Applying Business Intelligence (BI) To The Demands Of Pharmaceuticals

Utilization of advanced technology, Business Intelligence (BI) solution is a lifesaver drug for efficiently harnessing and analyzing huge amounts of pharma data, providing business insights with in-depth analytical reports. These BI solutions have been increasingly embraced by pharmaceutical companies; successfully achieving operational excellence and improving research/clinical performance.

Applying BI Tools in Pharmaceuticals, companies are looking significantly for consolidating lakes of data and bringing all data sources (from initial lab research to clinical phase trials and data reporting) into a widely accessible and usable data form that fully captures crucial information accumulated during R&D.

In recent years, these data mining and analysis advancements in the pharma industry is driven by fundamental changes due to increasing concerns over the expiry of patents for most sold drugs, rising awareness of drug safety regulations, globalization, and competition from generics. These changes have impelled pharmaceutical organizations to change their current business strategies, discovering a sustainable path through BI Pharma analytics that can help them maintain and improve their current profitability levels. Let’s read more about Business Intelligence Solutions for Pharmaceuticals Industry!

Key Challenges of The Pharmaceuticals Industry and How BI Can Solve Them

With BI result-proven business analytics in other industries especially in retail, FMCG, and manufacturing, BI is finding a new prominent position within the pharmaceutical sector. It has a lot of potentials to help pharmacies to achieve excellence in many areas like product performance, production reporting, quality control, financial performance, regulatory compliance reporting, etc. With Business Intelligence Applications, companies can find the solution to mitigate various challenges in the following areas:

Marketing and Sales

Pharma data-powered BI systems can enable drug companies to consolidate multiple sources of data about the market, competitors, and advertising campaigns as well as efficiently evaluate current market trends and share, revenues, and sales performance. It results in better targeting of their marketing strategies and ensures the optimized allocation of marketing investment. Through various relevant Sales and Marketing KPIs in the Pharma business, BI Dashboards and reports help in identifying:

• Better-performing products
• Track the success of marketing campaigns
• Customer preferences for product purchases
• Consumer behaviour in terms of prescription renewal
• Analyze profitability by customer, product, territory, or other factors

Regulatory Compliance

The pharmaceutical industry is one of the most heavily regulated ones around the world. Incorporated BI advanced technologies like Natural Language Processing (NLP), and Predictive Analytics can bring time- and effort-saving advantages for pharma regulatory compliance compared to manual efforts, which are often slow and expensive. Based on International drug standards and the US FDA standards in the Pharma industry, BI Dashboards and reports can:

• Collect and integrate information from multiple enterprise sources of data
• Visualize the information in meaningful and easy-to-understand presentations
• Protect sensitive corporate and customer information as required by law

Operational Analysis

The Power BI data integration process i.e. Extract, Transform, and Load (ETL) eliminates siloed departments like supply networks, production levels, and finances, and makes the data integrated into a single platform for easily accessing information whenever needed. Users can view and manage data in a simple BI dashboard environment, which is interactive and easy to understand. BI KPIs for Pharma Operational Analysis can give the following and more insights:

• Costs and operational efficiency
• Supplier networks, inventory stocks, product quality, and production levels
• Employees’ performance
• Resource allocation

Financial Analysis

The Financial dashboard of Pharmaceutical Business Intelligence (BI) solution allows companies to monitor the financial health of the organization by providing crucial actionable insights. Financial data is among the most crucial part of the drug business to manage costs efficiently and create a realistic budget. BI tool facilitates the organizations to:

• Integrate both financial and operational information
• Monitor, analyze, and forecast financial performance
• Develop necessary financial reports

Demand forecasting- With BI analytics reports, organizations can forecast market demands and changes for drugs and healthcare devices by analyzing consumer data, pricing data, and inventory data.

ESS’BI Solutions For The Pharmaceutical Industry

Eastern Software Solutions (ESS) helps enterprises channelize and transform their crucial business data gathered from multiple sources into easy-to-understand data visualization and reports by providing Business Intelligence Services. Designed on the Power BI Platform, our BI solutions give you in-depth business insights into your data by tracking all your important metrics and KPIs in real-time and help you achieve excellence in business performance. With ESS’s industry-specific customized BI dashboards, you can connect multiple internal and external data sources, format them in required options, and get alerts when a certain threshold limit is met.

 

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