In an industry climate of stringent regulatory scrutiny and intense competition among market players, business intelligence for marketing, properly used, will provide ample opportunities for growth and success to the company that is most aware of market conditions and potential for profits. It is undisputed that the information and data of the enterprise is the heart of all life sciences business.
From research and development analytics to market performance, and on back through manufacturing and fulfillment, a wider and deeper view of the entirety of the operations and the relation to each component step will permit decision processes that are more thoroughly grounded in real-world strategic objectives.
Business intelligence (BI) is more than an IT project to sift big data through levels of processing in the data-rich biotech industry, it is the platform that lets all levels of the enterprise obtain awareness and gain insight for all company mission functions, from regulatory compliance to clinical success and market acceptance that is necessary to flourish.
The information resources that are subject to analytical processes in the pharmaceutical business come from diverse sources, in many forms, and arrive at different points in the enterprise. From this almost overwhelming volume of big data, made up of everything generated internally and all relevant and necessary material from other sources, all strategic decisions and standard operations will necessarily flow.
With applied BI awareness biotech industry operators can:
- Increase clarity into the needs of medical practices
- Manifest market trends
- Assure regulatory compliance
- Speed product development with greater accuracy
- Reduce supply chain costs and holding demands
- Mitigate pharmaceutical risks and legal costs
- Improve time-to-market and clinical developmental processes
When an enterprise achieves targeted milestones with recognized ability to wield data across geographies and settings, it is able then to eliminate or reduce the need for extensive IT projects for gathering data, and focus on applying knowledge to power.
Enlightened details of relations with customers and key partners, streamlined operational systems, improved clinical methodologies and more will benefit from quicker and better decision processes throughout the corporate structure of the business in the life sciences field.
While most biotech companies have access to a similar mass set of data from various sources, those enterprises that exploit the powerful analytics with successful BI strategies are the leaders with market dominance based on an acuity of perception that allows precise decision-making.
A transition to best practices requires faster and more frequently updated information to provide the company with access to information such as closed-loop marketing and consumer data. With a robust BI platform speeding analysis of data from all available sources, internal and third-party, the solutions are easily shared across levels of the organization and diverse geographies.
The result of improved business intelligence for pharmaceutical companies is more effective research, more compliant and safe manufacturing processes, better information for purposes ranging from marketing to packaging, and better interface among diverse sub-sets within the organization ranging from clinical to financial, marketing to distribution, all able to function more effectively in the whole unit.
In a tightly competitive and highly regulated field such as biotech, the difference between an enterprise that makes best use of BI and one that floats in an undifferentiated sea of data is the difference between rising and falling in the market.