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Webinar: BIG BANGWhy Big Data Will Have a Big Impact on Life Sciences in 2016
Darryl Williams - Head of Global MDM and Platform SolutionsHealth Care
December 8, 2015
Webinar Overview
• Big Data is here to stay
• How Big Data will transform Life Sciences
• Why “The Cloud” makes sense
• Data insight through visualization
Big Data as a Paradigm
BigVOLUME
“More data has been created in the past two years than in the entire previous history of the
human race.”
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
Big Data as a Paradigm
BigVOLUME
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
“By [2020], our accumulated digital
universe of data will grow from 4.4 zettabytes today,
to around 44 zettabytes or 44 trillion gigabytes.”
Big Data as a Paradigm
BigVARIETYof Data Typesand Sources
• Structured – attributes• Unstructured – documents, publications
WORDS
• Measures – Internet of Things (IoT)• Metrics – KPIs
NUMBERS
• Music, podcasts• Audio feeds
SOUNDS
• Snapshots• Albums
PICTURES
• Events• Video feeds
VIDEOS
Big Data as a Paradigm
LexisNexis Risk Solutions collects the following amount of data per…
HOUR: 3.2 million
DAY: 77 million
MONTH: 2.3 billion
YEAR: 28 billion
BigVELOCITY
Big Data as a Paradigm
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
“By the year 2020, about 1.7 MEGABYTES of new
information will be created EVERY SECOND
for EVERY HUMAN BEING on the planet.”
BigVELOCITY
Is All This Data Useful?
BigVALUE
•Capturing data on the general population in real-time
•Correlating it to what’s happening in the real world
•Applying it to gain specific insights
Traditional Data Warehouses
Data management is not new
Dimensions
Facts
Aggregation and roll-ups
Descriptors• Parties (Customers)• Geographies (Locations)• Assets (Products)
Events• Sales (Units, Currency)• TOV (Consulting, Speaking)• Claims (Procedures, Diagnoses)
Groupings• By Territory• By Therapeutic Class• By Period (Wk, Mon, Qtr)• By Comparison (TY vs LY)
Traditional Data Warehouses
Challenges and limitations
Aggregation (roll-ups) took time
New data, different input (TOV, Social Media)
Old technology couldn’t handle new input
Issues with• Consistency• Timeliness• Access
Challenges with• Variety• Volume
Structures for• Managing
relationships• Updating
information
The New Frontier
• Massive quantities of data from many sources
• More processing power
• Innovative data management tools
• Advanced analytics
• Ability to make sense and use of “some of the data”
More data
Better tech
New possibilities
New “Common” Data
• Payer data (capitation, bundled payments)
• Member data (health care teams, conditions)
• Provider data (readmissions, hospital-acquired conditions, “health grades”)
• Claims data (doctor visits, surgeries, procedures, diagnoses)
• Other market data (spend, sales, prescriptions, inventories)
Uncommon Data
• Public records• Education• Residential• Criminal
• Social media• LinkedIn, Facebook, Google+• Journals, articles and content• Forums associations and other online groups
The Power of Combining Data
The whole is bigger than the sum of its parts
Common data
Uncommon data
Marketplace insights
The Sky is the Limit in “The Cloud”
• Access part or all of the continuum
• Scalability, versatility and flexibility
• No procuring hardware or software
• No maintenance, repair or upgrades
• Cost effective
Transforming Data into Intel
Linking disparate data
Understanding relationships
Recognizing patterns
Mapping and Visualization Tools
Becoming a data scientist
Creative query combinations
Generating different
perspectives
Seeing new things in real-time
Other Insights
• “What are my customers doing and buying about which I need to know?”
• “How do they make decisions about the products they buy?”
• “How do we mutually benefit from their use of our products and services?”
• “How can we drive better outcomes for patients?”
Can You Say, Potential?
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
“Today, less than 0.5% of all data is
analyzed and used.”
Can You Say, Potential?
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
“73% of organizations have already invested or plan to invest in Big Data
by 2016.”
Can You Say, Potential?
http://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/
“Estimates suggest that integrating Big Data could save
health care as much as 300 billion dollars a year—that’s equal to reducing costs by
$1,000/year for every man, woman and child.”
Conclusion
• Access to all kinds of dynamic data
• Technology to manage and analyze the data
• Tools to view and understand the data
• Information, insights and intelligence to make informed decisions in real time
• Expert services to help you maximize the power of Big Data solutions
HPCC - LexisNexis Technology for Big Data Processing
High Performance Computing Cluster (HPCC Systems®) enables data integration by managing the latest provider data information with our patented Master Data Management (MDM) & Analytics Platform, a powerful solution that delivers the data you need, when you need it – Real-Time.Our proprietary data management platform systematically collects, analyzes, validates, integrates and publishes the most comprehensive, accurate, and up-to-date client-relevant health care practitioner, organization, and affiliation information.
• Big Data Platform using scalable technologies Through comprehensive business capability services, you gain a competitive advantage with real-time updates to the most accurate provider data in the industry via robust data processing solutions.
• MDM as a Service is architected for business-differentiating, data-sensitive applicationsFrom the first data ping to ongoing monitoring, MDM as a Service yields business insight for operational excellence, competitive advantage and regulatory compliance.
- For more information, please visit www.hpccsystems.com
Let Us Help You Go BIG
Call 866.396.7703
Email healthcare@lexisnexis.com
Visit lexisnexis.com/risk/health-care/life-sciences.aspx
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