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Benefits of embedded analytics for the life sciences industry

Analytics always played a pivotal role in the life sciences industry. Owing to the dynamic and complex nature of drug development and marketing, pharma decision-makers rely heavily on data to decide on the future course of action. According to a Worldwide Health Industry 2020 predictions report, the next decade will be defined by healthcare data and technologies needed to harness themAs more and more data pours in, life sciences need to upgrade their analytics process to reduce manual interventions and adopt continuous real-time analytics. Embedded analytics can help them achieve this with less disruption to the existing systems and enabling the decision makers to spend less time making reports and more on taking decisions. So, what is embedded analytics? And how can it help the life sciences companies? Read on as we give answers to these questions and give more insights on embedded analytics. What is embedded analytics? With embedded analytics, you can embed dashboards, reports, and analytic tools within your applications, solutions or websites. Which means, your team can generate dashboards and charts within the application where the data is stored, without the need to shuffle between two applications. For example, if your organization is using Project Online or Planisware for project portfolio management, you can embed a powerful data visualization tool such as Power BI within Planisware to convert your insights into dashboards and graphs. Switching between applications is a time-consuming and error-prone process that can lead to losing focus and in some cases valuable insights. Embedded analytics makes it easier and more efficient to pull insights and visualize them without moving back and forth. Why Life Sciences Companies Should Consider Embedded analytics? Embedded analytics in any existing software or applications can help various departments in the life sciences company to provide easy access to key metrics. Let us tell you some major benefits of embedded analytics in various departments. Increase the efficiency of clinical trials Clinical trials play a major role in the drug development process, and embedded analytics can help you in making them quicker with reduced costs. Embedded analytics can help companies to constantly monitor key productivity metrics such as participant demographics, historical medical records, and past clinical events data. Such information can help in optimizing the clinical trials process and in identifying test sites with high patient availability. Pharma companies can also speed up the trail by effectively analyzing the patient data from wearables and patient apps producing results in less time. Streamline production with market demand Implementing embedded analytics into the production and inventory software applications can help companies gain insights into seasonal changes in demand, fast-moving drugs, and inventory metrics. Such insights can help production to dedicate more resources onto producing more drugs in demand. Decision makers can now spend more time analyzing dashboards and graphs than creating them. With the time saved in going back and forth between applications, your decision-makers can effectively concentrate on decision-making. Improve decision making Embedded analytics make collaboration within departments easy and convenient, thus helping your decision makers take holistic decisions. Your team leaders can engage better with scientists, drug research teams, government regulators and exchange ideas and information with ease. The visual of the analytical dashboard make information exchange easier, the incoming data can be efficiently converted into dashboards. With embedded analytics, valuable data can be accessed making project outcomes more accurate, and easier to spot patterns in the data. Industry leaders can make decisions on portfolios, supply and demand, and company priorities. Increase customer satisfaction Data-driven decision-making is the first rule for achieving customer satisfaction. However, data-driven decisions are made when the data is front and center, moving from one application to another to access dashboards and data can be tedious and time-consuming. Embedded analytics connects insights and plans of action in the same place, this helps companies to adapt better to the customer needs and incorporate data-backed decisions across the organization. In the fast-moving pharmaceutical and biotech industries, staying ahead of competitors and making the right decisions faster are pivotal. Having an embedded analytical system means saving time moving back and forth between applications, continuous monitoring, saving time in report generation, and less dependency on the IT team. Many of our clients have achieved increased productivity and saved report-generating time with embedded analytics. We have integrated Power BI into Planisware to help US Aramco get comprehensive dashboards within Planisware, you can read more details of it here. References Federico Mayr, and Silvia Piai, “The Future of Intelligence in the Healthcare Sector, IDC FAQsWhat are the primary benefits of embedded analytics in the life sciences industry?In the life sciences industry, embedded analytics provides real-time data insights that improve decision-making, increases user adoption of analytical tools, enhances productivity by integrating data within existing workflows, offers better patient and research outcomes through tailored insights, and supports a data-driven culture across research and development teams.How does embedded analytics improve decision-making in life sciences?Embedded analytics allows life sciences professionals to access real-time data within their workflows, enabling faster and more informed decisions. Researchers, clinicians, and administrators can quickly interpret data trends, patient outcomes, and research results, leading to more timely and effective interventions and innovations.In what ways does embedded analytics enhance productivity for life sciences professionals?By integrating analytics directly into the applications life sciences professionals already use, embedded analytics streamlines workflows, reduces the time spent switching between different tools, and simplifies data access. This integration allows researchers and clinicians to focus on their core tasks while having continuous access to critical data and insights.Can embedded analytics improve patient outcomes and research efficiency? If so, how?Yes, embedded analytics can significantly improve patient outcomes and research efficiency. By providing real-time, actionable insights within existing clinical and research applications, professionals can make quicker, evidence-based decisions. This can lead to more effective treatments, faster research breakthroughs, and optimized resource allocation, ultimately benefiting patients and advancing scientific knowledge.What cost advantages do life sciences organizations gain from using embedded analytics?Life sciences organizations can achieve significant cost savings with embedded analytics by reducing the need for separate business intelligence tools and minimizing training expenses. Integrating analytics within existing systems helps lower licensing fees, reduces the time and effort spent on data extraction and report generation, and streamlines operations, leading to overall lower operational costs and more efficient use of resources.

