4 Ways to Leverage Analytics to Smart Decision Making
In science, often times the simplest explanation is the right one. Similarly, we believe business analytics should provide you with the simplest explanations to the complex truths hidden in your data.
And so, every decision maker in your business should be equipped with the right tool to translate clustered data into rational conclusions leading to operative steps in the business world in order to leverage analytics.
Big Decisions Require Smarter Analytics
A recent survey shows that 62% of pharmaceuticals and life sciences executives have changed their organizations’ approach to big decision making as a result of data and analytics, while 24% are planning to follow suit. These businesses are now using new, richer sets of data, while leveraging the benefits of new analytical techniques.
In other words, today it is highly uncommon to make any decision based on business intuition alone (as sharp as it may be). Innovative sophisticated analytics solutions can not only back you up on a pre-held hypothesis, but more importantly, lead you to thinking in new directions, identify new business opportunities and narrow down the range of indecisiveness within management and decision makers.
How do you translate data analytics into operative business steps?
It just so happens we’ve gathered four helpful ways to guide you in leveraging your business analytics to upgrade and support your commercial operations. In other words, we have provided you with the steps to turning endless streams of statistics and charts into rational, operative business steps:
1. Leverage Self-Service Analytics
Data is rapidly and constantly changing, sometimes leaving us bewildered as to how to keep up with current stats. Basing your entire decisionmaking process on reports coming in from IT departments is no longer a practical option, considering they’re mostly outdated by the time they land on your desk.
Today, in order to keep up with the neurotic pace of changing data sources and business needs, you need to establish a self-service analytics interface, allowing you to access your analytics at any given moment, while letting IT departments worry about strategic, more complex data analytics issues. Times are changing, and the only way to keep up with the pace is using an analytical solution that offers the most recent, up-to-date data.
2. Take Advantage of Predictive Business Analytics
While we haven’t discovered the art of fortune telling quite yet, there are some cutting-edge technologies allowing us to narrow down future possibilities, making the future a little less mysterious. Predictive analytics is a great way to identify patterns from the past, and use them as predictive indications to the likelihood of future outcomes.
3. Design the Solution Around Your Specific Business Process – Not the Other Way Around
While it may be exaggerated to assume every pot has its lid, in business analytics, especially in Pharma business analytics, the analytics solution has to be suited and designed to provide your business with the specific custom analyses it needs. No one-size-for-all analytics tools can deliver the goods here. That’s why you need a pre-configured solution, with built-in KPI’s and other key practices. One that is experienced and familiar with your business processes, to be able to answer your unique analytical needs.
4. Stay in Touch with the Field by Taking a Logical View of Your Business
Does your Analytics group believe it is providing valuable information to the Field while the Field Force is saying they are overloaded by reports and spend hours creating their own spreadsheets to track what really matters to them? Chances are, the Field (whether managers, sales reps, etc.) is looking for reports that mimic how they actually work – something simple and aligned with their business process. Imagine for a minute the analytics departments as intelligence corps, providing the infantry on the ground with valuable information. If the data isn’t clear as stark to the soldiers on the ground, there isn’t an analysis in the world to help them win the battle.
That’s why both teams need to constantly interact with one another, take a logical view of the daily processes and build backwards to a functional solution that quickly and easily enables the reps to perform their job, while still allowing management to measure results.
To Sum It All Up
It’s always a bit frightening to open up our minds to new prospects and rethink existing paradigms. But, there’s no time to dawdle, some of your decisions may seriously affect the course of your business. Sophisticated analytics are vital to illuminate uncharted territories and a world of new opportunities for your business.
If you want your data analytics to matter, to be of consequence to your field operatives and decision makers, don’t get tangled-up in meaningless stats; ensure you have the right analytics solution to turn these strange numbers into meaningful insights and logical conclusions. The knot between analytics and operative business decisions has never been stronger.
1. PwC. (2014). Decision making in pharmaceuticals & life sciences. Retrieved from PwC: http://www.pwc.com/gx/en/issues/data-and-analytics/big-decisions-survey/industry/pharmaceuticals.jhtml