In today’s digital age, businesses are faced with constant change and the need to be able to quickly adapt. Fortunately, there are tools and technologies available that can help businesses not only embrace change but thrive while doing so. It may not sound so surprising, then, that businesses are expected to increase their Information Technology (IT) budgets and invest in tools that will help their teams and company succeed.
Among the tools available are artificial intelligence (AI) and data analytics solutions, which can help businesses generate actionable insights from their data and predict future business needs.
Here’s a closer look at why companies are increasing their spending on IT solutions and how your organization can benefit from AI and predictive analytics.
What’s happening: IT budgets are expected to increase
IT budgets across the world are expected to grow at the fastest rate in more than 10 years, reaching an average growth of 3.6% in 2022, according to a survey by Gartner, Inc. The research and advisory company recently released its annual global survey of more than 2,000 Chief Information Officers (CIOs) and technology executives: The 2022 CIO and Technology Executive Survey.
The survey also found that to thrive in 2022 and beyond, businesses must embrace business composability – the combination of operating capabilities, mindset, and technologies that enable companies to innovate and quickly adapt to changing business needs.[i] With bigger budgets, businesses plan to invest in a variety of tools that can help them achieve composability.
Why it’s happening: Companies want to be more flexible and adaptive
Businesses today are no strangers to volatility and must be willing to take on new business challenges and opportunities. To do this, it’s helpful to be flexible, adaptive, and have the right resources available. Gartner breaks composability down into three segments: composable thinking, composable business architecture, and composable technology. In order to succeed despite volatility, businesses must view change as an opportunity rather than just a risk, be built for constant change and uncertainty, and have composability built into their technology stack. A composability mindset, combined with the right structure and innovative technology, empowers teams to adapt to changing needs in their departments and across the business.
What they’re spending on: Tools for business intelligence and data analytics
Technology that helps your organization be flexible will be well worth the investment. Of the survey respondents, 66% said they plan to increase investments in cyber and information security, 51% said they plan to increase investments in business intelligence and data analytics, and 48% said they plan to increase investments in cloud platforms. Additionally, a majority of high-composability enterprises plan on deploying or have already deployed AI and distributed cloud technologies.
In another survey, The 2021 Gartner Second Annual Emerging Technology Product Leaders Survey, one-third of technology and service provider organizations that already have AI plans in place said they would invest $1 million or more into these technologies in the next two years. When it comes to understanding and adapting to changing business needs, data analytics and AI are crucial.
How your business can benefit from AI and predictive analytics
AI, data analytics, and predictive analytics give you greater insight into your business, helping you make informed decisions and better solve problems. Data analytics allows you to find patterns and trends in your data to draw valuable conclusions. Predictive analytics takes it a step further by using AI and machine learning to show what is likely to happen in the future based on your data. These actionable insights allow you to forecast future challenges and business needs, which can help you more accurately plan spending and resource allocation, prepare for increased demand for your products or services, and adapt to changing consumer needs.
For healthcare providers specifically, AI and predictive analytics can allow you to predict disease onset, volume surges, increased demand for care, and more. Healthcare payers can benefit from predicting high-cost members and groups, improved payment integrity strategies, and more.
Why you should add Lumiata to your list
Are you considering increasing your IT budget? If you’re looking for innovative products that will help your healthcare organization be more flexible and adaptive, try Lumiata. We provide applications and data science tools that were custom-built for the healthcare industry, and our risk and cost predictions consistently outperform legacy methods. Our vision is to democratize AI in healthcare to reduce costs and improve the quality of care.
Our products encourage a flexible and collaborative partnership between providers, payers, and digital healthcare companies. Our Lightning AI Model Builder allows you to build high-performing data models using thousands of machine learning features. Our Spectrum AI Model Catalog allows you to use ready-made healthcare ML models – we have more than 100 pre-trained models that can be used as-is or customized based on your specific needs.
Healthcare providers can use our products to run clinical models, including our popular chronic condition management model, disease onset model, and hospitalization model. Our disease onset model enables providers to predict the onset of acute and chronic diseases within the next 12 months. With this insight, providers can intervene sooner, improve the quality of care, and achieve better outcomes for their patients. Providers can also use the hospitalization model to predict volume surges and prepare for an increase in the demand for care.
Payers can use our financial models, which include a high-cost member or patient model, group cost model, and stop-loss model. When payers can predict high-cost members or groups, they can improve their actuarial and underwriting strategy by more accurately assessing costs and risks, setting optimal pricing, and increasing competitiveness. Our solutions also help payers automate the claims review process and improve their payment integrity strategy.
Lumiata works by unifying your data into a single data set. We then prepare your data for machine learning by validating, normalizing, and cleansing it, then enriching it with our Lumiata Disease Codes plus data drawn from clinical IP, healthcare data, and medical knowledge. Once prepared, your data is ready to use in our AI data models.