Every business uses data to drive their business decisions. So, why the need for predictive analytics if you are already using data? Comparing data with and without predictive analytics is like comparing a domestic cat to a Bengal Tiger–there is a vast difference.
Have you ever wondered why traffic signals are based on color rather than text? We see the green walk sign or the red stop light and they immediately get us to react. With vision being our dominant sense, humans are wired to consume and understand visual information.
Whether you love or hate spreadsheets, we all need them. Spreadsheets have revolutionized data since the 1980s when they were the “new kid on the block.” Every accountant swears by them and business analysts spend hours trying to make sense of the rows and rows of numbers. But, for the human mind, a picture is still worth a thousand words. These very same business analysts are looking to go beyond the pie charts and graphs of these spreadsheets.
Big data, bioinformatics, predictive analytics or genomic medicine are all buzzwords that get tossed around often. It is true that more data is generated every day than we can possibly assimilate, but predictive analysis is what helps us to use this data appropriately. It, in fact, is no stranger to health care and has been used in many breakthroughs through the years, one among them being the Human Genome Project. This example changed sequencing from a manual to an automated process and saved time, money and increased accuracy – and that’s predictive analytics benefits in a nutshell.
Big Data and analytics (and especially predictive analytics) are powerful inventions of modern technology. Inventions that influence our lives by assigning our credit scores, protecting us from fraudulent credit card charges, showing ads relevant to our interests and more. But, these tools are not innately objective. In fact, if they are not developed correctly, they can reinforce discriminatory stereotypes, creating massive disadvantages for affected individuals. Read More
A single hospital can store more than 3 petabytes of data at any given time. That’s equal to the contents of the entire Library of Congress. Considering that the United States has 5,546 registered hospitals, you can imagine the massive amounts of data created by our country’s healthcare system. Obviously, the need for data storage and processing is unavoidable, but data is not just a cumbersome side-effect of modern healthcare. It’s a massive opportunity for us to discover, understand and improve, with predictive analytics as the excavator.