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A prescription for performance: Six ways business analytics can help pharmaceutical companies
Delaney Turner 270002T14M email@example.com | | Tags:  pharma ibmsoftware spss business_analytics cognos baforum
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In today's feature article, we take look at the operational, profitability and management challenges facing pharmaceutical companies and the ways that business analytics software can help you manage them.
The life sciences industry’s blockbuster drugs are facing patent expiration, and new products aren’t replacing lost revenues quickly enough. Meanwhile, pharmaceutical and life sciences companies are faced with managing complex, people-intensive processes—often with inadequate tools.
Improved abilities to manage and monitor performance across the organization are essential for improving clinical research and development, production and distribution. Life sciences companies need better capabilities for establishing organizational goals and metrics, managing drug development processes and then tracking and understanding the results.
Improved business analytics are needed so life sciences companies can improve operational efficiencies and better contain costs. Life sciences companies need to better be able to understand the “why” behind critical business issues, trends and opportunities so they can gain an accurate, forward-looking view into business operations.
A life sciences company can no longer rely on siloed reporting, analytics or planning to manage product lifecycles. Smarter systems are needed to help life sciences companies segment and serve a diverse customer base, proactively gathering and analyzing information to develop a deeper understanding of each segment’s specific needs.
Close collaboration with wholesalers, governments, hospitals and retail pharmacies is critical to serving those customers better, and it helps ensure regulatory compliance and gain greater visibility into product quality and market demand.
Many life sciences companies are undergoing massive changes, with significant M&A activity and organizational restructuring underway. For pharmaceutical companies, lagging R&D productivity is leading to limited pipelines as patent expirations and increasing generics competition are impacting revenues and eroding margins. With integrated plans, analysis and performance metrics, life sciences companies can make more intelligent and informed decisions throughout the development, clinical research and product delivery lifecycles.
Align your strategies and actions
Whether you’re trying to track and analyze revenue, identify top-performing sales reps or measure the effectiveness of marketing campaigns, you must first strengthen the link between strategy and frontline execution. IBM Business Analytics software gives you the power to do just that. Enterprise planning drives sales and marketing performance, scorecarding monitors progress against your plan, while reports and analysis let you report, analyze and understand your brand performance.
Manage your budgets more effectively
Do you want detailed, complete and consolidated information? IBM Cognos TM1 can deliver it by automating all your core financial proc
Link resources with opportunities
With the average life sciences industry sales visit lasting a mere three minutes, your sales representatives have to make the most of every opportunity. But where do the best opportunities lie? IBM software gives you the information you need to pinpoint the strengths and weaknesses in your salesforce to help you streamline your sales process, lower the cost of sales and allocate resources more effectively. You can identify your top sales reps by product, city, region or country in a matter of seconds.
Use scorecarding to set goals and priorities
Can you communicate a common set of priorities throughout your organization? You need to ensure expectations for your sales and marketing teams are consistently applied, measured and reported on regardless of rep or region. Scorecarding ensures that everyone in your organization—from the boardroom to the reps in the field—shares the same information at the same time, all the time.
Identify your best revenue opportunities
IBM Business Analytics software unites data from multiple sources to deliver a detailed, in-depth view of purchase patterns, revenue, growth, lifetime value, satisfaction, service calls and costs, total sales to date and more. You can profile sales patterns to focus distribution resources, and share this information throughout the organization. For example, your marketing team can analyze which drugs are performing best in each region, while a sales rep might view a list of local doctors who are most likely to prescribe your products based on their prior prescription history.
Make the tough calls
As budgets decline and discretionary spending tightens, managers must increasingly make difficult decisions regarding resource allocation and initiative prioritization. IBM software streamlines this decision-making process by enabling users to evaluate financial results across countries, currencies and legal entities. In practical terms, this level of insight lets users make tough calls regarding which assets, resources, initiatives, locations, products or customer relationships may no longer be sustainable. On the flip side, it also allows life sciences execs to target marketing efforts to promising customers, deliver advanced training to high-performing employees, roll out new products in key regions and measurably improve productivity by streamlining workflow and eliminating process inefficiencies.