September 15, 2016
Image courtesy of DimpleMonkey
Pharma companies know that supply chains are a critical part of how value is delivered to patients. And the importance of supply chain is only increasing as companies seek to introduce new therapies and services that improve outcomes and grow the business.
Pharma supply chains have had a laser-like focus on achieving levels of service that would make other industries green with envy. Meanwhile, working capital management and supply chain efficiency has been put on the backburner. But that’s quickly changing – growing competition and greater scrutiny on price and patient outcomes is causing pharma industry to really focus on improving the value chain.
So what does this have to do with IT? Well, a lot actually. Enter business intelligence (BI) and IT data specialists, whose job—among others—is to enable business success through data. They have the training and curiosity to coax magical, superhuman discoveries out of big data across the supply chain to find opportunities to improve operational efficiency, outpace the competition and reduce working capital.
But due to pent-up demand, many BI specialists have been relegated to data wrangling tasks, creating reports and running queries. If you’re an IT or business intelligence pro, recognize that your role is about to change. It’s time to step into a phone booth and don a new uniform. It’s time to become trusted advisors and mentors that enable business value.
No offense to line of business professionals, but think of babies, who can only start seeing well enough to recognize their parents from across the room at around 8 months. The same is true of business users. It takes time to really understand what story the information is telling and what actions to take, regardless of how good the data is or how it’s presented. Enabling the business to understand the data and find new opportunities is the new job of the BI professional.
The ability to turn operational data into actions that drive efficiency and competitiveness is going to be the competitive weapon for successful pharma companies. But to get there, the roles of BI and the platforms they use must fundamentally change. Among others, here are four must-dos:
1. Stop wasting time with data prep. Up to 60% of data scientist and BI teams time is spent gathering and harmonizing data for analysis. Big Data platforms like FusionOps automatically integrate and harmonize data from across systems.
2. Realize that reporting is dead. New technologies like AI and self-learning systems are making that 30 column report you just delivered look like medical technology from medieval times. These new technologies can automatically spot new opportunities, like how to take advantage of a competitor’s drug shortage or reduce working capital, without human involvement.
3. Get smart about the business. By partnering with the right solution providers, you can leverage outside industry expertise and your knowledge about how to use data. Everyone from planning to operations, can become data-driven and steer clear of icebergs and improve performance.
4. Understand That Your Role Has Changed. The new role of BI is to provide the business with opportunities answers, not more reports. The good news is the role is much more strategic now. Be quick to adopt platforms that allow you to be a strategic advisor to your business partner by providing business answers.
As a BI or IT professional, your strategic new role is to help the business leaders within your organization see trends in supply chain data and find opportunities to drive the business forward. Only then can users make smart decisions on the spot. Adopting these strategies can help transform you from a report generator into a business superhero with unforeseen powers within your organization.
For more information, please visit the data science information on our website.