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Your cognitive future: How next-gen computing changes the way we live and work

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The healthcare industry is undergoing significant change driven by six disruptive forces - rapid digitization, changing consumer expectations, regulatory complexities, increasing healthcare demand, shortage of skilled resources and elevating healthcare costs. To meet the implication of these forces, healthcare organizations must excel in engaging with consumers, discovering new ideas and taking effective decisions

Currently, traditional analytics capabilities are unable to exploit maximum value from the ever increasing data resource constraining organization’s achievements and performance. But cognitive computing has the ability to bridge this gap and can open up fresh opportunities for the healthcare industry. It is already helping healthcare organizations to provide personalized care, effective decisions and more innovative solutions.

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Your cognitive future: How next-gen computing changes the way we live and work

  1. 1. ©2015 IBM Corporation1 A booster shot for health and wellness Your cognitive future in the healthcare industry
  2. 2. ©2015 IBM Corporation2 Six disruptive forces are forcing healthcare industry to focus on three key areas Rapid digitization Increasing digitization is creating new modes of interaction, which increases unstructured data from disparate sources Patients are expecting personalized treatment, transparency, quality of service, cheapest cost and integration Rising regulatory complexity Rapidly changing regulatory environment is forcing healthcare providers to reinvent their business models Increasing cost and demand Increasing pressure on the system due to growing world population, more lifestyle and chronic diseases and new type of epidemics Shortage of skilled resources High levels of retirement, attrition from work pressure and new requirements is creating a chronic shortage of resources with the right skills Provide better collaboration between patients, providers and payers to deliver effective care Engage DecideDiscover Provide ability to digest vast amounts of data to identify new avenues and implement new ideas Provide personalized, contextual, evidence-backed recommendations at the point of care Increasing cost pressure Increasing cost of treatments as a result of specialty and preventive drugs, new technologies, etc. Changing expectations Source: IBM Institute for Business Value Analysis 2015
  3. 3. ©2015 IBM Corporation3 Consumers are demanding more personalized care but healthcare executives are challenged on how to deliver this Engage Industry need Achievement gap 54% 54% 62% Self Service Issue resolution with speed Personalized care  How can healthcare organizations provide better personalized care to its consumers? The key question 64% of the healthcare CXOs believe personalized care is an important consumer expectation today1 Percentage of healthcare execs that do not believe their organizations are competent in delivering customer service2 Source: See speaker notes
  4. 4. ©2015 IBM Corporation4 The healthcare industry is actively pursuing innovation but is challenged by insufficient skills and tools as well as complacency of the healthcare CXOs are actively pursuing product and service innovation1 Discover Industry need Achievement gap 49% 49% 56% 56% Insufficient skills Organizational complacency Lack of business case Lack of analytical tools  How can healthcare organizations free themselves from constraints of traditional capabilities and foster innovation? 66% The key question Percentage of healthcare CXOs on what are the barriers to implement disruptive innovation2 Source: See speaker notes
  5. 5. ©2015 IBM Corporation5 Effective decision making is important but healthcare executives lack confidence in making strategic and cost reduction decisions in USA is preventable medical error in 20131 #3 Killer Decide Industry need Achievement gap ⅔ 53%  How can healthcare organizations build capability of efficient decision at right time? The key question of the healthcare executives are not confident in taking cost reduction decisions2 of the healthcare CXOs are not confident in taking spending decisions and strategic business decisions2 Source: See speaker notes
  6. 6. ©2015 IBM Corporation6 One way of answering these questions is through cognitive computing which… Engage DecideDiscover Source: IBM Institute for Business Value Analysis 2015  Acts as a tireless agent providing expert assistance to human users  Carries a conversation naturally, e.g. in human language  Understands consumers from past history and enriches interactions with context- and evidence- based reasoning  Helps people discover insights far above human levels  Finds insights and connections, understands the vast amounts of information available  Visualizes possibilities and validates theories like experts  Offers evidence-based recommendations  Evolves continually towards more accuracy based on new information, outcomes, and actions  Provides traceability to audit why a particular decision is made
  7. 7. ©2015 IBM Corporation7 Healthcare executives believe cognitive computing will play a disruptive role in the industry and plan to invest in this capability soon … of healthcare executives familiar with cognitive computing believe it will have a critical impact on the future of their business1 … of healthcare executives familiar with cognitive computing believe it will play a disruptive role in the healthcare industry1 95% of healthcare leaders, who are familiar with cognitive computing intend to invest in cognitive computing in future with the majority doing so in the next 4 years2 81% Source: See speaker notes 84% 1-2 yrs 3-4 yrs >=5 yrs 21% 46% 28%
  8. 8. ©2015 IBM Corporation8 To learn how your organization can use cognitive computing to open up opportunities in the healthcare ecosystem, please contact: Heather Fraser Global Life Sciences and Healthcare Lead IBM Institute for Business Value hfraser@uk.ibm.com David Zaharchuk Research Lead, IBM Institute for Business Value david.zaharchuk@us.ibm.com Sandipan Sarkar Cognitive Computing Leader, IBM Institute for Business Value sandipan.sarkar@in.ibm.com Visit our website to read full report on this topic: http://ibm.biz/cognitivehealth Contact study authors

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