The healthcare industry generates a lot of data and one way they are able to make sense of all the data is by using Healthcare Reporting Dashboards. Big Data means a large chunk of raw data that is collected, stored and analyzed through various means. Healthcare Reporting Dashboards helps to organize this data in a way that it can be easily accessed and interpreted. It thus inherently increases the efficiency of healthcare organizations.
Data usually is in either a structured or unstructured form, thus the need for a tool such is a reporting dashboard. When data comes in a structured form, it is more easily analyzed and organized into an existing database but when it comes in an unstructured format, it is much harder to analyze, format, and/or interpret.
Thanks to new technologies like artificial intelligence, machine learning, and other cognitive technologies, there are now more innovative options and ways in which data can be processed and analyzed. This also means there are more innovative ways of doing business.
Companies are now almost forced to change into these modern ways of doing business if they wish to keep up with the competition and dynamic market. Digital transformation is the way these organizations make this change. While Cloud computing and big data is the support they rely on to enable this transformation.
Big data has been around long enough now that it is no longer seen a new concept. Now every company uses big data in some way, even the smaller companies. There are so many ways that data can help small companies grow and bigger companies become more efficient. Big data can be broken down into High-volume big data, High-Velocity big data, and High-Variety big data.
Volume/Velocity/Variety of Big Data
In terms of high-volume, big data has the ability to observe and track lots of data coming in from various sources. Data is being created everywhere these days and there are more sources than there used to be. This means a high volume of data at an increased frequency. This also means that data comes in at a higher speed and must deal with in a timely matter.
Any delay would lead to a pileup and things just get worse from then on. The processing of data that is, analysis of streamed data to produce near or real-time results is also fast. Ass for variety, it’s quite self-explanatory. Data comes in all formats that may be structured, numeric in the traditional database or the unstructured text documents, video, audio, email, stock ticker data.
The Importance of Big Data
Yes, we all know that big data is useful and holds lots of potential for companies but it is still important to break down the advantages that big data holds for both individuals and organizations. Every company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow. The company can take data from any source and analyze it to find answers. Below are some advantages.
When companies use some big data tools, they gain cost advantages. These tools not only help companies recognize more efficient ways of doing business but they also save the company in terms for storage cost. The cloud which goes hand in hand with big data is a much cheaper and more accessible method of data storage. An example of one of these tools is Cloud-Based Analytics.
New Product Development
With data and big data, companies can study customer trends and market trends more efficiently and thus can predict the direction of the market. This leads to new product development.
For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend or even make new products that have a combination of the characteristics that customers prefer the most in each of their different products. By this, it can get ahead of its competitors.
Companies can also, using big data available on the internet, get feedback about who is saying what about their company. If you want to monitor and improve the online presence of your business, then, big data tools can help in all this. Companies can also analyze old data using these new technologies to their advantage.
Large-scale companies already have tons of data which they previously left unutilized. With the advent of cloud and the relative ease in big data analysis, companies are now able to take advantage of their historical data. This analysis gives insights into the behavior and preferences of different market segments and geographies.
Better Sales and Marketing
The technology called top-line growth is a technology that enables companies to utilize their sales process. A company can optimize a customer’s in-person buying experience using mobile technologies and apps that allow for more conveniences.
For example, in some cases, you can pre-order your drink and thus skip the line. You can also establish relationships that make customers want to revisit your business or use your services repeatedly. This increased brand identity and brand loyalty can be harnessed for increased sales and a healthier business.
Apple is a good example of this. They have stores that offer services in an experiential way and they also have an effective online platform where customers can book appointments and skip wait times. Use of geofencing to execute location-based marketing is also an effective tactic to ensure top-line growth.