Lance Scott's top 5 things to know about data
In a recent interview with Pharma Leaders, Zephyr Health President and CEO Lance Scott shared his top 5 tips for Life Sciences companies as they evolve their big data and digital transformation strategies:
1. Digitalize your go-to market strategy
The Life Sciences industry can learn from other industries, like financial services and travel, that have used data to transform their business. By committing to making the patient – ultimately a customer – part of that innovation, we can improve the customer experience while simultaneously making it increasingly digital. That doesn’t mean substituting the patient-physician relationship with a digital alternative, but rather thinking about the complete lifecycle of a product and using data to drive the strategic plan for successful adoption, with the integration of customer data in every step of the plan. A common vision, spanning from analytics and technology to marketing and medical affairs, is an integral part of this innovation.
2. Ignite urgency around data integration
As evidenced in a recent McKinsey report, “The Age of Analytics,” the healthcare industry as a whole has yet to capitalize on the adoption of Big Data and analytics strategies or even to move beyond standard customer relationship management (CRM) and data management solutions.
Commercial teams need new insights and data-driven business processes to make faster, more accurate decisions, so it’s imperative to have greater data integration capabilities. This includes having a strategic vision for data and analytics; How will you align the organization around the insights once you have them? What will be the driving insights for core business value and performance? How will you change your business processes and teams to support a new, data-driven way of managing commercialization?
Technology teams in Life Sciences companies know that CRM systems are important for physician-facing teams, and data management systems are excellent containers and organizers of data, but neither of these help extract the kind of insights necessary for a multi-dimensional view of the market and the customer.
3. Get predictive
To compete in a data-driven environment, you need to evolve your focus towards delivering additional value with predictive analytics for improved customer relationships. The way Life Sciences companies do business is fundamentally changing, with insights and analytics that strengthen and guide strategy, goals, and incentives across departments. Sales, Marketing, and Medical Affairs functions all benefit from a more acutely data-driven approach to customer profiling, pipeline nurturing, and overall customer engagement including improvements in compliance.
4. Make friends with the machines
The healthcare industry, despite many recent advancements, is still an analog industry that relies heavily on human intervention, human domain expertise, and human experience. Many understand that artificial intelligence (AI) and machine learning (ML) can transform the best-of-breed human qualities and expertise into code to bring that to scale. However, there is a reasonable level of caution regarding letting machines or computers make health-related decisions. Where improving commercialization and brand success for Life Sciences companies is concerned, there is much more enthusiasm around using AI/ML to predict high potential customers, best sales channels and targeted messaging.
5. Embrace radical innovation with data
People, process, and technology are essential components of bringing about innovation and must work in concert with one another. Our industry is at an exciting turning point where we need the kind of innovation that is not merely incremental, but radical – with the meaning of radical being “based on thorough or complete change.” By taking this kind of approach we can adopt the emerging technologies available to us. We also can align our processes and, importantly, ensure that our people have the right skill sets to support the adoption and execution of the kind of innovation that will separate the leaders from the pack.
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