Big Data is a simple phrase to describe a complex topic. Big Data is applied to the very large volume of data that cannot be processed with traditional IT tools such as databases. This data often comes from a variety of sources including your customers, the internet, and social media and it’s often unstructured and in many diﬀerent formats.
If organizations can make sense of this rapid and often confusing ﬂow of data they can often create competitive advantage through an improved understanding of their market and their customers’ needs. In Life Sciences, three business areas where Big Data can make a signiﬁcant impact are:
New products and services can be developed that are only feasible through the effective management and analysis of big data. These include patient monitoring, through a variety of sensors, to create a complete picture of an individual’s, or a whole population’s health as they react to treatment.
If your R&D scientists need information about a molecule, disease or drug, big data searches can be employed to parse through huge volumes of news, web, text, public or private databases to zero in on the topic of interest and reduce product development times.
Big data analysis can help accelerate product development during the clinical trials of a new drug. Big data can be used to precisely identify and target the most suitable patients for recruitment to a drug trial. Results from clinical trials can be amassed and analyzed in real time with big data analytics and this can significantly shorten this time-consuming part of the product lifecycle.