“Big Data” is a buzz-word indicating the vast amounts of tweets, .pdf files, consumer reports or any other digital form of unstructured data.
Four V’s of Big Data: Volume, Velocity, Veracity, and Variety
Why is it important?
All industries can benefit from the analysis of the vast data reserves that are available to private and public firms. The healthcare industry benefits particularly well from big data as trends and analytics derived from medical data can develop new treatments, predict economic outcomes and lead to better communications between patients and providers. Data analytics has been used to forecast patient behavior by examining previously unknown patterns in stored reports between medical providers and their respective patients. In addition to improving patient communications, big data initiatives could reduce costs, save lives and revolutionize the healthcare industry into a powerful, more stable and effective digital machine.