How Dependent Are You on Your Healthcare Aggregated Information Providers?
Facing fierce global competition, companies in the healthcare industry make every effort to optimize their commercial operations with the aim of facilitating a nimble, highly competitive business. The key to effectual optimization lies in assembling a wide-range of relevant information and wisely analyzing it to gain the kind of actionable insight needed to enable superior business performance.
With the purpose of gaining a comprehensive view of affairs, enterprises purchase aggregated market data from 3rd party companies that specialize in collecting and compiling data from a broad base of sources, and put it together with their own commercial information such as sales figures, promotional details, managed markets contracts and financial records. Analysis tools correlate between internal companies’ data and market information to assess performance and sense the pulse of their business. It is a well-known fact that the reliability and effectiveness of any analysis, is only as good as the data it is based on. Hence, companies want to ensure that 3rd party information they purchase is always dependable and relevant.
As aggregated 3rd party information has become an essential component of broad business analysis, companies grew dependent on their data supplier. Substantial costs are associated with using overly priced on one hand or subpar, inaccurate and inconsistent data on the other. Companies feel trapped, as their analysis tools are configured to use a certain source of data and fear the hassle and costs involved in daring to switch to a more affordable 3rd party data source.
How complex is the shift from one 3rd party data source provider to the other and how dependent are you today on your existing solution? Mainly how painful – if at all – would it be to switch?