.

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