Big Data Is Driving the Present and Future
It’s safe to say, big data is the underpinning that will guide the disruption of health care as we know it. And for the better. As organizations learn how to harness the power of big data, adopt analytics that drive business decisions and think creatively, the result will be positive growth projections, stability and improved patient care. For this week’s round up of big data and pharma in review, we took a different approach compiling Forbes only contributed articles. One of the top five financial sites in terms of traffic, Forbes is a great source of knowledge and challenging opinions, which we highly value and follow on a regular basis.
1. Why You Need A Data Strategy To Succeed In Industry 4.0
By Michael Gerstlauer
Manufacturing and high-tech sectors are at a crossroads as significant as the invention of steam and water powering mechanical production systems and electricity-powered manufacturing plants were in past eras. While IT and electronics were the center of the last revolution, today’s revolution involves the interconnectivity of machines and sensor technology, or as it’s becoming known as, the Internet of Things. However, a data strategy is necessary to drive organizations as they push forward. An effective strategy should consist of a plan for acquiring data and harnessing the data for useful advancements; transferring data to centralized locations for more efficient use at a lower cost; determining what makes data valuable, and finding storage for that data; and getting valuable insights from data to drive business decisions.
2. How To Become A Data- And Analytics-Driven Organization
By Bruce Rogers
In terms of using data to drive an organization’s advancement and growth, it’s not just about gathering data. To be successful, organizations must become driven by data and analytics. The skillset required is lacking in many businesses. Assuring growth from useful data requires a unique ability to harness the analytics curated from data, and connecting those results to the business in an actionable way. When data and analytics drive the company, founded on the advanced analytics’ skills required from the team, organizations shift to harnessing the power of its people, the organizational process and the business culture and advancing.
3. The Big Data Challenge: Generating Actionable Insight
By Kimberly A. Whitler
Organizations across industries depend on data to drive marketing decisions. Converting data into actionable insights requires a unique approach, however. Businesses that harness its power to build business insights will take outcomes to the next level. This process requires educating and training employees on using and analyzing data; enlisting a team member as an advocate for the connection between data and marketing; leveraging external expertise; and measuring the appropriate metrics for ROI. With the right tools and strategies, teams that employ data as the foundation for the decisions will succeed.
4. Selecting A Big Data Solution: 5 Questions To Ask
By Chris Twogood
With big data no longer the new kid on the block, there are a plethora of big data solution providers from which to choose. Selecting a big data solution, then, requires understanding broader issues like value, cost, and results. Considerations should include looking toward the future and choosing a solution that works today and ten years down the road, and knowing the total cost for implementation as well as support and maintenance. Adopting a solution that doesn’t provide immediate value limits its potential; the optimal product is one that offers a short time-to-value. Finally, consider the direct benefits, and any indirect perks of implementing a big data solution.
5. Creating The ‘As-it-Happens’ Business: Analytics Drives Action
By Teradata voice
Big data offers organizations the ability to streamline systems and processes, predict customer behavior and more. However, one overlooked and underutilized outcome of big data is its ability to offer an as-it-happens look at customer behaviors. With real-time insights like these, organizations can make instant adjustments in offers, promotions and delivery to capture actionable outcomes. As commercial businesses are using as-it-happens data to adapt offers, for example, emailing a customer who abandons their ecommerce shopping cart with a discount to secure the sale, health care and pharma organizations can do the same. On-the-fly data that give patients real-time information into their health status allows them to respond right away. Data from wearables enables patients to make immediate behavioral changes that can improve health.
There’s one thing that’s sure: Big data is changing the landscape in every sector, creating a chasm of opportunities for organizations to get ahead of the game.