Executive dashboards for pharmaceutical companies

Executive dashboards transform pharmaceutical decision-making by consolidating critical data into real-time, visual insights across R&D, sales, and operations. These empower leaders with accurate, actionable analytics to streamline workflows, forecast revenue, and accelerate drug development.What is an Executive Dashboard? Executive dashboards are business monitoring tools used to track performance across Research & Development, Commercialization, and Sales & Marketing. They provide a single visual representation of KPIs and critical metrics relevant to business. These dashboards serve as a centralized hub, aggregating data from various departments such as sales, research and development, manufacturing, regulatory compliance, and more. Let us dive deeper into pharma Executive Dashboards Pharma projects are complex and extensive, and each drug may take up to 10-15 years to reach the market. In such a scenario, there would be huge amounts of data to analyze while making crucial decisions such as setting priorities in resource allocations, calculating pre-commercial revenue forecasting, analyzing market trends to design the most profitable commercialization strategies. Manual processes often cause errors and are time-consuming. They may also not have the capacity to retrieve real time data breaking data silos and disparity. Digital solutions tailor-made for specific business needs not only solve data silos and disparity problems, but also save time by reducing manual efforts. Cloud computing ensures scalability, and machine learning enhances forecasting in Pharma Portfolio Dashboards. These dashboards are accessible on various devices and have strong security measures. Customization options cater to specific organizational needs in Pharma market research, fostering insightful analytics. Digitalized Pharma Portfolio Dashboards are the best example of how technology can foster confident data-backed decision-making. How Portfolio Executive Dashboards are helpful in Pharmaceutical Industry? Portfolio Executive Dashboards play an essential role in enabling decision-making within the pharmaceutical industry. These sophisticated solutions provide a consolidated view of critical performance indicators, integrating data from various facets of the business. Pharma Executive Dashboards enable smooth informed decision-making for executives, offering insights into sales metrics, research and development progress, manufacturing efficiency, and regulatory compliance. Pharma executive dashboards serve as real-time visual representations, allowing executives to identify trends, assess risks, and capitalize on opportunities seamlessly. By incorporating pharma market research analytics, these dashboards not only offer retrospective insights but also guide future strategies, ensuring portfolios align with evolving industry trends and customer needs. Types of Pharma Executive Dashboards These executive dashboards leverage data visualization and analytics to provide decision makers with a holistic view of various aspects. Here are some types of executive dashboards used in pharma portfolio analysis: 1. Project Portfolio Management (PPM) Dashboard The Project Portfolio Management (PPM) Dashboard streamlines project oversight by offering a snapshot of project status, resource allocation details, risk tracking, financial insights, and an overall health score. This concise executive dashboard facilitates proactive management, ensuring optimal resource utilization and budget adherence. The portfolio health score, derived from key performance indicators, provides a quick assessment of the project portfolio's overall well-being, empowering decision-makers with essential insights for strategic and effective portfolio management. 