The global market for health care analytics is predicted to expand at a compound annual growth rate of over 25 percent through 2020. While predictive and prescriptive analytics get a boost in the health industry, many other market sectors struggle to bring business intelligence (BI) back to importance. What is the secret for midsize IT professionals to get real value out of big data analysis? <\/p>\n
Solid Support <\/p>\n
Part of the reason for strong growth in the health analytics sector comes from the 2009 federal economic stimulus package, according to a December 19 iHealthBeat article, but that is only part of the story. Reporting on a recent MarketsandMarkets study, the article notes that while Medicaid and Medicare incentive payments are one factor in analytics adoption, the rise of health information exchanges and accountable care organizations are just as important. In other words, the health care industry is not only collecting data, but also making an effort to best use patient information. <\/p>\n
Predictive and prescriptive analytics in both the United States and Asia will see a global boost spurred by increasing venture capital investments. The market should be worth $21 billion in 2020, up almost 500 percent from the current $4.4-billion valuation. What this means for midsize IT professionals is that the value of reliable analytics is getting noticed and funded. Too many companies, however, struggle with data; collection is easy, but analysis can be a challenge. <\/p>\n
Start from the Top <\/p>\n
A recent Forbes article talks about what companies actually need to make the most of data analytics, and it starts at the top. First, CEOs and other members of the C-suite need to be aware of how much a comprehensive analytics program will cost. In some cases, the price may be $1 million a year or higher. Perhaps more important is the need to fully commit; incomplete analytics yields incomplete results with little to no actionable value. Acquiring data is only 10 percent of this total cost, similar to the cost of developing appropriate data-sharing channels. The largest cost is in the middle: 80 percent of the price goes toward analysis. However, great analysis alone is not enough. Executives have a bad habit of ignoring the information they receive from IT professionals, choosing to go with their instincts instead. <\/p>\n
One goal for IT professionals is to become analytics advocates who can articulate the need for BI dollars and deliver clear return on investment (ROI) plans that showcase how the money earmarked for data analysis will yield relevant and timely results. In addition, access is critical. As the Forbes article notes, one stumbling block to effective analytics is the lack of access to information at the different levels of an organization. To begin to trust data, C-suite executives need easy access and corresponding explanations from IT administrators; information analysis must be both seen and heard. <\/p>\n
Health care analytics is on track for substantial growth as the demand for predictive and prescriptive solutions outstrips current BI solutions. Midsize companies also find themselves looking for better BI to compete in an evolving global market. To secure the necessary funding and support, IT professionals need full C-suite backing while executives need to understand the value of going all in. <\/p>\n
This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines of a smarter planet. Like us on Facebook. Follow us on Twitter. <\/p>\n
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Health Care Analytics Expands as Business Intelligence Struggles<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The global market for health care analytics is predicted to expand at a compound annual growth rate of over 25 percent through 2020. While predictive and prescriptive analytics get a boost in the health industry, many other market sectors struggle to bring business intelligence (BI) back to importance. Continue reading