For the Life Sciences, data analytics is the newest frontier in a technology that has been increasingly vital to researchers. Information technology in the Life Sciences, sometimes described as bioinformatics, has been around for quite some time. Even as far back as the 1950s, researchers were using early computers to sort through voluminous data and extract meaningful information. More recently, the human genome project put bioinformatics in the headlines.
Today, information technology is everywhere, with data analytics as its most promising component. The excitement comes from the combination of ever larger volumes of data, ever greater processing power, and potent new “big data” tools for getting to the hidden nuggets of value. Among other things, these new tools can sift through “unstructured” data and find patterns not obvious to humans. That, in turn, can open doors for researchers seeking new treatments and also help define new breakthrough business opportunities.
In our latest whitepaper, Optimizing Engagements with Key Opinion Leaders (KOLs) we see how data analytics aids Life Sciences in determining their commercial strategy by analyzing unmet therapeutic needs and selecting the key influencers, the KOLs that can deliver the education resulting in opening new markets.
Data analytics can raise productivity, improve decision making, and help companies gain a competitive advantage. In the confines of working with healthcare professionals, AHM provides solutions and services that centralize data and create a consistent, streamlined approach for managing healthcare professional (HCP) interactions. How can valuable decision making occur if data is fragmented? Can fragmented data lead to inaccurate results?
Clients are embracing this single interface that effectively collects and consolidates all the data relating to an interaction and associated HCPs to ensure transparency, adherence to policy, visibility, disclosure, and reporting requirements. Data is then accessible in a central repository for reporting and continued analytics.
Data analytics produce tangible value! According to research by Andrew McAfee and Erik Brynjolfsson, of MIT, companies that inject big data and analytics into their operations show productivity rates and profitability that are 5% to 6% higher than those of their peersi. We are seeing that in how big data transforms companies. Data driven strategies are taking hold and will continue to do so — and with good reason.
Lisa Keilty, Global VP of Compliance and Strategic Solutions, AHM
Lisa joined AHM after serving as founder of the Compliance Consulting firm PMC2 and spending over 26 years in the life sciences and meeting management industry. Leading such organizations as Pfizer, Bristol Myers Squibb and Biogen Idec through numerous international projects, financial transparency and reporting requirements, Lisa’s industry expertise has saved Life Sciences and Meeting Management organizations over 30 million dollars. As a member of the Business Development team, Lisa’s primary focus will be Thought Leadership, Demand Generation and Solution Design.