4 Common Misconceptions of Big Data in Healthcare
Ever since we began using big data to inform our marketing, business has been climbing on the bandwagon to pluck the fruits of this bounty. In healthcare, however, misconceptions still seem to reign supreme, so I’m here to put the most common of these to rest.
Size Doesn’t Matter
The biggest misconception about big data in healthcare is that it needs to be, well – big. This isn’t true, and while size definitely matters in a lot of situations, this is one where it doesn’t. Every company has first-party data they can use with minimum effort. This is the most in-depth, valuable data, it already belongs to you, and you don’t need permission to analyze it for business intel.
Companies of All Sizes Benefit
Your company doesn’t need to be big to use it. Most organizations, including smaller ones, produce huge quantities of data from sales and administration records; all you have to do is collate it and use it. A key takeaway from a 2011 McKinsey Global Institute report indicated the use of data would become key to competitive growth for smaller firms, and that’s even more true today than it was then.
It’s Nothing New – Really!
The use of big data might have come into its own in the past 8 to 10 years, but humanity has used it for centuries to derive insights. During the origins of Christianity, Mary and Joseph were traveling to Bethlehem to “be counted,” which indicates some sort of census was taking place. The U.S. first took a census in 1790, the first tabulating machine was invented in the 1880s, and in 1944 it was suggested the Yale library would contain 200m volumes within 100 years.
Data Usage is Expensive
Healthcare companies typically operate on low profit margins, so spending money is out of the question until management is 100% sure of ROI. Big data technologies are no longer a high-cost option, or one geared exclusively towards Fortune 500 players. Nowadays, it’s possible to find a data analytics solution for every size organization and every budget.
Your first-party data contains detailed information about customers. When it’s combined with publicly-available third-party data it becomes more valuable, and the addition of targeted second-party data from your vendors, large clients or other business partner organizations it can deliver insights that will reduce your costs and change the way you do business.
For more information about analyzing and implementing big data in your healthcare marketing, call Wax Custom Communications at 305-350-5700 or visit waxcom.com.
