Using Big Data for Better Health Outcomes
The speed and scale of the current challenges and demands experienced by today’s healthcare organizations are unprecedented. The creation of ever-increasing amounts of data, coupled with the application of new advances in treatment, diagnosis and analytics, means that healthcare is on the brink of some major developments. The promise of analytics lies in its ability to transform healthcare into a truly data-driven culture.
While privacy and security risks are challenges to using big data, the potential positives outweigh the negatives. Healthcare data is considered the most complex and disconnected set of any industry, but successfully exploiting these opportunities provides huge returns not only financially, but also for the quality of care.
“The trend to see and use information as an asset is still in the 'early adoption' phase, making doing so a competitive differentiator for leading organizations. But even where information leaders have embraced this idea, there's an array of challenges to transform the idea of value into a reality that benefits the organization. Information has economic value that organizations can 'turn into money' in two ways: selling, bartering or licensing it; and by using it to reduce costs or increase revenue. Yet most information and business leaders lack the experience and tools to monetize information,” asserts the Gartner report, “Seven Steps to Monetizing Your Information Assets,” published October 15, 2015.