Industrial Internet of Things and Big Data analytics are both blessing and threat for the healthcare organizations. Majority of the leading healthcare organizations believe that the use of analytics can drive a productivity transformation in the industry over the next three years. Research and historical data suggest that the adoption of analytics as part of the strategy will allow healthcare providers to gain a critical competitive edge over their peers in the marketplace.
— Clinton Jones (@uploadebs) March 5, 2018
With more than 75% of healthcare organizations recording positive improvements in patient outcomes and operational efficiency, analytics is set to become a fundamental necessity for organizations considering to stay relevant in the healthcare industry. Beyond cutting down on waster overhead and improving profits, big data in healthcare is being used to avoid preventable deaths, improve quality of life, cure disease, and predict epidemics. With rising life expectancy and increasing world’s population, the models of treatment delivery are changing rapidly and data is the major driver for many of these changes.
“The next decade will see dramatic enhancements in the healthcare system through IoT integration within patient devices, enabling distance monitoring for GPs and healthcare providers” Sarah-Jayne Gratton #IoT pic.twitter.com/IjhCzeb7DV
— Sarah-Jayne Gratton (@grattongirl) March 1, 2018
Smartphones are just the start. With many applications enabling smartphones to be used as everything, from calorie counters to plan the diet, to pedometers to measure how far we walk in a day, people are now using mobile technology to try and adopt a healthy lifestyle. In the near future, this data can also be shared with the doctor who is expected to use a diagnostic toolbox to assess the condition of the patient and make informed decisions. However, investments have been slow and low, with healthcare organizations reportedly investing between 11-20% of their allocated technology budget on big data analytics.
Investments in the healthcare industry are not at par with the industrial average. However, the industry is expected to be one of the fastest-growing adopters of analytics solutions over the next few years, representing a plethora of investment opportunities for the vendors in the automation market space.