The New Frontier: Data Analytics Yvonne Mitchell Strayer University Professor Raied Salman Info Syst Decision-Making January 12, 2015 The New Frontier: Data Analytics What is data analytics? How has its use in business evolved over time? What are the advantages and disadvantages of using data analytics within a specific company or industry? Are there any challenges or obstacles that business management must overcome in order to implement data analytics? If so, is there a strategy that can be used to overcome those challenges or obstacles? How has data analytics transformed the healthcare industry with regard to customer responsiveness and satisfaction? Within the next ten years, what do you think the trend in using data …show more content…
The results of data analytics may be used to identify areas of key risk, fraud, errors or misuse; improve business efficiencies; verify process effectiveness; and influence business decisions. The success of data analytics cannot be achieved if it isn’t aligned to the company’s business objectives, if risk is not properly managed, or the overall process is not planned, designed, implemented, tested and governed effectively. When implementing data analytics, organizational leaders must consider how they can maximize ROI, how it complies with project budgets, how they can manage false positives, and how to ensure the protection and confidentiality of their data sources and results. The process of securing high-quality data can become overwhelming, costly and time consuming. Another issue that makes data analytics time consuming is being able to find useful data, access it and understand how it affects your business. The healthcare industry is flooded with information from numerous sources. This information is spread among hospitals, primary care providers, researchers, health insurers, and state and federal governments, etc. This is where IT reliability and efficiency comes into play. Management and analysts need to be able to rely on the availability, accuracy, accessibility,
Healthcare has evolved over past decades and continues to remain an issue of concern for individuals everywhere. Effectively managing data is important to improving the performance in the health care system. Accumulating, evaluating, deciphering and acting on data for particular performance measures allow health professionals to identify shortcomings and make the necessary adjustment, and track the outcome.
With the growing ability of organizations to capture and analyze large batches of data, there are ever-increasing possibilities for the development of healthcare studies utilizing Big Data’s promise of advancement in data processing. These tools can benefit the field of healthcare by treating data as an asset to be managed, as well as providing new insights into genomic development of large populations that were previously not fathomable. The health care industry is one sector of the economy where data analysis presents great opportunities for improvement in the quality of services provided, but with these possibilities come great challenges in collecting, utilizing, and education the next generation of data stewards, and the NIH is sure to look to global models for data quality in carrying out their new directive.
Data privacy is vital to healthcare organizations and the health information they store. Johns (YEAR) defines data security as “a collection of protection measures and practices that safeguard data, computers, and associated resources from undesired occurrences and exposures” (p. 207). To protect their information, organizations must develop a data security program to meet the needs of Health Information Portability Accountability Act (HIPAA), stakeholders, and the business’s needs. Additionally following the guidelines set by HIPAA is key to being in compliance with the law. These programs differ depending on the organizations that are required to establish them, however, they all follow the same steps in creating and implementing this program
1. Define data analytics in general and provide a brief overview of the evolution of utilizing data analytics in business.
As more jobs are being created, Health Information Management (HIM) professionals, especially those that are studying in the field of research and analytics should be aware and care about any and all the changes and updates related to IRBs and research. HIM professionals should care greatly about IRB’s and the research because as these jobs are evolving, patient privacy, patient rights, patient welfare and patient confidentiality are often being put at risk (Layman & Watzlaf, 2009). That said, because HIM professionals have a large amount of knowledge regarding HIPAA’s privacy and security standards, quality improvement, data management and proper use of electronic health records (EHRs), HIM professionals play a vital role in safeguarding the human subject’s rights and well-being (Layman & Watzlaf, 2009). This typically happens at the beginning of the protocol with proper documentation and ensure that reasonable recruiting standards are being met and privacy safeguards are being followed (Layman & Watzlaf, 2009). With that said, it is important for HIM professionals to care about IRBs and research, especially if they are part of a research study team and have a role of a research analyst, because their knowledge, skills and expertise play an enormous role of protecting the human subject’s health
Chaudhry et al. (2006) identified that informatics systems will be necessary in obtaining this data to meet the new data requirement to ensure quality and efficiency, and document actual outcomes. Optimizing care by enhancing integration of technology support to facilitate work flows and provide data that supports both the point of care delivery as well as the perspective on organizational performance will be critical for
The continuous stream of data can be turned into valuable, actionable information practice leaders can use to enhance data security and enforce compliance, improve financial health and limit liability exposure.
The rising costs of healthcare have increased the need for centralized and secure data for organizations to proactively control costs and to continue to improve the quality of care for patients. Many healthcare organizations have been working towards tackling and complying with this issue but have a variety of complex situations due to limited resources (both technology and financial), geographic limitations, and even political issues from organizational setups. Healthcare has become a competitive market as well which makes the limitations become more prevalent to those who can’t keep up.
After I read “The Challenge: Moyen Sante Medical Sente, Chapter 7,” I learned how big data and data warehouses had caused a positive impact on health informatics. These impacts have reduced hospital readmissions, which has been a big setback for hospitals and healthcare organizations. The analytics system has caused health care systems to transform their health care system as they improve their information technology. Moreover, this may help advance the awareness of practitioner’s psychological decisions making especially towards data sources. As Ana and Ima showed a sign of agreement regarding the improve of their MSMC healthcare system in the future, Sarah provided a short video that intended to help answer the questions they were seek, such
The ability of companies, governments and healthcare to harness data is important to find hidden information about how things are working in their organization. These organizations can then decide how thing should work and how things might work better depending on management decisions. Companies and governments use big data to track and analyze processes and customers for profit and efficiency. In healthcare big data is analyzed to understand how effective treatments and facilities are and make necessary changes. The bigger the data set the more necessary it is to use proper analytic techniques, types of analytic techniques are descriptive, predictive and prescriptive.
The promise of data-driven decision-making is now being recognized broadly, and there is growing enthusiasm for the notion of ``Big Data.’’ While the promise of Big Data is real -- for example, it is estimated that Google alone contributed 54 billion dollars to the US economy in 2009 -- there is currently a wide gap between its potential and its realization.
As we know, for delivering good qualitative service in healthcare industry, data plays an important role. So it’s necessary to understand the fact that the big data must be used in a right way to make health service industries successful. For managing and analysing the big data it’s important to have a good knowledge about the healthcare data complexity, framework, technologies for “big data analytics in healthcare industries”.
Business analytics, in a nutshell, is usage of the type of data that can help one analyze a particular business situation and decide how to improve it. Instruments used for such an assessment include statistics, and both quantitative and qualitative analysis, as well as predictive and explanatory modeling.
Today, data is a growing asset that various businesses are having difficulty converting into a powerful strategic tool. Companies need help turning this data into valuable insight, which can diminish risk and enhance returns on investments. Companies are struggling to make sense and obtain value from their big data. Superior and reliable
Data Warehousing and Data Mining has always been associated with manufacturing companies, where sales and profit is the main driving force. Subsequently Higher Education has grown throughout the years; this growth is predominately associated with the increase of online institutions. This growth has resulted in higher education to adapt to a more business like institution (Lazerson, 2000).