Cloud computing has been established as the new paradigm in data management across many domains and is still projected to grow at a rapid rate. For example, according to a recent study, while over 83% of healthcare providers are already using cloud technology, spending in this segment is expected to grow from $3.73 billion in 2016 to over $9 billion in 2020.
Even though infrastructure-as-a-service has been widely adopted in the healthcare and insurance industries, there is still fertile ground in improving the configuration and management of these systems. In the healthcare insurance industry, specifically, there is still untapped potential in utilizing cloud technology to streamline business performance, maintain competitive advantage, and unlock revenue-yielding improvements.
A cloud-based infrastructure provides many benefits to the data management intrinsic in the insurance industry. As we move into the Internet of Things era, the amount of relevant data collected by insurers is increasing dramatically. There is already a value in outsourcing the design and management of data structures to services such as Amazon Web Services or Microsoft Azure. Instead of leveraging an expensive team of in-house experts, the burden of managing robust data requirements can be outsourced to professional data management services. This has shown to be more cost-effective than operating in-house data centers.
An investment in cloud-based data management, then, can have significant ROI for a healthcare insurance company in a competitive marketplace. Cloud services offer flexibility in managing data requirements that are as-of-yet unparalleled. Since monthly costs are based on storage needs and data usage, high-data industries such as insurance can avoid the pitfalls of building out too large of a data center or clashing with the reality of limited storage and accessibility. This agility in managing the cost of data can have a profound impact on the company’s bottom line.
Additionally, better-managed data is more accessible for analysis and insight. In healthcare insurance, there are vast swaths of data that have obvious implications for strategy and management. Currently, the data analysis and business intelligence tools are challenging to keep up with complex and rapidly growing data sets. Cloud-based data services can not only make data storage cheaper, but they can also make data more insightful and actionable. The inherent changes in a cloud-service database will enable insurance companies to more effectively adapt, and analyze new data.
This agility is also felt in the insurance industry, specifically, because of the rapidly changing laws and regulations inherent to the industry. Through a cloud service, being able to adapt data to the new business rules and applications is cheaper and faster than it has ever been before.
The faster the developments in cloud infrastructure come to light, the more important it becomes for competitive and data-driven industries to capitalize on these technologies. The amount spent on cloud services by the healthcare and insurance companies is poised to increase significantly. However, this is not an expensive burden, but a service that these companies are eager to incorporate into their business strategies.
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