What is Driving the Need of Business Intelligence in Pharma Industry

What’s Driving the Need of Business Intelligence in Pharma Industry?

  • 26th Sep, 2017

The pharmaceutical industry now has more data than ever. So, it can be challenging to understand massive amounts of data generated in this industry. There’s data from supply chain, compliance, operations—and the list goes on. But when the data is streamlined and analyzed properly, data can be of strategic importance which can drive operational efficiencies. Just have a look at how Business Intelligence (BI) has improved and streamlined processes and data flows in the pharma business.

Increasing Productivity With Real-Time Analytics
Whether the data is historical, present, or real time, you can generate actionable insights from this data and use it as a strategic asset. In order to drive decision making, data must be accurate and update. With Business Intelligence, decision makers can solve their complex business problems with in depth analytics, customized & detailed reports that can be created using the right tools.

Analyze data across every system
Business Intelligence empowers decision makers to analyze data across every system—operational, financial, and clinical. With direct access and ease to explore data, you can share your business problems, vision, roadmap and drive discussion using data. Further, you are also able to collaborate more easily with your peers and drive faster results by leveraging the collective intelligence from Business Intelligence.

Uncover inefficiencies wherever applicable
Business Intelligence helps to break down the silos of information to give a key understanding of the big picture and smarter buying decisions. Business Intelligence dashboards generate more accurate visuals and offer 360 degree view of your business. By aggregating and visualizing all of the data, you can generate more accurate results, reducing excess and obsolete inventory and perform profitability analysis.  

Ad hoc visual analysis for better revenue cycle management
Spreadsheets usually don’t provide that fact and insight which are generally required in the pharma industry. For a better and faster way to get the reports when needed, there has to be a robust system in place that can quickly automate processes and generate actionable business insights in a matter of seconds.  

The shift from spreadsheets, excel sheets or traditional platforms to advanced Business Intelligence platforms is one that is necessary to truly realize the impact data can have on your pharma business. Modern BI platforms bring together scalability, customization, flexibility, security and governance to empower the entire organization with trusted data to gain insights into your business. For a more detailed insights into Business Intelligence, do get in touch with us.

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