Catch up on the latest life science and data analytics headlines with our weekly picks of news, articles and reports.
Management of customer and product data is key for pharma companies’ commercial effectiveness. Optimal information management strategies benefit critical aspects of the company’s business processes – sales performance and development of incentive compensation models, among others. Insight from data has become crucial for informing pharma business decisions – such as how to approach providers with new therapies that will drive positive patient outcomes. To have competitive edge, life sciences organizations need to partner with vendors who offer modern technology systems, which are interoperable with a variety of computing platforms, cloud-based, following industry standards for information maintenance and security. Forward looking companies which want to harness the power of big data should look for a cloud-based, single integrated data management platform which corresponds to their business needs.
Gil Press summarizes the results of a new survey by Teradata and McKinsey of 316 CEOs from larger enterprises which looks into the state of big data analytics utilization. Key highlights include:
- Big data analytics is top investment priority for organizations
- The right organizational culture is the key to successful big data analytics implementation
- Big data is top of mind for companies where the leadership views it as the single most important way to gain competitive advantage
- Getting data to drive action and strategy is still a challenge for almost half of the executives
- Big data is driving opportunities for innovation in three key areas: creating new business models, discovering new product offers, and monetizing data to external companies
- Companies are still struggling to lure the right data scientist talent
Cloud Marketing: Cloud Control, by Medical marketing and Media
Cloud-based solutions for pharma companies hold the promise to unlock the potential of data, support real-time decisions, global scale, more targeted marketing, etc. Although cloud solutions are so compelling, many pharma organizations fail to utilize its potential due to security and compliance concerns, and marketing operating in silos. The real breakthrough will happen when the gap between marketing and technology is bridged and companies adopt a solution which enables free information flow through the entire organization.
4 Ways Big Data Will Change Every Business, by Forbes
Bernard Marr argues that big data will affect every business, from small to big, and will change the way business is being done in several important ways. Data will become an asset for every business and will be used to inform decisions on how to improve processes. Also, big data will enable companies to collect better market and customer intelligence, which raises a lot of data security questions. Third, as data is breaking through the IT silo and finds its place in all departments of the company, it has the potential to improve business efficiency by tracking machine and people’s performance. Last, but not least, data will allow organizations to improve products and enhance customer experience.
Data Visualizations: 11 Ways To Bring Analytics To Life, by Information Week
User demand is driving the evolution of data visualizations today where tools become more sophisticated and enable business organizations to understand and analyze data in interactive fashion. Lisa Morgan looks into different ways data visualizations can help people make sense of large data. The myriad of software choices with impressive user experience does not substitute the human involvement needed to utilize the potential of data visualizations – being clear with what questions need to be answered and working in context are the first key steps for drawing insightful conclusions.