Data Analytics: Practical Guide to Leveraging the Power of Algorithms, Data Science, Data Mining, Statistics, Big Data, and Predictive Analysis to Improve Business, Work, and Life

Streamlining Healthcare: Not only can big data bring improvements to the
healthcare sector by making services more efficient but it may also provide
capabilities to customize services tailored to the individual. McKinsey &
Company is a management advisor to many big-name businesses. They
estimate between 50% and 70% of business innovations rely on the capacity
to capture customer data rather than analyze the data. McKinsey &
Company depends on quantitative and qualitative data to be able to provide
constructive advice to management. They also estimate that nearly 80% of
healthcare data is unstructured. With the recent trend of the medical field
using big data in creative ways, there is no doubt that improvements in
services will be positively impacted – to the tune of nearly $300 billion in
value added annually. The other side of adding value is that medical
expenditures are expected to be reduced by at least 8%. When patients are
treated effectively, and there is data available about a patient, big data
allows caregivers to give medical advice based on evidence. Beth Israel
Deaconess in Boston is implementing an app for smartphones for medical
caregivers that will allow them to access nearly 200 million data points –
which equates to the medical records of about two million people. Rise
Health utilizes data that has been analyzed from multiple dimensions, then
aligns it with provider goals to improve healthcare. For the medical field,
big data can bring speed to innovation. The Human Genome Project –
which took thirteen years to complete – would merely take a few hours to
complete today using previously unavailable technology.

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