COIT20253– Business Intelligence using Big Data

Term 1, 2023

Assessment 1

 

 

 

Campus: Brisbane

Lecturer: Meena Jha

Tutor: Sangeetha Kutty

 

 

 

Due Date: 21st April 2023

Prepared by:

Millen Fernando (12191396)

 

 

 

 

Acknowledgment

 

I want to express our sincere and heartfelt obligation to help all the people who helped us with this submission. Without their active direction, help, cooperation, and encouragement, we would not have made headway in the coursework.

I express my gratitude and deepest regards to our lecturer, Meena Jha for her great dedication and confidence in her knowledge. As well as our tutor, Sangeetha Kutty for the direction and vital information that encourages us to finish the assignment by the specified deadline.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contents

 

 

 

 

 

 

 

Introduction

 

Big data has recently taken center stage across a range of businesses, and the healthcare industry is no different. A patient care, operational effectiveness, and financial performance might all significantly improve with the use of big data in the healthcare industry. This study focuses on the Medical Information Mart for Intensive Care (MIMIC-III) database, a critical care resource that is open to the public and contains health information on over 40,000 patients who have been admitted to intensive care units. The purpose of this study is to give a summary of the MIMIC-III database, including its metadata and prospective economic opportunities for healthcare organizations.

The research starts out by going through the integration of big data in healthcare and highlighting some of the advantages it offers in terms of predictive analytics, individualized treatment, operational efficiency, and fraud detection. The report then explores how big data can create value for healthcare organizations, such as improving patient outcomes, enhancing operational efficiency, personalizing care, and identifying new revenue streams.

 

Porter’s Value Chain Analysis is used to identify specific areas where big data can be leveraged to create value, including optimizing supply chain management, improving clinical operations, optimizing patient discharge planning, and targeting marketing efforts. Porter’s Five Forces Analysis is also utilized to analyze how big data is impacting competition in the healthcare industry.

 

The report concludes by emphasizing how the integration of big data in healthcare can create significant opportunities for organizations to improve patient outcomes, enhance operational efficiency, and identify new revenue streams. Healthcare businesses can benefit from the MIMIC-III database’s important insights into patient care and operational performance, which will improve decision-making and eventually improve patient outcomes.

 

 

 

 

The Importance of Integrating Big Data into Any Business

 

Big Data Opportunities

Big Data is the term used to describe the vast quantities of structured and unstructured data that businesses gather and analyze to acquire insight and make informed decisions. The opportunities offered by Big Data are vast and varied, and here are a few examples:

1. Improved decision-making: With Big Data, organizations can analyze a lot of information to identify patterns and trends, allowing them to make better-informed decisions.

2. Personalization: Big Data can help organizations personalize their products and services to their customers’ needs, preferences, and behavior.

3. Cost reduction: Big Data can help organizations optimize their operations, reduce waste, and cut costs by identifying areas for improvement.

4. New revenue streams: By identifying untapped markets or creating new products and services, big data can assist businesses in identifying new revenue sources.

5. Predictive analytics: Big Data can help organizations predict future trends and events, allowing them to plan and prepare for them proactively.

6. Improved customer service: Big Data may help businesses better understand the needs and preferences of their customers, which will increase customer satisfaction and service.

7. Enhanced security: Big Data can help organizations detect and prevent fraud and security breaches by analyzing patterns and anomalies in data.

Overall, the opportunities offered by Big Data are vast and varied, and organizations that can harness its power are likely to gain a competitive advantage in their respective industries.[ CITATION Ber22 l 1033 ]

 

 

 

 

 

Value Creation using Big Data

 

Big Data can create significant value for organizations by providing insights that help them make informed decisions, optimize their operations, and create new revenue streams. Here are a few examples of how organizations can create value using Big Data:

1. Improving customer experience: Organizations can customize their products and services and enhance the customer experience by studying customer data to get insights into customer behaviors, preferences, and needs. More repeat business and client retention could arise from this.

2. Optimizing operations: Increasing productivity, cutting waste, and discovering inefficiencies are all ways that big data can help businesses increase productivity. Costs may be decreased, and profitability may rise as a result.

3.Developing new products and services: By analyzing market trends and customer needs, organizations can use Big Data to develop new products and services that meet customer demand. This can lead to new revenue streams and increased market share.

