Data has always existed. When you look around, everything you see can be quantified with data. The challenge for businesses today is finding ways to accurately capture it, then manipulate it into something valuable. Recent advances have made it possible for organizations to get deeper insights from more data, faster.
Artificial intelligence (AI) is leading to major progress in data analytics. The computational power of AI will allow organizations to synthesize their data better than ever, leading to unprecedented results.
Healthcare is one of the industries set to benefit the most from the burgeoning data revolution. This field is ripe for disruption. The innovative nature of modern analytics has the potential to vastly increase efficiency, while also improving patient outcomes. Therefore, healthcare data analytics is going to see increasingly widespread use and popularity within healthcare organizations.
Healthcare Professionals Are Seeing the Potential
People in the healthcare world—from nursing managers to pharmaceutical researchers—are talking about data analytics, and how it’s going to play a role in their organizations going forward. According to a poll conducted by Deloitte, 84 percent of healthcare executives believe “analytics will be extremely important for their organization’s strategies in three years.”
The potential power behind implementing data analytics makes it an extremely appealing endeavor for any healthcare group. These same executives who stated they anticipate analytics being extremely important will be able to make smarter institutional-level decisions when looking at that data.
More Tools Are Making Data Prevalent
Not long ago, wearable technology was a fringe thing used only by a few people. Now, you can barely walk down the street without seeing someone wearing such a device. These tools are one example of how data is becoming prevalent in new and exciting ways.
Over 50 percent of individuals with health-monitoring wearables give that data to their doctors. Patient data is no longer limited to what can be collected at the healthcare facility. It’s now possible to monitor one’s vitals at all times, which can potentially reveal life-saving information.
Of course, forward-thinking organizations need a data strategy equipped to capitalize on all this data and drive better outcomes as a result.
Streamline Costs and Improve Efficiency
For all industries, it’s essential to improve cost and operational efficiencies. This concept is especially true in regards to healthcare analytics. Part of what makes data adoption such a powerful thing is that it can drive results across the board—but only if you have the right tools, and the right people have ready access to these tools.
What are some of the biggest areas of concern affecting healthcare organizations today? Financial constraints are a top priority. This is why streamlining costs is such an important focus for healthcare today. But there are also issues with improving efficiency in areas such as training techniques and scheduling.
Implementing an analytics strategy can lead to improved results in all of these scenarios. Healthcare professionals should think about what they need out of their analytics before deploying new software or systemic changes. Data analytics platforms like ThoughtSpot are making it easier for users without data backgrounds to harness the power of information. Its relational search feature works much like a search engine, which can produce actionable outputs in significantly less time—allowing clinicians, pharmacists, administrators and more to get the answers they need more efficiently.
Outcomes Will Remain Most Important
In the past, some people didn’t understand the value of data because of its abstract nature. IT seemed more theoretical than actual to people in decision-making roles. Fortunately, modern data analytics is outcome-boosting by design. No matter how healthcare organizations choose to integrate data analytics into their operations, outcomes will remain the top concern.
Part of this has to do with the vast amount of data now available to institutions, combined with far more efficient analysis processes. In today’s world, organizations are seeing continual improvement by implementing data-driven decisions. This trend appears like it’s going to continue into the indefinite future.
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