July 20, 2023

Benefits of Augmented Analytics Over Traditional Life Sciences Commercial Analytics and BI Tools

Richard Clements
Richard Clements
Benefits of Augmented Analytics Over Traditional Life Sciences Commercial Analytics and BI Tools

Augmented analytics platforms have massive potential to improve life sciences commercial operations. These analytics tools leverage advanced technologies, including artificial intelligence (AI), machine learning (ML), deep learning, natural language processing (NLP), and low-code/no-code features. Therefore, they can enhance life sciences commercial analytics workflows with speed, ease of use, and data-based decision-making. 

The Impact of Life Sciences Commercial Analytics on Operations

One of the ways augmented analytics tools are most transformative is their impact on how commercial teams do their jobs. Platforms that incorporate advanced technologies provide life science commercial teams with a range of benefits, including: 

  • Domain-specific insights: Augmented analytics tools include models pre-trained with life sciences data. This enables them to generate domain-specific, contextual insights. Additionally, NLP makes them easily accessible whenever needed, whether when working in an application on a PC or via SMS on a mobile phone.  
  • Enhanced customer experience: Augmented analytics allows field sales teams to drill down to the physician level to learn about their accounts and prospects – without waiting weeks for insights from traditional analytics and BI platforms. With instant insights at their fingertips, sales reps can create hyper-personalized and targeted messaging at the healthcare provider level for meaningful interactions. Augmented analytics tools can also provide actionable insights on customer behaviors, risk of churn, and customer lifetime value (CLTV) for strategic decision-making. 
  • Intelligent commercial strategy: Augmented life sciences commercial analytics platforms support expanded capabilities, such as dynamic customer segmentation and targeting, market sentiment analysis, and trend tracking. With these abilities and insights, teams can develop and execute more effective commercial strategies. 
  • Better collaboration: Augmented analytics platforms help to break down data silos to establish better team communication and deeper insights. Business users from different teams can, for example, use the tool to plan customer engagement strategies, run function-wide analytics, and build a customer-centric commercial function. 
  • Skill building: Augmented life sciences commercial analytics tools can assist managers by identifying skill gaps, creating learning or coaching programs, tracking progress, and managing feedback. Using a platform in this way can facilitate upskilling and cross-training programs and, ultimately, better customer interactions and compliance. 

Advantages for IT Stakeholders

In addition to providing benefits to employees on commercial teams, augmented analytics platforms also have a positive impact on the company’s IT and data team in the following ways: 

  • Shorter time to insights: One of the biggest benefits of an augmented life sciences commercial analytics platform is time savings. Analyses that took weeks in the past are reduced to just a few seconds with deep learning and NLP. These platforms enable self-service analytics with conversational interaction, resulting in substantial time savings for IT. 
  • Scalability: Augmented analytics platforms can analyze large data volumes, unlike traditional tools, which have limits to their scalability. This feature allows IT teams to confidently deploy augmented analytics tools to keep up with continually growing life sciences data volume. 
  • Less manual work: Life sciences commercial analytics platform designed for self-service allow IT and data teams to focus on strategic goals rather than repetitive work, such as record keeping and daily reports. Decreasing the labor required to maintain analytics processes also translates to a lower total cost of ownership (TCO). 
  • Improved data governance: Augmented analytics tools have features that enable users to execute data governance policies. IT stakeholders can rely on AI-enabled data management to be secure and compliant. 

Pluses for the Business as a Whole

Augmented analytics enable better, faster, contextual insights for commercial team employees, and less manual work, greater scalability, and more governance control for IT. Those advantages for users also benefit the entire life sciences company with greater competitiveness, revenues, and market share. 

Furthermore, an augmented life sciences analytics tool that delivers value will lead to high user adoption. For example, WhizAI data shows that adoption can be as high as 100%, providing the foundation for a data-driven culture. Then, as data-based insights become a routine part of day-to-day workflows, commercial teams can learn from past outcomes, predict patterns, and maximize returns on their budgets, contributing to ROI in all facets of the commercial function. 

The industry is proving the value of augmented platforms for life sciences commercial analytics. Read case studies that share the details of WhizAI implementations and how companies are increasing their efficiency, productivity, and competitiveness with augmented analytics. 

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