4. Predictive maintenance: Big Data can assist organizations in identifying the expected timing of equipment failure, enabling them to plan repairs in advance of a breakdown. Less downtime and increased productivity could arise from this.

5. Fraud detection: By examining trends and abnormalities in data, big data can assist organizations in identifying and preventing fraud. Cost savings and increased security may result from this.

 

Overall, Big Data can create significant value for organizations by providing insights that help them make informed decisions, optimize their operations, and create new revenue streams. Organizations that can effectively harness the power of Big Data are likely to gain a competitive advantage in their respective industries.[ CITATION 6wa l 1033 ]

 

 

 

 

 

 

Porter’s Value Chain Analysis

 

Using Porter’s Value Chain Analysis as a framework, businesses may find the core and auxiliary tasks that provide them with a competitive edge and add value to their operations. Michael Porter created the framework, which is widely used in business strategy and management.

 

Using Porter’s Value Chain Analysis as a framework, businesses may find the core and auxiliary tasks that provide them with a competitive edge and add value to their operations.

 

Porter’s Five Forces Analysis

 

The five forces are:

1.Threat of new entrants: This is a reference to how challenging it is for new businesses to break into a given sector. The threat of new entrants is reduced and incumbent businesses have a higher level of control and profitability when entry barriers are strong.

2. Supplier bargaining power: This refers to the degree of influence that suppliers have over the cost and caliber of the inputs used by businesses in the sector. Fewer suppliers have more negotiating leverage, which can result in higher input costs for businesses.

3. Buyer bargaining power: This relates to the degree of control that consumers have over the cost and caliber of the goods and services provided by businesses in the sector. Customers have more negotiating leverage if they have a wide range of options and can quickly switch to rivals, which can result in cheaper costs and profit margins for businesses.

4. The threat of substitute goods or services: This alludes to the level of opposition posed by rival goods or services that can accomplish the same task as those provided by businesses in the sector. If there are numerous alternatives, businesses might need to reduce their pricing to stay competitive.

5. Competitive rivalry: This describes how fiercely businesses in an industry compete with one another. High levels of competition can result in reduced prices and profit margins for businesses if numerous businesses are vying for the same clients.

By analyzing these five forces, companies can identify areas of opportunity and threats within their industry and develop strategies to remain competitive and profitable.

 

 

Leveraging Big Data to Improve Patient Outcomes and Reduce Costs in Healthcare

 

The report examines how big data has been incorporated into the healthcare sector, highlighting the opportunities it provides for gaining insights into patient care, operational efficiencies, and financial performance. The report outlines some examples of big data opportunities in healthcare, such as predictive analytics for patient outcomes, personalized medicine, operational efficiency, and fraud detection.

The report also highlights how big data can create value in healthcare organizations, including improving patient outcomes, enhancing operational efficiency, personalizing care, and identifying new revenue streams. The report uses Porter’s Value Chain Analysis to identify areas where big data can be leveraged to create value, such as optimizing supply chain management, improving clinical operations, optimizing patient discharge planning, and targeting marketing efforts.

Additionally, the report uses Porter’s Five Forces Analysis to analyze how big data is impacting competition in the health industry. The analysis identifies that big data is lowering barriers to entry for new healthcare startups, increasing the bargaining power of suppliers and buyers, creating new opportunities for telemedicine and other digital healthcare services, and enabling healthcare providers to differentiate themselves based on quality of care and patient outcomes.

Overall, This research report reveals how organizations may significantly improve patient outcomes, boost operational effectiveness, and discover new revenue streams by integrating big data in the health sector.

 

Big Data Opportunities in Healthcare

 

Big Data has the possibility for healthcare organizations to discover new information regarding patient care, operational efficacy, and financial performance. Big data applications in healthcare, for instance:

 

Predictive analytics for patient outcomes: Using big data analytics, healthcare organizations can identify patterns and risk factors that lead to better patient outcomes. By analyzing patient data, healthcare providers can identify the most effective treatments and interventions, predict complications, and improve care delivery.

 

Personalized medicine: Big data can be used to create a patient’s specific treatment plan based on their medical history, genetics, and other personal characteristics. By leveraging big data analytics, healthcare organizations can provide targeted treatments that are more effective and have fewer side effects.