2. Revenue Forecasting Dashboard The Revenue Forecasting Dashboard is a pivotal tool for strategic decision-making in revenue planning and strategy development by providing real-time sales projections. Through market trends analysis, it integrates competitor insights, market share data, and identifies emerging opportunities or threats, and ensures a focus on sales volume, market penetration, and customer feedback. 3. Clinical Development Dashboard The Clinical Development Dashboard offers insights into trial progress and timelines, providing a detailed overview of milestones and potential delays. Patient recruitment metrics track recruitment, helping to identify challenges and opportunities for improvement. It ensures adherence to regulatory requirements, guaranteeing a robust clinical development process. Safety and adverse event reporting keeps a vigilant eye on trial safety and provides timely monitoring and reporting for effective risk management. 4. Supply Chain Management Dashboard Supply Chain Management Dashboard ensures seamless operations offering real-time insights into inventory levels and guarantees adequate supply to meet demand. Supplier performance is rigorously evaluated, tracking delivery times, product quality, and compliance with regulatory standards. Leveraging historical data and market trends, the demand pharma forecasting feature optimizes product availability, enhancing overall supply chain efficiency. Benefits of Digitalized Executive Dashboards for Pharmaceutical R&D Technology backed executive dashboards offer a myriad of benefits for pharmaceutical Research and Development (R&D) organizations, enhancing efficiency, transparency, and decision-making processes. It includes: A comprehensive and real-time overview of R&D activities, consolidating Key Performance Indicators (KPIs) such as project timelines, resource utilization, and success rates.By centralizing data from various R&D processes, executive dashboards enable decision makers to identify bottlenecks, allocate resources effectively, and streamline workflows. This enhanced visibility facilitates proactive decision-making, allowing organizations to respond swiftly to challenges and capitalize on opportunities.Executive dashboards help in monitoring the progress of clinical trials, ensuring adherence to timelines and regulatory requirements.They enhance collaboration by providing a shared platform for cross-functional teams. This fosters communication and alignment of goals, accelerating the pace of drug development.With an executive dashboard, decision makers can quickly access and analyze a comprehensive view of the entire pharmaceutical portfolio. This expedites the decision-making process as executives can make informed choices based on up-to-date information, reducing delays, and improving overall efficiency.Automation reduces the reliance on manual data entry and manipulation, significantly decreasing the chances of human errors. This ensures that the data presented on the analytics dashboard is accurate and reliable, providing executives with confidence in their decision-making. As a pioneer in pharma data analytics and visualizations, team i2e engineered Clairvoyance- a custom Executive Dashboard Application tailored specifically for the pharmaceutical industry. This application offers a consolidated view of the client’s R&D project portfolio, providing executives with a powerful interactive tool for data-driven decision-making. This custom solution delivers a robust data quality verification platform and offers the analysis and visualization features needed to tackle the various problems the client was experiencing. The Clairvoyance custom dashboard platform can help the R&D leaders to align portfolio performance with their business goals. i2e Consulting helps global pharmaceutical companies to access insights and prepare decision dashboards tailored to their unique business requirements. Embrace the power of Clairvoyance, a cutting-edge decision management solution. Contact us now and seize the future of pharmaceutical innovation by optimizing, strategizing, and thriving with Clairvoyance.

