What happens when the world goes “real time?” When we’ve got the capability to process vast amounts of information to see what is really going on, and we can make decisions based on what we see?
We witness the birth of new billion dollar industries. Massive business model disruption. The rapid emergence of fascinating new solutions to complex problems. We get some pretty BIG and exciting stuff!
Back in December, I was invited to be the opening keynote speaker for the annual users group conference for Siemens XHQ in Orlando.
XHQ is a specialized division of the company that focuses on the provision of specialized software that helps organizations to manage their business in “real time.” In other words, tools and insight that let you drill down into vast quantities of real time information in order to make better operational decisions, whether in manufacturing, the utilities sector, energy companies or elsewhere.
It was exciting to be a part of this, since I have been predicting for years that one of the biggest trends in the future is that organizations would find their operations, business models, and opportunities for innovation explode as the field of ‘real time analytics’ matures.
For example, I wrote one blog post a few years, back — “Competing with analytics – the next billion dollar industry” — which itself was based on my “What Comes Next?” trends document, which suggests that “aanalytics is hot….it’s where the next-billion dollar industries will be born!”
Take a look at that document – and the section “Revenge of the Math Geeks”, where I make the comment, “Remember those kids in school who were really good at math? They own the future!”
I speak about analytics in a wide variety of industries. In the world of health care, I’ve been speaking about the potential for analytics as a disease / condition predictive management tool for almost a decade. Take a look at my document, “It’s January 15, 2020: Do You Know Where Your Healthcare System Is?” for some insight into the role of analytics in that field.
And in another previous blog post about future trends, I wrote that “the future is owned by the math geeks. We’re entering an era in which extremely intelligent people who know a lot about how to throw a bunch of computers at a complex problem in order to come up with interesting solutions.”
So it fascinating to see an article appear in Network World (“Health provider wants algorithm that can predict illness, Network World, March 29, 2011”) covered the looming role of analytical, real time data mining in the world of health care.
The article covered the plans of a health provider, Health Provider Network, “to do for healthcare what technology in the film “Minority Report” did for police work” — and that is, real time aanalytics to predict emerging health conditions:
“it wants to use technology to pre-emptively predict when illness is likely to strike and take measures to prevent costly hospitalizations. This week Heritage announced that it was offering a prize of $3 million for any developer who successfully created a “breakthrough algorithm that uses available patient data, including health records and claims data, to predict and prevent unnecessary hospitalizations.”
Exactly! Back in 2008, I keynoted the Institute of Actuaries, and noted that we were entering a world in which we would see fascinating new developments in the world of health care with predictive aanalytics. There’s a blog post, ‘Computational Plastics is another new plastic“, that is well worth a read.
This is but one small example of where analytics is emerging as a force to reckon with. If you want to ride a trend, this is a big one.
Analytics is hot, and getting hotter!