2016 was the year of Big Data and data-driven businesses and the life sciences sector was no exception. With tight margins, changing regulatory regimes and evolving business models, life sciences organizations are finding they must not only adopt business intelligence (BI) capabilities but ensure they are easy to integrate and be used by a range of end users, from clinicians and sales reps to project line managers and senior management. The result is data-driven decision-making that makes the whole organization more effective.
Gartner, which sees business intelligence and analytics worldwide reaching $16.9 billion in 2016, says the market is in the final stages of a shift from IT-centered reporting to self-service analytics that feature better accessibility, agility, and deeper analytical insight. For life sciences, that means new BI and analytics systems that can now drive better product, service, patient and business outcomes.
Consider Mount Sinai Health System, where an emergency room physician armed with self-service analytics was able to drill down into denial rate data to uncover $100 million in potential revenue leakage, and a nurse practitioner was able to review site-wide patient data to improve satisfaction. Such data-driven capabilities are becoming ever more important, especially as a new wave of Internet-of-Things (IoT) devices enter the life sciences market, increasing the type and amount of data that can potentially be leveraged to analyze and improve business and patient outcomes.
Built right, BI offers life sciences organizations the ability to:
- Make better business and clinical decisions faster. Instead of submitting a request to IT and waiting for it to work its way through the queue, all employees can work with self-service BI tools to uncover new business opportunities, evaluate new strategies and put them into action right away, no waiting.
- Shorten discovery-to-commercialization product cycles. BI provides accurate, real-time data at every stage of product development, enabling companies to better evaluate issues, achieve milestones, optimize resources and deliver products faster.
- Improve physician feedback to manufacturers. No complaint, suggestion or positive review gets lost in the shuffle, as every data point gets collected, normalized and presented, ensuring fully informed decisions are made quickly and efficiently.
- Reduce the time and cost of regulatory compliance. BI enables all data to be collected efficiently and routinely, helping to simplify and reduce the cost of regulatory compliance, even as the regulatory landscape shifts and evolves.
Getting there isn’t easy, however. Life sciences organizations must ensure the BI system they choose is designed from the ground up to serve their unique needs, offering the right mix of user-friendly design, data analysis, performance tuning, and application troubleshooting. They also need a partner with the expertise to help integrate and deploy BI to ensure it has the right capabilities to deliver a competitive edge.
As an expert in state-of-the-art BI solutions, NexTec can help you tailor the right BI solution to ensure you always have the critical decision-making information you need at your fingertips. Contact us to learn more by using the form on the right.