 

Operational effectiveness: By using big data analytics, healthcare businesses can improve workflows, identify inefficiencies, and save waste. Healthcare providers can cut costs, for instance, by identifying possibilities to simplify inventory management and decrease waste by analyzing supply chain data.

 

Fraud detection: By using big data analytics, incidences of healthcare fraud and abuse can be found. By examining claims data, healthcare organizations can identify patterns in fraud and put policies in place to prohibit it.

 

Value Creation using Big Data

 

The explanation of value creation in business and how Big Data can help create value in healthcare businesses will be covered. The discussion will include personalized medicine, operational efficiency, and market intelligence as examples. Additionally, case studies/examples of healthcare businesses that have successfully created value using Big Data will be provided.

Improving patient outcomes: By analyzing patient data, healthcare organizations can identify the most effective treatments and interventions, leading to better patient outcomes and improved quality of care.

Enhancing operational efficiency: Big data analytics can help healthcare organizations identify inefficiencies and streamline their operations, leading to cost savings and improved productivity.

Personalizing care: By using big data to create personalized treatment plans, healthcare providers can improve patient satisfaction and outcomes.

Identifying new revenue streams: By leveraging big data analytics, healthcare organizations can identify new opportunities to monetize their data and create new revenue streams.

 

 

Porter’s Value Chain Analysis

 

Porter’s Value Chain Analysis is a framework for analyzing a company’s value chain and identifying opportunities for creating value. In the healthcare industry, Porter’s Value Chain Analysis can be used to identify areas where big data can be leveraged to create value. For example:

Inbound logistics: By leveraging big data analytics to optimize supply chain management, healthcare organizations can reduce costs and improve efficiency.

Operations: Big data can be used to optimize clinical operations, improve patient flow, and reduce wait times.

Outbound logistics: By using big data analytics to optimize patient discharge planning, healthcare organizations can improve patient satisfaction and reduce readmissions.

Marketing and sales: Big data analytics can be used to identify new patient populations and target marketing efforts to specific demographic groups.

 

 

 

 

 

 

 

 

Porter’s Five Forces Analysis

 

An industry’s competitive forces can be analyzed using Porter’s Five Forces Analysis as a framework. Porter’s Five Forces Analysis can be used to determine how big data is affecting competition and opening new opportunities in the healthcare sector. [ CITATION ada17 l 1033 ]

 

For example:

Threat of new entrants: Big data is lowering barriers to entry for new healthcare startups by providing access to large amounts of patient data and analytics tools.

Bargaining power of suppliers: Big data is increasing the bargaining power of suppliers by enabling them to provide more detailed and specialized data to healthcare organizations.

Bargaining power of buyers: Big data is increasing the bargaining power of buyers by enabling them to compare healthcare providers based on quality and cost.

 

Threat of substitutes: Telemedicine and other digital healthcare services are becoming more viable thanks to big data, and they may eventually displace traditional healthcare providers.

 

Intensity of market competition : Big data is giving healthcare providers new ways to distinguish themselves based on the caliber of their services and patient outcomes.

 

 

 

 

 

 

Conclusion

In conclusion, using big data to improve healthcare could have a significant impact on patient care, operational effectiveness, and financial performance. By using big data analytics, healthcare providers can identify patterns and risk factors that lead to better patient outcomes, create personalized treatment plans, optimize their operations, and identify instances of healthcare fraud and abuse. Additionally, leveraging big data can help healthcare organizations create value by improving patient outcomes, enhancing operational efficiency, personalizing care, and identifying new revenue streams. Porter’s Value Chain Analysis and Five Forces Analysis provide frameworks for identifying opportunities for creating value and analyzing the competitive forces shaping the industry. Overall, integrating big data into healthcare businesses can lead to significant improvements in patient care and business performance.

 

 

 

 

 

 

 

 

 

 

 

 

 

PART B: Leveraging the MIMIC-III Database to Improve Critical Care in Healthcare

 

After investigating several open source and actual datasets, I have decided to concentrate on the MIMIC-III (Medical Information Mart for Intensive Care) database. This dataset is especially pertinent to the healthcare sector because it offers thorough clinical data for patients admitted to critical care units at a sizable tertiary care hospital. The data includes, among other things: vital signs, prescriptions, laboratory findings, observations and comments provided by medical experts, procedure codes, diagnostic codes, imaging reports, length of hospital stay, and survival rates.

