The Grand Canyons

Healthcare and Retail Industry: Data Analytics is Changing the Game

Posted In In Vision - By The Grand Canyons on Thursday, October 13th, 2016 With No Comments »

Data AnalyticsBig data analytics is changing the landscape of business and other industries with improved capabilities, capacities, and reliability. The phenomenal increase in insights based on analytics is making decision makers and role players more knowledgeable and on-point.

Here are two industries that are experiencing unprecedented improvements that can potentially lead to exponential growth in profit and reliability over the coming years, all because of data analytics.

Medical industry

Medical facilities with the budget and capability of collecting data, subjecting it to analytics, and basing their decisions on the results, are already several steps ahead of the game. When an industry begins to rely on data analytics to improve its functionalities, it doesn’t take long before the decision makers realize what different aspects are capable of transformation based on data analytics.

For example, today doctors receive compensation based largely on the cases they handle, so every patient is likely to pay the same amount after a routine checkup, regardless of the result of the checkup. In the same way, two doctors are likely to receive the same amount if they have the same qualifications, perform the same procedure in the same facility. With data analytics, hospitals, clinics, and similar medical facilities can start paying doctors based on the quality of care they provide, how they interact with patients, how accurate their diagnosis is, and other factors that never used to count.

Even with electronic medical record consulting, data analytics can be involved to improve accuracy in providing patients with care. This is why facilities that rely solely on manual records are missing a lot in terms of profitability and patient care.

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Retail

The retail industry is another industry that is perhaps drowning in data, but that is only because not all who are involved in retail are already using data analytics. Big data is challenging in terms of the adjustment of today’s data storing capabilities, but in time analytics will provide the answers to different problems and issues in retail, and experts will also be able to provide better storage functions and hardware solutions. Right now, the top performing retail businesses are those that understand how to use their big data to come up with tailored solutions to different problems, such as customer tendencies and preferences.

For the uninitiated, big data is a problem for the analysts, but the truth is it should be everyone’s concern. It’s not another fad or just another way for industry leaders to tell people what to do; it’s not based on experience or power. Big data analytics provides accurate insights because it’s scientific and not emotionally tied down.