Many economists say we are overdue for a recession. Despite a low unemployment rate and the economy’s longest expansion on record in the United States, experts in America and the World Bank point to trade wars and other globally financially risky situations as reasons for a dim forecast.
Analytics may not be able to tell you exactly when the economy might shift. However, data can certainly help an organization mitigate the impact of a recession by giving you the right information to better target the right market, save money, and increase profits.
Data analytics is no longer a trend – it is a necessity for organizations to stay relevant in their fields. Big data has been sweeping across every industry, from healthcare to the food and beverage industries, and it has been making analytics skills more and more necessary in every industry it touches.
Data analytics is a segment sure to showcase many fascinating developments in the new year. As businesses harness the power of data analytics, 2020 use cases are both varied and compelling.
Here are five outstanding examples: (more…)
Too many hot, red flames have burned through California wine country destroying vines and potential delicious vintages. Temperatures during harvest season in the mountains of Spain are not the same as last year. Wine makers are not trying to get political — but climate change is affecting their crops and the wines you’re drinking.
The Intergovernmental Panel on Climate Change reported that temperatures will increase between 3.6 and 4.5 degrees Fahrenheit by the end of the century, and this is affecting how wine grapes grow. How can those in the wine industry react to this change? Technology can help. Let’s examine. (more…)
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.
Artificial intelligence is a term that is as vague as it is powerful. The decision-making processes of today’s business leaders have moved heavily towards information technology and away from intuition, but the word that is driving this change sounds like it was ripped from a science fiction story.
Tweet: The evolution of artificial intelligence in analytics
Over the course of its history, AI has evolved from descriptive, to predictive, and finally to prescriptive analytics and each of these steps represents a different way that the computer is able to recreate human thought. Let’s take a look at how AI has evolved over the years. (more…)
Isn’t it curious when two intelligent people examine the same information and draw opposite conclusions? That is the dynamic I thought was at work recently, when The New York Times ran an opinion piece called “Are Hospitals Becoming Obsolete?” one day before The Wall Street Journal published an in-depth report titled “What the Hospitals of the Future Look Like.” Based on the headlines, I expected one article to focus on hospitals’ pending doom and another on their rebirth.
Tweet: How hospitals are innovating and adapting for the future
But it turns out only the headline writers were betting on obsolescence versus evolution. The articles’ authors agree that hospitals are undergoing radical changes and they cover much common ground about current trends and where the sector is headed. What do they think hospitals of the future will look like? Here’s a rundown. (more…)
Predictive analytics is increasingly key to powering hospital initiatives that maximize efficiency, realize cost savings, and help deliver superior care. Predictive analytics is not new to healthcare, but it is more powerful than ever, due to today’s abundance of data and tools to understand it.
Tweet: 3 examples of how hospitals are using predictive analytics
How – and why – are hospitals putting predictive analytics to work? The goal is often to improve operational efficiency or to proactively provide services that prevent greater problems and spending. Many hospitals have started with applications aimed at reducing readmissions and predicting which patients are at risk of developing sepsis. Other common use cases focus on optimizing staffing and resources. Here are three other examples of hospitals successfully putting predictive analytics into action. (more…)
Predictive analytics is a topic generating great hype and great hope in healthcare and other industries. As this area of data science matures, it is important to remember that predictive analytics is not defined by one technology or technique, although it can be roughly divided into two approaches: pattern recognition and simulation.
Tweet: 3 advantages to using simulation in predictive analytics
Pattern recognition is the most common approach, the foundation of much-hyped machine learning and artificial intelligence. Simulation is another, more human alternative to understanding business problems, predicting future trends, and recommending optimum decisions. In this blog, I explain the essentials of simulation and highlight three of its advantages. (more…)
Predictive analytics is a technology whose time has come. In healthcare, hospitals are beginning to use advanced analytical techniques to improve patient outcomes and optimize operations with some impressive results.
Tweet: Why the time is right for predictive analytics in healthcare
Predictive analytics is the process of learning from past data to make predictions about future outcomes. Several factors have set the stage for the emergence of healthcare predictive analytics in 2018 and beyond. In this blog, we will consider three reasons why the time is right. (more…)
2017 was quite an eventful year in the healthcare industry. There was a lot of discussion about technological innovation, such as artificial intelligence and blockchain, and the impact this technology could have on healthcare. In addition, this year was marked by attempts to repeal the Affordable Care Act, as well as discussion around and implementation of new forms of payment in healthcare such as value-based care models.
Tweet: The future of data and analytics in healthcare
What will 2018 bring in healthcare? Will providers be able to take advantage of predictive analytics? How will data and analytics impact healthcare’s ability to measure population health? How will providers gain more trust in their data? Here are some of my thoughts on the future role of data and analytics in healthcare. (more…)