Big Data has been around for a few years now.
And in this short time, it has taught businesses to churn actionable insights and innovative processes out of company and customer data.
It’s safe to say that Big Data has revolutionized quite a few fields, the significant ones being Science, Healthcare, and Finance.
Everybody was apprehensive about the sheer amount of money that had to be invested in Big Data and Analytics, but the ones who went ahead with the risk had the last laugh!
You see, the investment is food for thought but the fruits are mind-boggling as well!
It’s used by law enforcement to thwart illegal activities and foil terrorist plans.
It’s used to decode DNA in a jiffy, leading to faster cures.
We’ve learned a massive amount about the universe in the few years since Big Data entered the scene.
Netflix is churning out “Recommendations for you” using Big Data.
Big Data has completely taken over the field of equity trading.
But the biggest strides taken with the help of Big Data have to be in the fields of healthcare, pharma, and insurance!
Let’s take a look at how Big Data reformed these three fields!
With advancements in treatments and medications, there has been a sharp rise in healthcare data – 48% to be precise. This data is invaluable in picking out trends and patterns of illness that might help in giving better care and treatment.
- Consistency in the Healthcare Provision
The tabling of data at a certain location makes sure that all the staff have the records at hand while prescribing medication. In case modification is required, all the concerned staff is alerted immediately.
- Customized Treatment
Big Data and Analytics ensure speedy detection of condition changes and adjustments in treatment. Parameters like elevated heart rate and pain threshold are identified in a jiffy. This helps providers personalize the treatment according to the needs of the patient.
- Mapping Patterns and Improving Population Health
Analysis of large data sets, spanning across a certain population group, helps to identify the trends and risks faced by that particular group. This helps physicians pinpoint which groups or communities may be at risk of a certain infection or disease.
- Efficient Use of Resources
How efficiently a hospital runs is always reflected in their treatment and care provisions. Hence, it is always wise to use available data at hand to optimize the use of resources – doctors, nurses, and the medical equipment at their disposal.
Another industry that has invested millions in Big Data – for efficiency in time and money. Most processes in the pharma industry are long and expensive. Since all the processes are often riddled with delays, the production and trial costs spike too! But Big Data has come as a boon for pharma companies!
- Stocks up on data for R&D
Data and previous records – the two pillars of the R&D departments. Big Data plays a major role in pooling all the data about the journey of a certain drug – right from the inception of its formula to our medicine cabinets. It collates disparate datasets to give us a holistic view of the drug so scientists can work on the reduction of side effects.
- Cheaper and quicker clinical trials
The trials proceed in multiple stages for FDA approval and each time there is a pushback in dates, the pharma company loses a few million. This generally happens due to side effects and setbacks while testing it on someone who wasn’t eligible. Big Data can cherry-pick eligible trial candidates by looking at the factors of genetic information and disease history. Result? Less expensive trials with lesser bumps.
- Discovery of new drugs
Predictive modeling. Big data uses predictive modeling to run mathematical simulations to visualize how a drug affects the human body – taking into consideration the compounds it will form and its toxicity. This speeds up the approval process and reduces the chances of side effects greatly.
- Boost sales
Data and Analytics can be utilized by marketing teams of pharma companies to compartmentalize sales of drugs according to geographical locations. For example, asthma and diabetes are among the top five health concerns in Singapore. The drug companies could spend more resources on marketing drugs targeted for those illnesses there.
The number of insurance companies in Asia is increasing by leaps and bounds! The only way to stay ahead in the race – mine your data and use it to your advantage. Map out your long term goals. Automate processes. Chalk out a plan to overtake competitors.
- Bag clients
You have all the data you need for lead generation. If you can utilize this data well, you have a geyser of information at hand – customer behavior, customer assets, and golden opportunities for upselling to older clients.
- Impress Prospects and Customers
Pitch to high profile clients by showing results. Use predictive analytics offered under our CMO suite to predict their needs. You get a readymade portfolio and also get recommendations from satisfied customers.
- Mitigate chances of fraud
The minute you suspect a fraudulent case, just run the data trends and see if such behavior might be a repetition. Saves your money and credibility!
- Predict the accurate risks
Lighten the burden on your actuarial scientists. Help them out with customer data and patterns so they can prepare higher premiums for high-risk clients.
Big Data and Analytics is the need of the hour, it’s a necessity for your business. Trends, patterns, customer behavior – this is all the data you need to give your sales a much-needed boost!
It can be a shot in the arm for companies that are losing out to companies with more muscle power! You can beat all the extra money with a smarter team for data and analytics!
Be smart. Stay ahead. Contact us for collaboration.
We’ll show you how we can help you revamp your business or help it catapult to the top with our exclusive suite of data, analytics, and modeling software.
Drop us a call!