Digitization and the fast-evolving world of technology have drastically transformed every field to provide greater efficiency. It has also greatly influenced the pharmaceutical and healthcare industries by helping them increase productivity and streamline processes.
Over the years, pharmaceutical businesses have relied on traditional ways of managing their pharma sales operations. Earlier, pharma companies used to send their representatives to visit doctors. This resulted in inaccurate insights and exhausted the resources of the companies Broad-scale production was not possible with the traditional sales promotion ways in place. As a result, the ROI generated was relatively lower.
Data Analytics is another evolution in this trend that empowers organizations to look beyond the pill and create new business value. With numerous opportunities hosted by digital transformation, big data and analytics, artificial intelligence, predictive models, and machine learning, the pharmaceutical industry is undergoing a significant shift.
Jay Baer quoted, “We are surrounded by data, but starved for insights.” and industry players know first-hand that analytics is the combustion engine to hit the road.
During the global crisis caused by COVID-19, the pharmaceutical industry faced its biggest crunch in terms of demand forecasting, pharma sales analysis, and improved customer service levels. Today’s environment makes data a necessity. Through their everyday operations, pharmaceutical companies inhabit a world of rich data, and so are the reports. However, they under-optimize most of the valuable information.
Post-COVID-19, pharma companies demand Power BI to capitalize on opportunities and deliver mission-critical business insights to executives seamlessly. The companies demand an agile business intelligence architecture that can transform their hidden data into rich visuals and appealing power BI-driven Pharma dashboards.
Advanced analytics platforms and software like Power BI in pharma industry allow organizations to harness the information at hand and remain compliant at all costs. Throughout this blog, we will discuss key functions within a pharmaceutical industry empowered by Power BI and pharma analytics and how you can maintain top-notch operational efficiency.
What is Power BI?
Power BI is a data analytics platform that accumulates and aggregates data from diverse sources across your entire organization to visualize it & convert them into understandable reports, streamline analytics onto a comprehensive dashboard, shorten your route to effective implementation of changes, and enhance visibility to other teams in your organization.
In recent years, Business Intelligence (BI) platforms, like Power BI, have significantly influenced multiple pharma companies given the way it positively impacts & serves customers. Rich pharma analytics can have a profound influence on your business by providing each department with holistic insights and the way forward.
Key Pharma Functions Empowered by Power BI & Pharma Data Analytics
1. Marketing Operations: According to a recent study conducted by IBM, 90% of the data has been accumulated since 2016. Internet users, devices, and businesses - all generate a wealth of data. With massive datasets available, marketing becomes one of the significant success triggers for any organization and thus, many pharma companies are investing in their marketing operations.
However, without pharma business intelligence, marketing professionals wouldn't be able to have a clear understanding of how campaigns were performing and how to move forward effectively.
With the help of business intelligence data and power BI pharma, you can target customers using different marketing channels and marketing campaigns, provide personalized care to your patients, maintain a balance between doctors and patients and provide multi-channel engagement, enabling better sales practices that lead to increased revenue.
Business intelligence enables the organization to analyze and discover brands that may provide them with the maximum profit by optimizing essential KPIs like campaign analysis, market share analysis, and customer segmentation.
At the same time, businesses may assess customer behavior, track the success of marketing initiatives, and calculate profitability using customer demographics and other crucial factors. Using pharma analytics and business intelligence can help you improve exponentially by improving operational efficiency.
2. Sales and Operational Efficiency:
Sales operations is one of the most reliable sources of data in the pharmaceutical sector. The latest study conducted in 2017 reveals that almost $4 billion was invested in the healthcare and pharmaceutical sector. These investments are expected to increase at a CAGR of more than 15% in the subsequent three years because of the significant business prospects for healthcare providers, governmental organizations, and pharmaceutical businesses.
Companies now can use BI to stay competitive and relevant while gaining insights into market trends via pharma data analytics reports.
The company's sales figures is monitored by management and the board of directors, who need reliable statistics to make informed business decisions. Power BI in pharma industry is used by business decision-makers to spot niche and underserved markets, identify and prioritize high-potential physicians, seize real-time opportunities in the pharmaceutical value chain, optimize field force allocation, and keep track of key performance metrics.
