ICYMI: Getting a head start in the race for a big data strategy

Race for Big Data Strategy

 

This post was originally published on Oct 31, 2016 – but in case you missed it the first time, here’s your chance!

In the increasingly complex healthcare markets within which Life Sciences companies operate, a cohesive commercial big data strategy can put you ahead of the game. You do not want to be left behind, so there is no time like the present to get started; chances are your competitors are unlikely to sit around for long. Implementing a big data strategy can seem like a daunting task, so here are some tips to you get out of the blocks quickly and put yourself firmly at the front of the pack.

1. Let your strategic partner(s) worry about the technology

When people think about big data they often focus on the technology. By working with the right partner, you can tap into the expertise and insights of their data scientists and the technological power of their analytics systems and end-user applications. Find a partner that is a good fit for you and let them worry about how the systems work while you focus on the cultural shift required to ensure your strategy is implemented and effectively maintained.

2. Bring in the experts

No company beginning their big data journey will have all the expertise and information required to lay the framework, nor the clarity of what is and is not achievable. The starting point is to clearly define what commercial questions you are trying to answer, drawing on the wealth of experience already available. Consult experts to help you establish a clear goal for your data strategy, building in the processes required and drawing up a blueprint for internal rollout. These steps are all fundamental in laying the foundations for a solid strategy.

3. Put your commercial (and medical) teams at the center

For your project to achieve broad and lasting impact, the first focus of rollout must be your commercial and medical teams. These are the people who will be working directly with any commercial strategy you implement, day in, day out. For the strategy to work, they all need to be on board. To achieve that buy-in, be clear about how your commercial data strategy will impact them and their role, and in particular, make sure they see the direct benefits for their specific objectives.

For those Life Sciences organizations able to develop and execute a comprehensive data strategy, the reward will be major competitive advantage. The time to act is now. Those companies who take the lead will have the ability not only to transform their business, but also to be trend setters, influencing progress for the entire Life Sciences industry.

To read more about how Life Sciences can implement a comprehensive big data strategy, download our free white paper. Based on interviews with industry experts, we explore the current landscape for big data within commercial functions, the challenges of exploiting it and present a roadmap for success.