Almost half (46%) of healthcare and life sciences executives cite data and analytics as a critical factor for success over the next three years according to a recent survey conducted by The Economist Intelligence Unit and sponsored by Snowflake. The biggest opportunities they see arising from data-driven insights are developing new products and services (35%) and increasing customer or patient satisfaction (34%).
But they face several challenges in sourcing and sharing data from external parties, such as risking that confidential information might be leaked (54%), the risk that data might be improperly used (43%), and the high cost of sourcing or sharing data (25%).
These are some of the insights from the survey, which included responses from 914 global executives across eight industries, including 116 from the healthcare and life sciences sector. The survey results reveal how this sector’s leaders are adapting their data strategies, engaging with the broader data ecosystem, and converting data insights into growth and performance.
It’s clear that a major priority for the industry is getting data to staff so they can make data-driven decisions at the point of patient need. When asked to cite their top priorities for the next three years, 35% of respondents indicate they want to increase employee capabilities around data, and 22% cite granting staff access to data analytics tools.
Another priority is investing in data technology. 42% of respondents are improving their organization’s data infrastructure, 41% are investing in AI and machine learning tools, and 37% are developing or updating their data strategy. A modern approach to data, using advanced analytics and updated systems, can help deliver better treatments, care, and patient outcomes, and create more efficient operations for healthcare and life sciences companies.
For more details on the survey and its insights, download our healthcare and life sciences survey report, Data Evolution in the Cloud: Healthcare’s Data Urgency. You can also view reports from other industries and global regions on our main survey site, Data’s Evolution in the Cloud.
Join us for our Healthcare and Life Sciences Forum on April 21st to learn how Snowflake is helping payers, providers and life sciences organizations drive the future of healthcare with the Data Cloud.