| | December 20198EARNINGS PER BYTE - DATA MONETIZATION By Rajiv Sikka, Head IT, Medanta Hospitalfew years ago, my cousin decided to store the stem cells of his infant son. His response to my curiosity was pe-culiar. He was not exactly aware of the need but thought someday in future it may be helpful for his son's healthcare needs. The expense was worth it. To draw an allegory, data (or big data) is similar. Organizations are also stor-ing data, in the hope, to obtain value in future.Each organization, irrespective of industry verticals, is a data company and has potential for data monetiza-tion. Healthcare is one of the best suited sectors for this because of the volume, variety and velocity of the data it generates. The source of data for a hospital could be pa-tient, supplier, partner, peer and operations. With these combination of sources, there are two possible routes for data monetization1. Internal: Leveraging data for improving per-formance. In healthcare industry, data can be lever-aged for Better Clinical Outcomes, Service Excellence, Operational Efficiencies, Revenue Assurance, Cost Optimization etc.2. External: New revenue streams by selling the data externally to suppliers or partners. For example it would be for clinical trials or aggregators for better rate contracts. It could also be leveraged to barter a device or a product or service enhancement such as reports or industry benchmark metrics. IN MY OPINIONA
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