This can enhance operational procedures, maximize profitability, and save R&D expenses with the use of cutting-edge data visualizations from integrated pharma data systems like Power BI.
3. Financial Analysis and Operations: The pharmaceutical industry generates enormous amounts of data on a daily basis, but this data hasn't been appropriately used to streamline operations and cut costs until lately.
It is imperative for pharma businesses to effectively control costs and develop a strategic budget by analyzing data and putting a strategy based on that data into practice. Business intelligence makes it easier for firms to analyze, predict, and create essential financial reports for their operations. Additionally, this also assists you in determining where to make investments in the business and how to change your firm.
Unable to decide what kind of pharma analytics or Power BI tools you need? Let us help you solve your personalized business requirements.
4. Clinical Trials: There is intense pressure for pharma companies to accelerate their products to market in real-time and at affordable costs.
But given the overall expense and time involved in a properly executed clinical drug trial, this often looks like a challenging task. Therefore, it is crucial to analyze and manage the clinical data process effectively.
BI has special analytical capabilities that let you track a data set from beginning to end, identify the best procedures, and improve resource allocation. Additionally, pharma analytics, BI, and the capacity to compile data from diverse sources assist firms in analyzing patterns and uncertainty.
Consequently, it is proven to be a beneficial tool for assessing risks during the phases of product design, testing, and deployment. There are several things to consider while discussing the clinical trial management system.
Developing a drug involves a number of phases that take time, money, and effort—but most importantly, it's a tedious process. Overall, this means that pharmaceutical companies must prioritize their drug development process so that it may be carried out successfully with the help of modern analytics, which allows them to keep track of every action during the entire stage.
Pharma businesses must embrace the digital revolution and quicken the adoption of technology that provides accurate real-time data capture and analysis and become patient-centric organizations.
5. Regulatory Compliance:
The two sectors with the most compliance requirements are the pharmaceutical and healthcare industries.
Companies in these sectors are subject to a number of compliance requirements from regulatory agencies like the US Food and Drug Administration (USFDA), FDA, and European Medicines Agency (EMA), in addition to any local laws that must be followed.
But leading power BI pharmaceutical firms are using big data and data analytics to spot hazards and make sure that they consistently adhere to regulatory requirements.
The simplest and most efficient method to manage industry compliance standards, which in turn helps maximize profits and give a more personalized patient experience across the board, is through the right use of integrated pharma data analytics and specialist platforms like Power BI.
6. Human Resources:
Big data analytics has revolutionized the way how CEOs and employees perform their jobs. From the CEO monitoring the firm's overall performance to the CMO understanding customer behavior to the CFO using cutting-edge analytics to better understand the financial health of the company.
With predictive analytics for hiring, the Chief of Human Resources is now not far behind. Since people are the key resource in the information technology and services sector, they are also optimizing data analytics to understand their employees in order to spot the right talent and recruit, develop, and retain the best candidates.
HR Analytics plays an important role in defining where and how to invest and how to monitor results effectively. You can profit significantly from using Pharma Analytics produced by Power BI solutions, including:
7. Supply Chain and Logistics:
The supply chain generates the most extensive and rich pharma data in all the areas of your business, excluding sales operations. However, many companies are not optimizing this valuable information.
The fact is that pharma data analytics and Power BI pharma dashboards can help healthcare organizations in raising the efficiency and productivity of their supply chain and logistical procedures.
Understanding where, when, how, and why of your supply chain and aligning it with big data can help you optimize demand forecasting technologies, improve labor productivity in the shipping department, streamline risk prevention measures, etc.
By effectively using DAaaS, you can achieve the following:
Big data assists in understanding how we work and how departments may collaborate to achieve company goals in today's competitive business environment. In the pharmaceutical sector, effective use of power BI & pharma analytics data may boost output, cut costs, boost patient engagement, and so much more.
Do you want to know how modern pharma data analytics can strengthen your business and assist you in achieving your business goals? To book a free consultation on the Power BI and Microsoft Azure Analytics platforms, get in touch with our BI Experts at Polestar Solutions.