According to the recent survey by NewVantage Partners, 71 percent of healthcare executives reported that their organizations are stimulating investments in Big Data Analytics and Artificial Intelligence (AI), and mentioned disruptive forces and industry contenders as major motivators for increased spending. However, with 80 percent of Data Analytics Leaders, the report illustrated that their organizations still striving with Big Data Analytics and AI adoption, while cultural and organizational resistance cited as major blockades by 92.5 percent.
The NewVantage Partners’ this year’s survey drew executives from nearly 65 companies, where Healthcare organizations participated in this year’s survey at higher rates than in previous years. The research firm noted that this wave in participation stressed the ascending priority of Big Data and AI within healthcare and the soaring data maturity of healthcare firms. It also surveyed analytics executives from financial services and life insurance companies, as well as a handful of further firms.
The research report found that most of the healthcare executives reported an improvement in AI and Big Data investment, and almost 80 percent of participants stated a higher urgency to spend in advanced analytics capabilities. Responding on the principal driver of these investments, with 91 percent of healthcare executives from all sectors reported business transformation, agility, and competition, while just 4.8 percent cited cost savings. Besides, Cloud computing is also a significant area of focus, with 90.5 percent of executives reported doubled spending in this realm, while Blockchain has developed as an innovative solution to Big Data challenges, with a small number of healthcare organizations reported increased investments in the technology.