Manufacturers and Service Providers across the health care continuum are turning to analytics in a big way to help them meet the needs of key parties in the Healthcare and Life Sciences (HLS) industry – patients, care providers, payers, intermediaries, and facilities.
As the business challenges facing the industry grow increasingly complex, analytics is helping these organizations in a really BIG way, to gain new insights for appropriate action and intervention. The HLS sector garners data from multiple sources like point-of-care encounters, medical claims, pharmacy claims, lab values, genetic markers, biometrics, etc. Analytics can leverage this data and enable strategic decision making on how to understand and address unmet medical needs, penetrate new markets, grow revenues, track competition, drive product and service differentiation, acquire and retain new customers, respond to market dynamics and regulations, and perhaps most importantly, help improve safety and health outcomes. With so many valid and crying needs, so much data and information from so many places, how else can one deal with it all?
Innovation imperative: With so many huge patent expirations and new biotechs scurrying for market presence, customer and market intelligence must be fully exploited to fine tune and optimize the product lifecycle.
- Pressure to demonstrate and defend product value: Analytics helps HLS firms to demonstrate and defend their products in the medical setting, for example by enabling product experience to be captured and valued.
- Manage revenue and margin pressure: Firms need a coherent and integrated BI strategy to develop and promulgate true and actionable insights across all aspects of the business - including manufacturing, supply chain and logistics, field sales, customer acquisition, contracting and revenue management. Analytics becomes a driver in helping meet a company’s revenue goals.
- Customer empowerment: Analytics gives the firms greater insights on customer preferences, patient experiences, willingness to pay and other critical factors that impact decision making and spending.
- Exception handling and crisis management: Robust data capture and analytics helps firms anticipate potentially negative market situations. Market intelligence, information management and analytics work in symphony to enable a product manufacturer, for example, to proactively take corrective measures against unfortunate events that might take place in manufacturing, in the supply chain or in a clinical setting. Analytics in this sense can play defense just as much as offence.
These are just some of the benefits of Analytics in the HLS industry. What have been your experiences with big data and the growing role of analytics in the industry