Big data is the new elephant in the room. One can do nothing but notice how fast its applications are increasing and talk about it. Big data has made use of such information which was collected through various systems but was never used. It is evolving with every passing day thus making itself a lucrative investment for companies who want to survive and flourish in this era of globalization and innovation. Big data analyses huge chunks of data a matter of seconds, thus drawing useful insights and also saving time, money and human effort.
The Healthcare industry
The health care industry includes everything from drugs to hospitals, diets to well being and a lot more. The commercialization of the healthcare industry is growing at an alarming rate. It is one of the fastest-growing sectors involving almost the whole population of the world and loads of money thus forming almost 12% of the economy of any developed or developing nations. This segment has huge potential which was untapped until now. With big data and analytics taking over the world, the healthcare industry has evolved tremendously. From medical insurance companies to drug manufacturing giants, all of them are minting money by using their data to the fullest, extracting out details one could have ever imagined.
The Healthcare industry and Big Data
The application of big data in the health care world has proved to be again for both – the parties providing services and the parties receiving the services. The big data uses the health data of millions of people to create a digitally empowered market. The big data has served its purposes by controlling harmful epidemic diseases and also curing millions of people. The major application of big data is in optimizing cost structures. Various hospitals analyze the patients’ data available with them, finding out the intersecting points, working on them and saving millions. Various drug giants analyze their data with the help of big data thus improving their supply chain operations efficiently and increasing the reach of the medicines produced by them.
The health insurance market is a crowded space. The doctors make use of data to understand a particular patient, his medical condition and possible disease thus helping in curating the best insurance plan for that particular individual. This data also helps doctors in new findings and figuring out new innovative ways to cure diseases. Also, big data has not only made the analysis of data easy but also the collection of data a pretty convenient.
Data analytics also provide individuals like us to keep a tap on our general well-being and health. Various applications like Google fit keep calorie counts and heart rate information in data bits helping an individual to monitor his activities and also helping these big companies keep track of the lifestyle of their consumers.
Big data analytics training is helping hospitals to make staffing decisions so that they have an adequate number of people available when the hospital is oozing with patients. Also, this helps in tracking the hospital supplies and inventories like local painkillers, surgical equipment, surgery wearables, etc. It keeps the whole ‘Hospital-Ecosystem’ in check. It also helps in tracking real-time information and providing feedback on patients’ health regularly thus making the job of a doctor pretty convenient. Big data has brought the whole healthcare industry on a digital platform where details such as the medical history of a particular patient can be figured out in a fraction of seconds.
How this data is used by the Government
The government uses this data to chalk out the healthcare strategy for a particular country it belongs to. This data helps the government in figuring out the number of hospitals, medical supplies, etc. needed by its people. This data can also be used in educating people about the benefits they can avail in terms of health care and well-being.
The healthcare is growing and this growth is not going to stop anytime soon. Like all other industries, big data is driving this growth and transforming the healthcare industry into a whole new world thus improving the decision making process and optimization of costs.