A pandemic lights the fire for change at a health system in a way that no other entity could ever accomplish. For years, experts have been calling for greater data integration and implementation across health systems. Now that caregivers have been forced to socially distance themselves from patients, the call has been answered in ways that were previously unheard of in the world of health data analytics and telehealth communication.
The prevalence of smarter and more data literate hospitals means that patients receive a safer and more personalized experience with healthcare. But let’s back up a minute to see how health systems have changed in the last four months and how data integration is key to all of these initiatives.
Around 2004, the term “Web 2.0” began to take off as a way of describing a foundational shift in the way that users interacted with the Internet. Web 1.0 describes the static interface of the 1990s with its lack of interoperability and sites mostly connected by hyperlinks. This was turned on its head with the rise of sites that were interoperable, easy-to-use, and promoted user content. This transformation, in conjunction with hardware changes like 2005’s iPhone, stimulated the growth of social media sites and apps. (more…)
In the world of value-based reimbursement, health system CFOs are finding it harder and harder to deny the cost-saving and quality improvement opportunities of health IT outsourcing. According to a Zion Market Research, this market is expected to reach $73 billion by 2024 with a CAGR of 6.5%.
Along with value-based incentives to drive down costs, the health IT outsourcing market will be driven by a widespread lack of IT infrastructure and trained professionals in the healthcare space. Let’s take a look at the benefits, process, and challenges facing this growing industry.
Technology has decreased the distance between people. Outsourced manufacturing has brought together the global economy, Facebook and WhatsApp make it simple to have a conversation with a friend across the globe, and Google makes the spread of ideas across oceans instantaneous.
These trends have also greatly impacted the healthcare industry by shrinking the gap between patients and providers. Telehealth services – while still relatively uncommon – have increased in use over the last several years according to researchers at the Harvard T.H. Chan School of Public Health. Let’s examine the rise of telehealth and how analytics can improve the experience for both patients and providers.
The process of implementing a data analytics solution into an organization can be time-consuming and costly. Once an analytics platform is in place, employees must learn to use the technology. However, it seems the largest stumbling block in the data integration process is not so easily defined.
A surprising development arose from the 2019 Big Data and AI Executive Survey conducted by NewVantage Partners. While many organizations are increasing their investments in analytics, there are many stumbling blocks. And the biggest challenge to analytics success: people.
B2B payment structures have been thrown into flux by recent developments in transaction technology. Most notably, blockchain algorithms offer a safe and efficient way of trading goods and their recent rise in popularity speaks to their viability in this space going forward.
Blockchain algorithms supplant the role of a central bank or government backing to support the virtual coins that they create. This technology has been a rapidly expanding field for major corporations, especially B2B distributors. A 2018 study found 82 of the Fortune 100 companies have begun researching or investing money into blockchain technology. Mastercard, Visa, and J.P. Morgan have launched blockchain networks to ease B2B transactions, especially cross-border payments. With the technology becoming more available, let’s dive into the benefits of blockchain technology for B2B distributors.
Over my last several blog posts on artificial intelligence, I’ve taken a look at the massive upside for distributors that the technology promises. But with these steps forward in business efficiency comes huge steps back in labor and employment.
The robotics and cognitive automation spoken of by Sergi Mesquida will be the largest contributor to job loss for distributors in the future. This label encompasses the robots used in car manufacturing, telemarketing, and the driverless cars threatening the trucking industry. These concerns are existential for many areas of the country and have been garnering serious attention in the upcoming debate for the 2020 election. Let’s take a look at some of these concerns.
The B2B distribution industry was not prepared for the entrance of “Amazon Business” in 2015. The industry has been disrupted by Silicon Valley because it was not technologically equipped and cannot keep up with the heavy automation and artificial intelligence of Amazon.
Tweet: The future of AI in B2B distribution
This difference is nothing new as, “many technologies pioneered in retail have ‘trickled down’ to distribution over time,” but the threat against B2B distributors is more ominous than ever before and companies will have to innovate to stay relevant in our rapidly digitizing age. (more…)
In 2018, Amazon’s dominance in the e-commerce market hit a new milestone. The online retail giant captured 50% of US retail e-commerce with $252 billion in sales. This is certainly a high-water mark for Amazon, but rivals are not standing idly by. Firms in the retail sector are working hard to harness data and digitize their distribution platform to chip away at Amazon’s enormous lead.
Tweet: Artificial intelligence and the race against Amazon.com
Companies like Walmart, which now has a partnership with Google, are “testing the notion that an enemy’s enemy is a friend” in a mad-dash to modernize their organizations. These changes span the spectrum of AI capabilities from greater control of data through analytics to autonomous drones that deliver packages. Kroger, JD.com, and Walmart are three companies making a particularly strong move to end Amazon’s digital dominance. Let’s take a look. (more…)
In a previous blog post, we took a look at the various forms of artificial intelligence that are in use today. These include descriptive, predictive, and prescriptive analytics. However, these are just tools. The far more impactful area, in terms of how this technology affects people’s lives, is where the brilliance of AI and analytics solutions are put to use in the marketplace.
Tweet: Artificial intelligence: Where the rubber meets the road
Major companies such as Amazon and Apple have increasingly capitalized on these tools in the past five years — so much so that the NASDAQ blog referred to 2018 as The Artificial Intelligence Boom. The private sector implementation of AI can be broken down into four major categories: Internet, Perceptual, Autonomous, and Business AI. Each form of implementation finds a clear benefit in the analysis and implementation of data. (more…)