This document discusses the promise and challenges of data analytics in healthcare and biomedical research. It notes that we are at a point of deception, where digitization is disrupting traditional models through increased data volume, velocity and variety. The document outlines NIH's Big Data to Knowledge initiative to accelerate biomedical discovery through open data sharing and improved analytics. Precision medicine is highlighted as one area that could see major breakthroughs through these approaches. Challenges around data standards, privacy, workforce needs and demonstrating value are also discussed.