You Got a Great CRM Tool With No Insights in Sight? Isn’t It Ironic..?
The Pharma industry continuously strives to make the world a better place by discovering and developing new and improved drugs and treatments. But these efforts might be hindered by insufficient or ineffective commercialization tactics. Realizing that, Pharma executives are constantly searching for a solution that can make the most out of their data, and provide insights to grow their business and improve ROI.
More often than not, it is thought that sales effectiveness and data insights are a matter of a strong CRM tool alone, that provides easy updates and access to Sales and Customer/Account data. In fact, this is one of the most common pitfalls Pharma executives encounter, thinking a strong CRM solution is sufficient in providing them with the insights they need to win over the market.
But simply put- that is not the case.
The right data solution indeed includes a strong CRM or Sales Effectiveness tool to gather, arrange, organize and visualize the sales and customer related data. But it certainly doesn’t end there- the right data solution needs to have additional data sources incorporated in it and sophisticated analytics capabilities to come on top of the CRM software, in order to focus the business on market opportunities and possible risks.
To truly understand how crucial this misconception can be, we should first define the very basic difference between a CRM tool and an analytics solution:
The fundamental difference between them is that a good CRM tool helps you successfully manage your Sales and Customer related data, while an analytics solution integrates many additional relevant sources and optimizes your data, helping you make the most out of it with real-time actionable insights.
The dilemma shouldn’t be having to choose between a good CRM system and a good analytics solution- because a solid, wholesome analytics solution uses CRM and leverages it to maximize the data, improve brand performance and drive the business to success.
In other words? A CRM system is essential, but it is only the first stage in getting your data to work for you.
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It’s like having 10,000 spoons when all you need is a knife!
Imagine your plate of favorite food just sitting there on the table without you being able to take one bite… Without the right analytics, your CRM is just delicious data waiting to be realized into business action.
To really maximize your competitive advantage, you need a solution that provides:
- 360 degree data source coverage. Integrating your CRM data with all other data sources, both internal and external
- Complete customer universe, with Targets filtering as needed, enabling dynamic targeting to optimize performance
- Automated analyses with proactive alerts and actionable real-time insights
- Performance and trend tracking over time, using advanced visualizations of multiple KPIs from various data sources
- A common business language– one platform for all business departments and users from fields sales to executive management, market access, brand management, marketing and analysts
- Flexible and agile to adapt to any market shifts or dynamic business requirements (without costly associated consulting services)
A wholesome solution like that is the only way you can both understand market trends better, and act upon them to stay on top of the game. A good CRM system is essential, but a complementary analytics solution has a funny way of helping you out. Who would’ve thought, it figures!