A recent white paper from Wharton’s online blog looks at how successful organizations capture “smart data” - the parts of big data that are relevant for analytics - to gather business intelligence. According to them, the key considerations can be boiled down to ‘The Five “V”s of Smart Data’:
- Volume – In healthcare the volume of data, such as clinical data related to laboratory tests and physician’s visits or administrative data can be overwhelming.
- Velocity – It is important to be able to digest and conduct real time analysis of the data that is being generated at a rapidly increasing pace owing to technological advancements.
- Veracity – Especially for treatment-related data that it is sourced from systems at several organizations in the healthcare ecosystem, a high level of scrutiny is necessary.
- Variety – In healthcare we deal with a variety of data feeds- which leads to more robust insights – but standardization of information will play a critical role here.
- Value is a critical aspect as it’s important to ensure that the right insights are generated from the data and they lead to measurable improvements in patient outcomes.