Fairy Dust and Costumes – Pharma’s BI Halloween Effect
Do you believe in magic?
Pharma and data analytics is hardly the place for magic tricks or fantasy. It is rather full of endless and monotonous stats. But as it turns out, fairy dust and costumes are not solely the features of Halloween trick or treat, they also surprisingly play a vital role in guiding pharmaceutical companies on finding the best data analytics solution to suit their needs.
In a world where data is expected to reach 44 trillion gigabytes by 2020!¹ It’s no wonder why CIO’s top investment priority for 2014-2017 is in BI and analytics.² Everybody wants to be ahead of the game, and smart analytics is the way to do that.
BI providers – costumes and fairy dust or a real solution?
Pharma BI analytics tools providers are popping out everywhere, offering life science companies to choose them for their engaging visualizations, their easy integration and their promise of improved business performance. But more times than not, these turn out to be merely costumes of analytical appearance, rather than real actionable, insight-providing solutions.
Did you know more than half of all analytics projects fail??
Because of insufficient budget; the system not being completed on schedule; or because they fail to deliver the features and benefits that are optimistically agreed on at their outset.³
That’s why you need to be absolutely sure you’re choosing the right analytics solution for your specific needs; In order to do that, you must consider 3 aspects: time, money and dynamics.
Underneath all that magic
Pharma analytics consulting firms may provide you with a good BI tool, along with the right implementation resource, but it comes with a price:
- Time to Market – The collaborative effort of characterizing and customizing a general purpose BI tool to specific needs is a time consuming endeavor; the programmers need to customize and design it to answer specific requirements, while also work closely with a Pharma expert to provide for the industry expertise needed. Therefore, a project otherwise completed in a matter of weeks, turns into a process of many costly months.
- Total Cost of Ownership – The number of vendors and personnel involved in implementing a general BI tool (consultants, BI tool company (licenses), designers and developers) dramatically drives up costs.
- Change Management – One crucial problem with traditional BI tools, is its rigidity; once the tool is set, every minor change requires additional time, money and manpower. And that’s merely to keep it going!
Clearing the fairy dust
Traditional BI tools, promising and shining as they may appear, might quickly lose their value, becoming not much more than an expensive, irrelevant, outdated burden.
A constantly changing industry needs a better, appropriately sophisticated solution; it needs to be flexible, agile and easy-to-modify, to keep up with new data and ever-changing market dynamics.
Today’s alternative to traditional BI tools is a pharma pre-packaged end-to-end analytics solution. This type of a one-stop-shop makes your choice so much easier by providing solutions to all 3 aspects:
- Since it’s already 70% prepared to address pharma’s dedicated business needs, this type of solution saves on manpower, time and cost of customization
- Allows for a quick and easy change management
- Keeps your data analyses ever-current, to constantly produce relevant insights
In today’s competitive landscape and data-satiated world, there’s no room for tales of magic, tricks and fairies; in order to get the edge you need in the pharma industry, the right analytics solution should reduce your Time to Market, keep your Total Cost of Ownership under control, and always allow for agility.
No magic, just data science.
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- CoolaData. (2014). Building Analytics vs. Buying an End-to-End Solution.
- IDC. (2014). The Digital Universe of Opportunities: Rich Data and the Increasing Value of the Internet of Things. Analyze the Future. Retrieved from http://www.emc.com/leadership/digital-universe/2014iview/index.htm
- STAMFORD, C. (2013, December 16). Gartner Predicts Business Intelligence and Analytics Will Remain Top Focus for CIOs Through 2017. Retrieved from http://www.gartner.com/newsroom/id/2637615