Business Analytics is an accumulation of systems for Collecting, Analyzing and Interpreting information to uncover significant data from available information. Business Analytics is usually seen from three noteworthy points of view: descriptive, predictive, and prescriptive analytics. Business analytics centers around five key zones of client prerequisites:
- Data Access
- Business nimbleness
- Key arrangement
Prescriptive Analytics in Healthcare Industry
Analytics is becoming an organizational imperative in healthcare. With increasing emphasis on value-based reimbursements, the healthcare organizations are increasingly leveraging analytics capabilities to succeed and abide by the regulatory requirements. With exponentially rising data in healthcare, much of the innovation occurring throughout the technology landscape is geared towards effectively using this data to minimize the risks and maximize profits. While healthcare systems have been collecting data for years, what has changed the landscape is the advancement in technology that has enabled the collection of disparate data sets and has increased the speed at which this data is gathered, analyzed and acted upon.
The healthcare industry depends mainly on analyzing historical data to help make decisions. However, leading healthcare providers and payers are increasingly focusing on developing prospective capabilities to predict future events and on using prescriptive analytics to suggest actions that will enable the organization to test new approaches and ultimately create best practices to drive their business and operational objectives.
Prescriptive analytics generates optimal decisions for a scenario and also gives the impact of each decision. The application of such tools can be used in areas of improvement in medical treatment, minimizing hospital re-admissions, prescribe better business practices, which will ultimately lower costs of healthcare and improve the quality of care. Thus, providing a means for healthcare stakeholders to use critical data and information to support clinical, financial and operational decisions and put them on the path to successful outcomes.
Prescriptive analytics is still in its infancy worldwide; however, possess immense growth potential in the coming years. The prime factors attributed to growing adoption of prescriptive analytics in healthcare include emergence of advanced technologies such as big data, machine learning, artificial intelligence and IoT, and rising popularity of real-time accessibility of data for efficient business applications.
Owing to the unique properties of prescriptive analytics tool, prescriptive analytics is witnessing a rapid growth in the global healthcare analytics market, which is expected to grow at CAGR of 37.6% to reach USD 4.6 billion by 2023, according to Meticulous Research®.
Browse in-depth Report: Healthcare Analytics Market- Global Opportunity Analysis and Industry Forecasts to 2023