“It is a capital mistake to theorize before one has data.” -- Arthur Conan Doyle
This is Part 2. See Part 1.
Big data can be enormously useful to American healthcare. It can make sense of the enormous volume of data the healthcare system generates, and it can use that data to provide actionable insights into options for improved healthcare delivery.
Part 1 of 2
If Big Data needs a big industry to prove itself, there’s no better candidate than American healthcare. “Big” only begins to describe an industry in which the National Healthcare Expenditure, one measure of the sector’s size, exceeds $3 trillion.
Admittedly, that number is in some dispute, but the dispute centers on the proper accounting treatment of some $300 billion in spending. When an industry can view a $300 billion discrepancy as one of those pesky accounting errors, the size of that industry speaks for itself.
At Elephant Ventures, we live and breathe big data and analytics, but our work doesn’t take us into every nook and cranny of the big data world on a regular basis. Like most firms in the big data arena, we work in mainstream areas in fields like marketing, advertising, manufacturing, finance, health, and national security.
But you can’t spend big chunks of your time thinking about big data without becoming aware of some of the niche applications that put big data to some interestingly specialized purposes.