Understanding the Importance of Leveraging Data Intelligence Across Healthcare Industry

Data Intelligence may not be a new jargon in Artificial Intelligence, but its sudden importance in the healthcare industry might be something new for many data enthusiasts. It is the combination of AI and machine learning (ML) for analyzing internal data to make better-informed decisions. This can empower healthcare authorities to arrive at actionable insights about healthcare assets management.

The pharmaceuticals industry still operates on conventional systems that are full of errors, operational inefficiencies, and poor workflow environment. These methods include the use of spreadsheets and manual data entry and inventory tracking that can sometimes be prone to error and consumes much time and financial resources. While tracking and analyzing these data every time may not seem problematic on a normal, it is not a viable option during a crisis time like COVID-19 emergency. In 2018, the annual spending on pharmaceuticals was around US$ 485 billion.

Data intelligence is crucial in the times of COVID-19 like never before. Data visibility should be more, healthcare systems need to manage medication inventory, and a medical professional should have real-time access to make critical decisions to support patient care rapidly. Further, we need a rapid analysis of extensive databases of pharmaceutical compounds. The once stop solution for all these issues is data intelligence. According to an article on Forbes, a data-driven approach to medication management can facilitate more strategic decision-making backed by a critical understanding of the actual utilization of pharmacy inventory and prediction of trends.

Real-time insights from automated dispensing cabinets and other medication dispensing technologies can empower remote monitoring of drugs and supplies and identify opportunities to move inventory across the hospital or health system. This implies the identification of deficient areas and mapping the availability of stock can allow supplying them to higher-impact care areas.

Despite their resourcefulness, data intelligence tools, they need to be controlled and monitored from a human and managerial perspective.

"This program answers the need for active training experts with a dual competence who can be the link between the high-tech and healthcare domains. They'll also be able to exploit the power offered by technology while meeting the ethical and human requirements necessary within the healthcare sector," says Benjamin Dalmas, the program co-directors of the new MSc in Health Management and Data Intelligence ran by emlyon business school and Mines Saint-Etienne

In a world going to rapid transformation for tomorrow where humans are happily adapting to the changes that Artificial intelligence brings, healthcare and pharmacy should be in the automation and data culture priority list too. This cannot be any clearer given the fragility of the current COVID-19 pandemic situation. For this, we need to embrace advanced cloud technology in healthcare. This can also help research firms gain access to the dataset, collaborate with other organizations smoothly without many roadblocks during their drug discovery projects. Optimization of workflows can improve medication management, distribution and administration practices while enhancing patient care at a reduced cost of service.