Modern business intelligence solutions have already begun to impact a range of industries and sectors in dramatic fashion, helping governments clean up their strategies, enhancing patient care, bolstering manufacturing innovation and more. In fact, while big data was not always the most versatile of technologies when it first hit the market, the technology has progressed and diversified significantly, while greater expertise is certainly helping to push use along in a more dynamic direction.
Even agriculture firms are beginning to experiment with analytics, especially considering the new types of valuable data generated by smart devices on farms and in other rural environments. Businesses that have not yet considered embracing modern analytics should certainly do so soon, as achieving and sustaining a competitive edge will be increasingly difficult without access to insights that boost decision-making in real time.
Health care’s new pursuits
Markets and Markets recently released the results of a new study on the global health care analytics industry, affirming that this particular segment of big data is growing exceptionally quickly. According to the analysts, revenues in the global health care analytics market are expected to hit roughly $5.8 billion this year, but then balloon to $18.7 billion by the end of the decade, representing a compound annual growth rate of 26.5 percent for five straight years.
Now, it should not be all surprising that the medical sector is making waves in this particular regard, as the commoditization of big data timed out somewhat perfectly with the Health Information Technology for Economic and Clinical Health Act of 2009. This legislation demanded that all health care providers begin to migrate their patient files into electronic medical record systems, essentially digitizing the entirety of the information involved.
Shortly thereafter, officials in Washington have pointed out that the use of big data solutions alongside EMR systems would help to significantly improve population health management on a broad level, while obvious applications for each hospital were also present. Now, many medical firms are working to leverage business intelligence to ensure that they are taking the most efficient and effective approach to patient care on a case-by-case basis.
Markets and Markets noted that these types of catalysts have been seen, including the meaningful use component of HITECH, in the growth of analytics strategies across the sector.
Lessons for others
This does highlight one of the key components of a successful business intelligence strategy, in that the first step is digitizing as much of the information an organization possesses to use it within analytics programs. Additionally, health care serves as an exceptional example of the challenges that firms will face from a data preparation standpoint, as this particular sector has among the most immense volume of unstructured information.
Businesses in all walks of life can benefit from focusing on data preparation and information digitization, as this will then position them to excel with the modern analytics solutions available to boost decision making in real-time.