Organizing Data for Portfolio Decision Making | i2e Consulting

Did you know that 60 - 73% data of an organization are categorized as Dark Data, which goes to waste1? 2020, Gartner survey on portfolio decision-making finds that 78%2 of R&D leaders say the pressure to make faster decisions has increased. All you need is harness your data for insights and make decisions faster. If only it were that easy; or is it? In today’s blog we will discuss business problems in the life science space, technical hurdles, and how with a good approach and even better execution you could master quicker decision making.Business and technology challenges Businesses are rapidly evolving; the amount of data volume is exponentially increasing yet; companies are still spending hours and hours in PowerPoint report generation? There has been an increase in scrutiny in portfolio decision-making by leaders. A lack of agility and transparency is imperative. The multi-country, multi-vendor Pharma environment is not helping either. If you zoom in to these problems, often it is observed that a common set of system challenges are present in most organizations struggling with portfolio decision-making. (While there are change and process issues; however, for this blog we will limit ourselves to technical problems.) Disparate data sources and systems are a major concern which hinders business collaboration, leaving room for inefficiencies, vulnerability, and overspending. This siloed information and a lack of visibility for BI (Business Intelligence) and analytics lead to poor decision-making. Companies have been aggressively increasing data collection and analysis over the years; however, most of it suffers from data quality issues such as inaccurate, incomplete, inconsistent, and duplicated information. This unstructured or raw data is called bad data, it is bad news for any company, and it does more harm than good. Not only does bad data lead to flawed insights, but it also creates bottlenecks in digital transformation, many migration projects have failed owing to bad data. It also affects operational efficiencies. Sadly, most companies think it is a minor issue until it becomes a major bottleneck for them to deal with. The ability to react to the market depends on how quickly you have access to the latest insights. However, most companies work on week- or month-old data. How is someone to make faster decisions when the analysis is based on such old data? This also puts them at a disadvantage against their competitors. Your approach matters No problem is big enough with the right approach. Identifying loopholes that affect your performance is key here. A thorough evaluation with cross-functional stakeholders and subject matter experts is the first step. Once you have run the analysis you are to define the problems and work towards finding solutions. It is advisable to have clear quantifiable goals. That is where consultants come in place. Once you have the plan ready you can move to prototype stage followed by the actual solution implementation. Let us consider a case, the race to the cloud has left many a system scattered in on-premises, hybrid, and cloud-based environments. Costing heavily on operation efficiencies and at times poses serious threats to data integrity. How to take informed decisions with multiple selections from a set of alternatives while taking account of relevant constraints, preferences, and uncertainties? Approach to this can be: Define the problem at hand with a thorough assessment. System review and identifying data sources form part of this step. Once we are aware of the problem at hand, we work towards enlisting solutions. In this case, Unifying data across organizations by connecting these disparate systems would be a smart way forward. Next up is the implementation. Once solutions have been finalized, with a comprehensive set of frameworks, technical solution, and analytics we build portfolio decision making capability. In the recently concluded Planisware Exchange22, i2e presented working solution to make decision making faster. If you are an existing Planisware customer or planning to invest in Planisware these solutions could be just the thing you need. Real-time data exchange Planisware supports OData from version V6.2 onwards; however, you do need a separate license for it. In a survey independently conducted by i2e Consulting it was found that few users were aware of it. OData or SQL of the web as it is popularly known, allows organizations to extract Realtime Planisware data. This is useful to integrate Planisware with other systems or perform additional analysis of Planisware data. It is easy to use even for business users and requires no external application. Planisware Data Extractor facilitates users to retrieve real-time data from applications, so one need not go to a report every time they need information. Everything happens in Excel, so it is easy to customize the charts, do additional calculations and combine data from other sources. Automating portfolio reporting with RPA (Robotic Process Automation) to generate and distribute portfolio reports. The solution assists project teams to deliver actionable portfolio data to leaders efficiently. With just a few clicks, select the data you need to build your presentations or Gantt charts and get the report delivered to your email address. No need to waste time manually exporting data into slide decks and Gantt chart templates. Explore possibilities in portfolio decision-making for clinical development. The good assessment exercise sets clear understanding of business pain points and expectations. This helps develop KPIs, data sets for reporting, and dashboards. Forecasting and demand planning for resources. Listed are a few portfolio decision dashboards. Budgeting analysis by site and spending by vendor and CROOperational KPI (key performance indicators) tracking of numerous studies. Areas of under-utilization and over-utilization of resourcesMilestone tracking and predicting deviations from timelineCompliance with regulatory requirements for time reporting Talent upskilling and management To conclude, the right approach with proper planning is half the battle won. The ancient wisdom of haste makes waste stand valid even today. As Planisware integration partner, i2e Consulting helps organisations gain project visibility with unified view of portfolio. Slice and dice information to discover trends, practical solutions and prioritize demand. To learn more about our Planisware offerings visit our service page, or fill in the form below. Think PPM, think i2e Consulting. References Harnessing Dark Data - themedicinemaker.com/business-regulation/harnessing-dark-data2020 Gartner portfolio decision making during disruption survey