Get MMIS | MediSpend's perspective on the top trends life science companies should stay on-top of in the fast-moving, digital, business landscape of 2018.
1. Increase Efficiency and Profitability
With a gained understanding of the inevitable changes and digital tools available to handle such change, CIOs and CTOs at life science companies can capitalize on the data extracted as well as time saved and efficiencies produced.
Global healthcare and data privacy regulations, cloud-first technology and artificial intelligence will drive business process change for life sciences companies.
2. Understand the Benefits of Working in the Cloud
Compliance laws will push life science companies to the cloud.
Transparency laws have proliferated across the globe since 2011 and now more than 38 countries have laws requiring payments and transfers of value to healthcare providers and teaching hospitals be reported on an annual basis.
3. Digitizing Business Processes
To increase compliance, manage follow-through and have the entire business run more efficiently, new processes and solutions are necessary to stay ahead of the demands and opportunities of the digital age.
COTs SaaS applications help companies manage workflows, secure data, reduce risk and lower the total cost of ownership (TCO) by replacing manual processes and legacy systems.
4. The Compliance Tech Trend
The first step to ensuring your company is ready to not only meet the demands of global transparency reporting is a review of the company’s enterprise source systems and associated business workflows. The CEB Compliance and Ethics Leadership Council identified the need to streamline compliance processes as a key initiative for IT executives.
New cloud-first technologies are helping to streamline business processes by removing manual workflows so key employees can analyze data and the business at large rather than aggregating data manually.
IT executives should have a seat at the table to help the business and compliance teams take advantage of technology solutions to ensure compliance with regulations while reducing risk for the organization.
5. Cloud First Technology
The trend is towards the cloud. Systems hosted on the cloud are proving to be more secure, showcase improvements in productivity and eases internal accessibility and allegiance.
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