Why Hospitals Continue to Fail in ‘Connecting the Dots’ With Their Data, and What They Can Do to Change
The Health Care Blog
Written by Russ Richmond, MD • Posted on Feb 1, 2012
The world is awash in data. It is estimated that the amount of digital information increases ten-fold every few years, with data growing at a compound annual rate of 60 percent. The big technology company Cisco has forecast that by 2013, the amount of traffic flowing over the internet annually will reach 667 exabytes. Just to put that in perspective, one exabyte of data is the equivalent of more than 4,000 times the information stored in the US Library of Congress.
This data explosion – now rather imprecisely dubbed “big data” – is both an opportunity and a curse. Having all of that information makes it possible to do things that were previously never even imaginable. Last year, the McKinsey Global Institute (MGI) conducted a major research study on big data, calling it "the next frontier for innovation, competition, and productivity." The MGI study noted that big data is becoming even more valuable as our analytical and computing abilities continue to expand.