A new report from the American Council for Technology and Industry Advisory Council estimates the federal government could cut $220 billion annually from the deficit through data analytics and private industry best practices, Federal Times reports.
The ACT-IAC’s institute for innovation said $70 billion of that figure could come through creative use of big data analytics in healthcare.
Nicole Johnson writes the McKinsey Global Institute estimates that the nation’s healthcare sector could save $300 billion total per year through big data.
The institute estimates $50 billion could be cut by using new information technology tools to share, access and analyze data on improper payments and uncollected taxes.
The largest share of savings, worth $100 billion, would come through investing in technology through use of industry best practices on productivity and spending.
Over 10 years, the institute estimates the government can save $970 billion through adopting best practices.