Part I – In order to comply within the heavily regulated life sciences industry companies must aggregate and track interactions with and payments made to HCPs and HCOs. These laws will force a data transformation (DX) of business processes for life sciences companies.
Part II – We discuss the benefits of moving data and business processes to the cloud and the data analytics transformation that will take place in the next few years.
Building a data lake
Data generated from the life sciences enterprise includes data from R&D (clinical trials research), business operations (sales, marketing and operations) as well as legal and compliance (monitoring HCP engagement with employees and 3rd parties). Once a company completes its data transformation, by default, it will have access to data collected from the enterprise. Typically, enterprise data is stored in a secure data lake or fabric in the cloud. Commercially available data analytics tools now bring this data into view for all business stakeholders.
Drill into the well of data – making data analytics operational
According to EY, life sciences companies are adopting private, hybrid and public clouds that use open architecture to manage their big data. This system works particularly well not only for clinical data, but for all enterprise data. Accessing enterprise data in a cloud-based platform enables companies to monitor business behavior on a daily basis. Keeping tabs on how employees across departments are managing interactions with healthcare providers is key and critical to complying with state, federal and global laws.
Besides allowing companies to more easily comply with an ever-increasing number of regulations, analytics dashboards can provide alerts and warnings when thresholds are approached. Managing employee business behavior to ensure company codes of conduct are followed are key performance and success factors. As LOB managers and executives are proactively alerted to bad behavior managers can address and correct issues avoiding violations and hefty fines. This is not to mention the damage a violation could cause to a business' reputation.
Oil rich data
In the next few years as life sciences companies move business and compliance operations to the cloud access to information will be available in close to real-time. Visualization of data with charts and graphs on smart phones and tablets will become commonplace. Excel workbooks will become dinosaurs and rich data analysis will become common for all business stakeholders. Companies will weed out bad actors quickly, reward employees for best practices, and proactively gain a competitive edge.
Life sciences companies will embrace SaaS cloud solutions which will enable close to real-time monitoring and analysis of the vast amounts of data collected througout the enterprise. Increased business process efficiency allows life sciences companies to focus on their goal of creating and devloping life-saving medications and medical devices to ultimately enhance patient care. The access to business process data helps executives and LOB managers make more well-informed decisions. The data transformation has begun. At their core, life sciences companies are innovative and are begining to embrace new SaaS cloud technology solutions to streamline business processes and remove the complexities of compliance while gaining a competitive edge.