While the term “Big Data” has become a cliché, its value is undeniable. Big Data is already being used to extract market insight and intelligence across an ever-increasing number of industries and sectors, including: financial services, insurance, law enforcement and government, just to name a few.
Big Data is not a trend, it’s a paradigm that will persist indefinitely and it’s role as a key source of insight for businesses and organizations of every kind is going to expand rapidly. Very soon Big Data is going to be… well… BIG! Take a look at these stats pulled from a Forbes.com article:*
More data has been created in the past two years than in the entire previous history of the human race.
By the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.
73% of organizations have already invested or plan to invest in Big Data by 2016.
So, the question here is… can Big Data offer any advantages to the life sciences industry? The answer is a resounding YES!
“Estimates suggest that integrating Big Data could save health care as much as 300 billion dollars a year—that’s equal to reducing costs by $1,000/year for every man, woman and child."
The specific ways that Big Data can be leveraged to benefit life sciences are too plentiful to explore in this short blog post, but in the broadest sense, a strategy that incorporates Big Data enables organizations to:
Gather massive amounts of data on the general population in real-time
Combine that Big Data with internal provider, payer, patient and claims data
Correlate the output to what’s happening in the real world
Apply various analytics to gain specific market insights
Make better informed decisions with precision
A Cloud-based strategy
Accessing the power of Big Data and the value of the insights hidden within it does not require a major investment of time or money. Today’s technology allows leaders, managers, analysts and influencers to access a wide range of data-driven applications in the Cloud. Sourcing these services via the Cloud enables life sciences organizations to:
Tailor their overall solution by accessing the specific applications they need
Easily scale up without the need to invest in hardware or software
Avoid the hassles and costs associated with maintenance, repair and upgrades
Minimize cost and staff resource requirements
Early adopter life sciences organizations that are already taking advantage of the market intelligence that’s attainable through the use of Big Data have gained a substantial competitive advantage over those that are not. In the not too distant future, the exploitation of Big Data to harness life sciences market intelligence will inevitably become the norm.
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