Big Data in the Healthcare: A Helping Hand in a Time of Crisis

The world of today is ruled by data and analytics. The Internet, social networks and even our numerous gadgets are the main sources that drive the exponential growth of the data industry. According to Statista, by 2022 big data and business analytics market will reach a whopping 274.3 billion U.S. dollars. This fact has a significant impact on the global economy and key players are forced to step up and incorporate data analytics into their activities. It’s about time to start thinking about the future, start the digital transformation and implement a big data system.

Considering the latest events in the world related to the COVID-19 pandemic, as the healthcare sector took all the heat, the application of big data techniques has become even more relevant and turned out to be a subject that can’t be dismissed under the circumstances.  

As you can observe, critical and hypercritical data in the healthcare industry has been growing exponentially over the years. Once again it highlights the fact that healthcare can be identified as the fastest-growing industry in the world when it comes to data.

What is All the Hype about Big Data in 2021?

In 2020, many companies have already realized that they need to work with all the data that enters their system and that they can use it to pinpoint areas of inefficiency or even loss. Based on this information, in 2021, businesses will continue using Big Data for identifying opportunities, creating smarter strategies and gaining higher profits.

At the same time, the application of big data can lead to the following advantages:

• Storing large amounts of data is less expensive when using big data technologies;
• Measuring customer satisfaction through analytics is easier;
• Having the possibility to create well-thought-out products and services based on the stored data;
• Building flexibility with decision making;
• Increasing the security level and reducing fraud as data can report any suspicious activity.

Big Data Analytics in Healthcare

Worldwide the healthcare system is overloaded and the demand for medical help is on the rise. In 2021, more than ever, there is a need to cut costs and increase profits. In this case, professionals can use Big Data to predict epidemics, prevent diseases and avoid medical misdiagnosis.

Meanwhile, we shouldn’t neglect the fact that the healthcare industry operates with large sets of varied data. The data for one patient might include electronic health record data, physician records, prescriptions, or even information regarding lab tests. Nevertheless, having the data can’t help us excel if we don’t know how to read and summarize it. This is where analytical techniques come in. Healthcare analytics can give us answers to the most complex questions based on the data that we possess. Healthcare relies on the following four types of analytics:

Different Types of Analytics for Different Purposes

Depending on the final goal of the analysis, different types of analytics can be used to get accurate and relevant results.

• Descriptive analytics is the easiest way to study historically different healthcare decisions and their connection to the obtained results.
• Predictive analytics uses a more complex approach, so it helps to forecast certain events and outcomes before they occur.
• Prescriptive analytics helps to understand how hospitals can deliver better services, cut costs and improve transparency.
• Discovery analytics is applied to process huge volumes of data to make scientific discoveries.

The Contribution of Big Data in the Healthcare Sector

The report sponsored by Seagate Technology suggests that big data grows in healthcare faster than in any other industry. What exactly makes this field so important for the healthcare sector?

• Predictive analysis can save costs for hospitals by estimating admission rates and staff availability;
• Wearables and other medical equipment will monitor patients’ vitals to predict health issues, as a result, health organization will be able to provide assistance before patients might require hospitalization;
• Data analysis will show any deviation that might happen during standard procedures and will reduce the number of human errors;
• Scientists and medical professionals will get access to a large systematized pool of data that results in scientific and technological advances.

2021: Big Data is Here to Stay

Consumers and businesses worldwide generate a huge amount of data every minute, so we can find huge value in big data analytics. Big data is a complex and challenging subject, it’s no wonder many businesses struggle to benefit from their data. The report from Dresner Advisory Services points out that 53% of businesses are adopting big data analytics.

Regardless of the industry, it has already proved to be useful in solving modern issues, predicting crises and discovering new opportunities. One thing is certain – the implementation of big data is worth the effort.