Because of its distinctive qualities—including its thorough coverage of patients in need of critical care over more than ten years, its accessibility via a data usage agreement, and the fact that it is the only freely available critical care database of its kind—I chose this dataset over others. Furthermore, the availability of both organized and unstructured data opens up a wide range of possibilities for analysis and revelation.

Information on patient characteristics, such as age, gender, and in-hospital mortality, as well as specifics about the number of charted observations and laboratory measurements available for each hospital stay, are all included in the MIMIC-III dataset’s metadata. The data set includes 7,870 newborns and 53,423 unique adult hospital admissions between 2001 and 2012.The MIMIC-III dataset has the potential to create several business opportunities in the healthcare industry. For example, academic and industrial researchers could use the data to develop new insights into critical care treatment and improve patient outcomes. Healthcare providers could also use the data to identify trends in patient care and improve the quality of care provided to critical care patients. Additionally, the dataset could be used for higher education coursework, allowing students to gain practical experience analyzing real-world healthcare data.

Dataset Identification: Numerous open-source datasets are available that can offer helpful insights into patient care and treatment, and the healthcare sector is extremely data-driven. The MIMIC-III database, for example, contains clinical information on patients who were admitted to the Beth Israel Deaconess Medical Centre in Boston, Massachusetts, between 2001 and 2012. This dataset is special since it is the only openly available critical care database of its kind and provides comprehensive data on each patient’s medical treatment.[ CITATION DrM23 l 1033 ]

 

 

 

 

Metadata of the Chosen Dataset:

 

Information regarding 53,423 distinct hospital admissions of adult patients (aged 16 or older) to critical care units and 7870 neonates admitted between 2001 and 2012 may be found in the MIMIC-III database[CITATION Ali161 l 1033 ]. 49,785 hospital admissions and 38,597 different adult patients are included in the data. Adult patients are 65.8 years old on average, and 55.9% of them are male. 39,597 various adult patients and 49,785 hospital admissions are included in the data. 65.8 years is the median age of adult patients, and 55.9% of them are male. The data collection contains information on vital signs, medications, lab results, expert observations and notes, procedure codes, diagnostic codes, imaging reports, duration of stay in the hospital, survival statistics, and more.

Business Opportunities through the Chosen Dataset:

 

By allowing them to recognize trends in patient care, healthcare providers can use the MIMIC-III database to develop new business prospects and improve cost-effectiveness of treatment regimens. Analyzing the data, for instance, can show that a particular drug cocktail is more efficient at treating a particular ailment, allowing healthcare professionals to modify their prescribing habits accordingly.

The dataset can also benefit researchers by providing a rich source of information for studying the effectiveness of different treatments and therapies. Researchers can use the dataset to identify patterns and trends in patient data, which can help them develop new treatments and therapies that are more effective and efficient. Pharmaceutical companies can also leverage the MIMIC-III dataset to develop drugs that are more effective and have fewer side effects. By analyzing the data, they can identify patient subgroups that respond better to certain drugs, allowing them to develop more targeted treatments. Additionally, the dataset can aid in the development of new medical technologies by providing valuable insights into patient care and treatment.

Overall, the MIMIC-III dataset has the potential to create significant business opportunities in the healthcare industry by providing valuable insights into patient care and treatment. The insights gained from analyzing this data can lead to better patient outcomes, reduced costs, and the development of new treatments and technologies. includes vital signs.

In conclusion, the MIMIC-III database is a valuable resource for healthcare providers, researchers, and pharmaceutical companies. With comprehensive clinical data spanning over a decade, this freely accessible critical care database provides unique insights into patient care and treatment. By facilitating the creation of novel medicines and therapies, enhancing patient outcomes, and cutting costs, its accessibility has the potential to completely transform the healthcare sector. Databases like MIMIC-III will be more crucial as digital health record systems proliferate for understanding and enhancing care.[CITATION Med l 1033 ]

 

References

 

 

 

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