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elandas blog

How to Turn Data Into One of Your Most Strategic Assets

Ryan Roberts

by Ryan Roberts

As pharma companies continue to pursue even greater patient centricity, being able to share intelligence between business units becomes critical to commercial excellence.  The proprietary and actionable insights many top brands are able to glean by using software platforms to manage knowledge enable them to layer information in new ways, meaning data is quickly being recognized as the killer strategic asset it can become.

While pharma brand teams have always had Excel spreadsheets at their disposal to record information, as well as one-trick pony survey tools, what they have lacked is an intuitive way to capture information and activate it within the same system across multiple internal stakeholder groups. This means lengthy time delays in updating data and getting it into the right hands in actionable formats. It also means that critical information being stuck in organizational silos has all too often become the norm.

According to an Elandas/PharmaForce survey conducted in 2016, information gaps are affecting the bottom line. Sixty-three percent of sales respondents said information gaps are limiting their growth potential, and sixty-one percent of marketers said information gaps are limiting their ability to be responsive. From IHN decision maker insight to doctor-level access information, HCP preferences, influence mapping and competitive insights, sales and marketing teams are struggling to see a full picture of factors that affect their ability to drive growth. 

As Gartner Analysts Michael Shanler and Stephen Davies noted in “Hype Cycle for Life Sciences, 2016” published in July of 2016, "CIOs must make investments that will lead toward a better understanding of the hidden context of data. They need to implement systems and adjust processes to help knowledge workers and functional roles improve their ability to access information. They must be enabled to perform analytics across areas that were previously unconnected or inaccessible."

At Elandas, we agree with these insights from Gartner. We recognize that together the right data provided to the right people at the right time can truly be the secret sauce that gives leading brands the edge they need to be successful.

Pharma marketing and sales teams as well as analysts and management need the power of an intuitive knowledge management system behind them to be able to layer important information sources. Those critical sources of information are both internal and external, and include everything from third party market access, to demographic information, sales, and other data from the field. And they need to be equipped to turn all of that into readily digestible reports that can be integrated with the other data reporting tools they are already using. Essentially, today’s pharma brand teams have to be empowered with technology that enables them to fill the insight gaps that currently exist. They need intuitive tools that let them create comprehensive and proprietary data sets that can’t be bought off the shelf.

The result of this long overdue knowledge systems upgrade means that more in-depth and timely competitive insights that can help pharma leaders make more informed decisions is becoming the new norm. With better qualitative information, strategic direction can be set with greater confidence as decision makers are able to see the whole picture at their fingertips and not just pieces of it.

 

Topics: Industry Trends, Team Alignment, Knowledge Management, Turn Data to Advantage