The root of the problem seems to be that information capture, management and discovery projects in the industry have evolved according to specific individual requirements; they have not be aligned with a broader vision for business transformation. But the hope is that this will change in 2016, because of intensifying competitive pressures, the need for new business models, and the requirement to be much more transparent with customers and regulating bodies.
Raising the bar
That’s not to say that the life sciences industry hasn’t taken advantage of business intelligence (BI) and analytics technology; rather that companies largely have restricted its application. But if business decision-makers or regulatory affairs teams have to wait for a manually-prepared period-end report to pinpoint the insight they are looking for, they are likely to lose market advantage. What they need now, then, is a more responsive and business-wide analytics capability that is able to capitalise on the latest, complete picture of the business, its operations and its products. One that can support any number of different types of query from across and beyond the organisation.
Pharma organisations typically sit on a wealth of existing data, which is a great advantage. Operating in a highly regulated market means that these companies have had little choice but to capture and keep data at a rich level of detail right across their product portfolios and supply chains. The catch is that much of this isn’t yet stored in a structured – i.e. easily searchable or manageable - way.
Breaking down boundaries
The key to progress, and to enabling on-demand analytics, is a consistent, continuous information management strategy that transcends department, location and data type. One that pulls together all the data threads so that they can be reliably – and efficiently - cross-analysed. Leading pharma brands have already embarked on associated transformation programmes, so the pressure is on. Where companies have not yet initiated plans for integrating and managing their ever-expanding volumes of data, the first practical step must be to develop a roadmap for change – one that allows the business to combine, mine and deliver insights to wherever they are needed, both now and in the future.
Our belief is that 2016 will be the year that many companies take positive action, if only because competitively and in regulatory terms they can’t afford not to.
About the author
Elvis Paćelat is VP Compliance Solutions at Amplexor Life Sciences.