How Business Analysts are Helping Healthcare Organizations Use Big Data
The amount of data available to healthcare companies today is astounding. At its current rate of growth, big data for healthcare in the U.S. alone will inevitably reach the zettabyte (1021 gigabytes) scale and, soon after, the yottabyte (1024 gigabytes).1 These numbers are so large, it is impossible to realistically comprehend just how much data this represents.
Healthcare organizations are looking to business analysts to process the mountain of data available and apply their findings to make better business decisions.
Data science can be transformational. When discerned correctly, big data can enable healthcare organizations to:
- Gather actionable insights that were previously hidden
- Communicate relevant business stories
- Make quicker, more intelligent decisions that drive business value
All of this leads to quality, affordable patient care, effective business practices, and a healthier bottom line.
Healthcare Companies are Driving Better Patient Outcomes with Big Data
Healthcare companies have invested billions of dollars over the past few years into IT for the purpose of improving the patient experience, increasing the quality of patient care, and reducing the cost of patient care. Even healthcare investors are most interested in health IT investment.2 As a result of investing in technology, electronic medical records (EMRs) have grown exponentially.3
The digitization of patient records is massively beneficial to patients as well as healthcare companies. According to HealthIT.gov4, electronic medical records promote better patient care by:
- Giving providers quick access to patient records
- Providing accurate, complete information about patients at the point of care
- Enabling safer, more reliable prescribing
- Making healthcare more convenient for patients
- Reducing costs for organizations via less paperwork, better safety, reduced duplication of testing, and improved health
While EMRs have expanded for healthcare companies as a result of investing in IT, other initiatives have fallen flat. Healthcare organizations can best promote transformation and ensure a good ROI for technology investment with the help of business analysts.
How Business Analysts Facilitate Transformation in the Healthcare Sector
Big data will continue to impact healthcare companies. “Few dispute that organizations have more data than ever at their disposal,” stated McKinsey and Company.5 “But actually deriving meaningful insights from that data—and converting knowledge into action—is easier said than done.” Business analysts are a critical resource to healthcare companies because they wade through an enormous amount of data and put it to good use.
Business analysts work in virtually all industries. Specifically, in the healthcare sector there is opportunity for BAs to make a tremendously positive impact. They can improve a patient’s quality of life by simply identifying business challenges, then analyzing relevant data that reveals strategies for solving them.
Data science is a precious commodity for healthcare organizations, but if left untapped, it is worthless. Business analysts help organizational leaders tap into the value of big data for the betterment of patients’ lives. Additionally, they help leaders create and implement cost-saving strategies.
It’s Time for the Healthcare Sector to Tap into Data Science and Its Many Benefits
Big data gives healthcare companies advantages they haven’t had in the past. Using data science, the healthcare sector can drive better patient outcomes, streamline business processes, and reduce costs for both patient and organization.
If not navigated effectively, big data won’t have much of an impact on the healthcare industry. Business analysts can help organizational leaders use data science to create and execute strategies that promote long-term change.