Compliance executives at top life sciences organizations who attended ExL’s 10th Annual Aggregate Spend and Open Payments Conference on June 18th in Philadelphia are learning how to gain a competitive edge and reduce costs as related to transparency reporting. I led an interactive discussion with an energetic group of executives speaking about, “Advanced Technologies and Strategies for Compliance in the Digital World”.
Specifically, an overwhelming majority, 94 percent, of the participants said they want to enhance the efficiency and accuracy of managing HCP engagements and transparency reporting and proactively identify risks. Yet, more than 40 percent said they are using semi-automated processes with decentralized data to complete their compliance strategies.
The Great Challenge
One of the biggest problems, said almost half of participants, is keeping systems up to date with evolving transparency and reporting requirements at home or elsewhere in the world, where they conduct business. With a third of the vote, maintaining global consistency in policies and processes came in second as the toughest challenge. Clearly, those responsible for compliance are looking for solutions to streamline transparency reporting, minimize risk, stay on top of reporting requirements, and drive value from the data collected globally.
I first presented the concept of building an enterprise-wide “data lake or data fabric” that requires all business stakeholders to unite around the benefits and value of a compliance first strategy. The executives in attendance were excited to learn about tech-enabled solutions to help modernize compliance programs and to drive positive business outcomes.
Improve Business Outcomes
Compliance and regulatory functions have an opportunity to better align with business strategy and respond to external opportunities and pressure in a drive toward efficiency and effectiveness. Modern compliance organizations are risk intelligent, efficient, and deliver through business partnership and enablement.
Everyone is interested in big data and being able to translate it, so they can make more thoughtful decisions about the future. The challenge is networking disparate business systems and manual business processes that are currently used to manage end-to-end interactions with HCPs and HCOs. Aggregating and centralizing the volumes of data an organization generates has many positive outcomes and can add value by:
- Helping organizations manage risk through real-time visibility of business operations
- Targeting business behaviors that put the organization at risk
- Providing comparative business insights into the daily operations of the commercial and sales teams
But the data is only useful if it leads to positive business actions in a timely manner. Executives want to use state-of-the-art, tech-enabled solutions to gather data and they want easily accessible reports and analysis to help them understand what’s happening inside their business from a historical and real-time perspective. In addition, they want to predict behavior, be prescriptive, and build methodologies, so when they see potential areas of risk or benefit, they are ready to act.
Finding a Solution
Investing in a tech-enabled SaaS cloud solution can help life sciences organizations drive value and support broader strategic initiatives.
Moving toward modernization of manual business processes, specifically the end-to-end business processes, when interacting with HCPs will give life sciences companies a better opportunity to govern people and data. Organizations must address all the various points in the process, from needs assessment down to managing live engagements with HCPs, with control points and alerts. Everyone in the organization must be on the same page and using the same system with access to real-time data. Having one platform on the cloud allows for the streamlining of processes and maintenance of global consistency.
Integrated, embedded analytics inform business stakeholders. Meaningful dashboards and powerful analytical capabilities lead companies away from the descriptive and diagnostic applications of data toward more valuable analytic, prescriptive, and intelligent interactions with the information assets they create and own. As organizations gather and track compliance data that is stored in one place and available for the global team to see, they can thus influence better business outcomes.