No one doubts the advantages of using big-data. According to McKinsey, companies using data and analytics deep into their operations typically see productivity and profit increases that are five to six percent higher than competitors not using data. Big-data analytics are already making impacts in finance, retail and social networks. In order to stay competitive, manufacturing and healthcare/life sciences organizations are now adopting information systems to generate huge volumes of primary and secondary data.
But how can big-data improve manufacturing or healthcare organizations?
In recent years, manufacturers, by implementing programs as Six Sigma were able to improve quality product and reduce dramatically the waste in their production processes. Manufacturing environments in pharmaceuticals, chemicals and life sciences have complex processes that make it difficult to identify where further improvements can be made. The increase in complexity is the main reason manufacturers have a hard time diagnosing and correcting process flows, if they do not use big data as a tool. Analytics can be the answer for those problems. Managers can use advanced analytics to understand the historical process data. Taking this data and applying statistics and other mathematical tools can identify unseen patterns and relationships in the data.
Medical recording and medical devices have enabled the aggregation of R&D data in electronic databases for several years now. This data can hold important R&D information for future developments, if it can be mined properly. Pharmaceutical companies, payers and providers are now beginning to analyze big-data to obtain more insight. For example pharma companies can gather data to understand what treatments are more effective, identify patterns related to the side effects of drugs, hospital re-admissions, or any other information that can help treat patients and reduce costs. See the McKinsey Report Video here.
Many innovative companies in the private sector are creating applications and analytical tools to help patients, physicians and other healthcare stakeholders to identify value and opportunities. The wearables (See Our Blog Post) are out there collecting tons of data that need to be analysed to create insightful information.
The Big Data revolution is still in the early stages and most of its potential for value creation in any organization is still unclaimed. Big-data initiatives have the potential to transform healthcare and manufacturing as they have done already with other industries.
Is your organization prepared to embrace the Big-data era? S&A Technologies can help you. Call us for a quote.