Big Data Means Big Insights For Life Sciences
In the Fierce Innovation Awards 2016 Report, founder and executive chairman of Zephyr Health, William King, discusses how big data partners can provide innovative solutions to solve challenges in the Life Science industry associated with data integration and visualization for greater commercial success.
The conversation around big data in Life Sciences is no longer focused on what it is, but rather how big data can best be put to work in the industry. “Insights” from data are quickly becoming a key factor for competitive advantage, and while many advances have been made in data collection, most organizations still lack a comprehensive big data strategy and the necessary solutions to extract timely, relevant insights. Here are some critical success factors for big data to deliver on its much-accoladed promise:
1. Create a Single Source of Truth
Crucial to any data strategy is a unified approach across all business functions. Breaking down existing silos to create this harmonized base is vital to prevent data duplication and decisions being made without full view of the facts.
In a recently published Zephyr Health white paper, we talked to senior industry figures working on the commercial side of life sciences. According to thesis sources, Biopharmaceutical companies are spending between USD $30 and $100 million per annum on data, depending on a range of factors. Considering the siloed nature of data sources across internal functions and through third-party providers, duplication is not uncommon, with one source telling us that “at least a quarter, if not more” is duplicate data. A single source of truth – leveraged by each department working in concert – is paramount to creating a truly data-driven business.
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