4 Reasons to Move Your Analytics Beyond BI Dashboards
Life science company success hinges on data. Business leaders may need data on drugs in clinical trials or regulatory changes this week. Patient access teams may be looking for information about government and third-party payers. A sales rep wants to go into a meeting confidently by first analyzing IQVIA data to understand a prospect’s history and priorities. In most organizations, however, data analytics hasn’t been able to keep up with the speed of business. Fortunately, life sciences organizations have the option to complement their current platform with augmented consumer technology that delivers insights the instant a user needs them.
How Augmented Consumer is Helping Regular Business Users, Not Just Analysts
In the webinar, The Rise of the Augmented Consumer in Life Sciences: Shaping the Analytics and Business Intelligence Strategy, Rohit Vashisht, CEO of WhizAI, explains, “Augmented consumer tech changes the unit of work from a dashboard to a question.” An AI-driven analytics platform analyzes billions of data points and delivers the answer a user needs in a sub-second. It’s unnecessary to find time on the data team’s schedule to build a dashboard or run a report -- insights are automated.
During the webinar, Vashisht, along with Jérôme Chabrillat, Associate Principal of ZS Associates, listed four signs that a life sciences company is ready for augmented consumer platforms:
- Employees are overwhelmed with data.
Even though life sciences enterprises have invested millions in data acquisition, their employees often don’t make data-based decisions in their day-to-day workflows. Chabrillat points out, “So much data has been counterproductive. There’s too much data, and employees don’t know where to look.”
Chabrillat says turning employees into augmented life sciences data consumers can significantly impact productivity. Employees don’t lose time going through spreadsheets. Instead, technology does the work. For example, a sales rep can ask, “Who should I call today?” and the augmented consumer platform trained for life sciences delivers the answer relevant to that sales rep’s market or territory.
He adds that it can also help life sciences companies compete for top talent in the “The Great Resignation” era when more employees are moving on to new opportunities. Augmented consumer platforms can position your business more strategically by helping your employees become more successful, resulting in higher job satisfaction.
- Your data analytics processes are complex and time-consuming.
Companies have relied on BI dashboards for life science intelligence for over a decade. When team members need answers, they request a report from the data team. Then, end-users search through spreadsheets for the insights they need. Furthermore, if the data team must create a new dashboard, it can add weeks to the process. This delay from data acquisition to insights can lead to missed opportunities and limited competitiveness.
“Insight delayed is insight denied.” - Manesh Jayagopal Naidu, CMO Althera Inc. Watch the full webinar replay to learn more.
An augmented consumer platform provides decision analytics immediately, resulting in greater agility. Teams have timely information, allowing them to adjust to market conditions, competitor activity, and other factors to make the best decisions at the moment they’re needed.
- Data analytics has no context.
Because dashboards are time- and labor-intensive to build, they aren’t typically tailored to the needs of individual users. However, a dashboard that attempts to provide insights to a broad range of employees has limited value. For example, healthcare providers in Florida have a different focus and operate in a different economy than those in New Jersey. An augmented consumer platform delivers relevant information in context and on-demand, making it easier for employees to get the specific answers they need to do their jobs successfully.
Additionally, executives rarely have the time to use life sciences analytics dashboards. Therefore, it requires an analyst to study reports and write a summary for members of the C-suite, which can be an error-prone process and reflect an analyst’s bias. It can also delay decisions or result in an executive proceeding without business intelligence. An augmented consumer platform delivers instant insights to executives and employees from a single source of truth for the entire organization.
- Data analytics doesn’t generate appreciable ROI.
When companies calculate the return on investment of data acquisition, they commonly fall short. Labor-intensive life sciences data analytics processes drive costs, and user adoption is often low.
“Life sciences companies found that when they handed someone a spreadsheet, nothing was happening. An augmented consumer platform for life sciences provides summaries and visuals, so it is so much easier to use.” “Companies get a return on investment from the solution but also from the data they buy.” He adds that one of the first companies to use WhizAI’s augmented consumer platform for life sciences increased analytics adoption from 13% to 95%.
Is It Time for a Change?
Many life sciences organizations struggle to maximize data value, deliver timely and relevant insights to users, and see ROI from data investments. Augmented consumer platforms, used alongside BI dashboards or as a standalone solution, has the power to overcome each of those challenges. You can deploy a platform that helps your team evolve into augmented life sciences data consumers, accessing information and making data-driven decisions in each aspect of their work.
Want to learn more? Watch The Rise of the Augmented Consumer in Life Sciences: Shaping the Analytics and Business Intelligence Strategy webinar on-demand for more information on augmented consumer platform and its impact on your business.
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