The market for Big Data is expected to grow to $118.52 billion by 2022 as more and more companies begin to realize the business benefits of Big Data. For medical device manufacturers, Big Data and data analytics can enable them to deliver better customer service by giving them greater insights on asset performance. However, investing in a data analytics solution requires careful study and assessment. Here are four things that medical device manufacturers should consider before investing in a data analytics solution:
1: What are the objectives?
It is important to start with the why, as in, “Why do you want to invest in an analytics solution?” and more importantly, “what type of questions do you want answered now and in the foreseeable future”. Many companies make the mistake of investing in data analytics solution without thinking through all the use cases, which can make the solution they are investing in catering to only minimal use cases.
For medical device manufacturers who are thinking of investing in an analytics solution, it is important to first determine what they want to discover, such as usage information, medical device performance, anomalies, patterns, inefficiencies, and even user behavior and where the data for the above will come from. Knowing what to identify and isolate can help manufacturers choose the right analytics solution.
2: What types of data does the company have?
While some types of analytics can be done using structured data coming from the sensors in the medical devices, the depth of analytics is limited. Bulk of the data about the device’s functioning and usage behavior is in the log data generated by these devices. Log data is a lot more complex to mine, but can provide insights that are not available in traditional monitoring software that are part of these devices.
Besides sensor data and log data, device manufacturers will also have other types of data in CRM/Inventory databases, Bug databases etc. that they would like to combine for holistic analytics.
3: How much will the solution cost?
The price of data analytics solutions varies significantly depending on the features they offer. For instance, some data analytics solutions offer data warehousing, visualization, and machine learning in addition to traditional data mining, data discovery, and data cleansing features. Medical device manufacturers should determine what features they actually need and whether they are willing to spend for those features.
Some analytics solutions also come with significant implementation and customization costs, which can often cost more than the software itself. Medical device manufacturers should consider these before investing in an analytics solution.
4: Does the company have qualified personnel to manage and analyze the data?
In order to fully utilize an analytics solution, organizations need to have a designated data scientist or analyst in charge of managing the data and navigating the solution. It is also important to establish a support team that can quickly respond to the insights generated by the analytics solution. When an analytics solution detects a possible anomaly, for example, the support team needs to be ready to undertake preventive measures to deal with the issue even before it becomes a problem.
A Powerful Analytics Solution for Medical Device Companies
Glassbeam has been helping top medical device manufacturers utilize their machine data to optimize high-value assets, manage their inventories across product life cycles, enhance product development with highly targeted intelligence, and improve their customer service. With its Big Data Platform and Machine Log Analytics, Glassbeam enables medical device manufacturers to ingest, parse, and analyze complex machine data logs of usage and performance. This empowers them to analyze the condition of their high-value medical equipment in real-time, perform predictive maintenance, and provide real-time support to their customers.
With rapid, streamlined data transformation capabilities, Glassbeam helps medical device manufacturers harness insights from machine log data. Click here to learn more about Glassbeam’s solution for healthcare providers and medical device manufacturers.