The term is everywhereBig Data. Everyone talks of Big Data. Everyone is excited about Big Data. How many of us really know what that means?
Big Data is the capture and use of more data in more daily activities, explained Paul Sonderegger, a Big Data strategist at Oracle Corp., during a session at the Healthcare Analytics Symposium, sponsored by Health Data Management. Big Data, he added, is the economic rise of data capital, the collection of recorded use of information necessary to produce a good or service.
What makes Big Data so important is that it is proprietary. Sonderegger used the Uber car service as an example. Ubers surge pricing kicks in when demand for rides becomes very high. Data is collected from all the rides hired, the data drives the pricing algorithm and only Uber can do this as their competitors cannot.
Its the same thing with the new Wi-Fi order buttons for Tide detergent or other products. You can put a Tide button on your washer and when detergent runs low, press the button and automatically order more. That obviously increases sales, but Tide and other companies want morethey want the data of what you will buy and how often, Sonderegger said.
Data capital is disruptive, it changes the competitive landscape and disrupts rivals until they too, follow suit. Data capital also is disruptive within organizations, including hospitals and other providers, Sonderegger said. For 40 years, providers have been asking the IT department to do something, and they do it. Now, others in the hospital are doing analytics at their desks.
During the session, Sonderegger explained three laws of data capital:
* Data comes from activity. If an organization does not grab the data when the opportunity arises, that opportunity is forever gone.
* Data tends to make more data. Every time Uber implements surge pricing, it learns more about how much consumers will tolerate.
* An enterprise analytics platform offers better results, as the platform colonizes activities, captures data, and everyone in the organization wins because they are using the same data. In healthcare, this is particularly beneficial for hospitals and insurers.
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