More than 50% of the healthcare executives lack trust in their data and report low levels of self-service in making data-driven decisions, consequently making this issue a high priority for CIOs and CTOs across this sector.
The insurance industry has a data swamp. A single claim could have multiple data points to analyse and interpret. When multiplied across an organization, data sets become so large that on-premises systems are unable to keep pace with volume, variety and velocity.
Healthcare CIOs have also started opting for a cloud-first strategy for new applications and workloads with 47% already using patient data predictive analytics. Technology companies are also evolving their capabilities in this sector to offer advanced solutions in partnership with the cloud service providers. For e.g.: Risk and Pricing Analysis, Fraud Detection, Reimbursement Analysis, Litigation Propensity Scoring etc.
Moving the data lake on cloud promises to offer the differentiating customer experience, digitize underwriting by making data processing faster and cost-effective. By 2021, Gartner estimates, public cloud vendors will process more than 35% of healthcare providers’ IT workloads.
The cloud allows users to pay as per the data nodes used in a cluster with option to increase as per the requirements
Cost-effective data storage and computing
Unlike on-premise environments, the cloud offers separate storage and computing services
Upgrade to a new version of technologies
Most cloud providers introduce new upgrade versions for cloud-based data lake architectures that help users move up to a better software version within few days without impacting their operations.
Meeting compliance and regulatory prerequisites
Big cloud vendors have, over the years, achieved privacy certificates to comply with the privacy policies, and regulatory requirements of companies from the healthcare and finance industries.
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