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How Analytics & Insights Teams Led the Digital Transformation of Pharma

CHAPEL HILL, N.C., Aug. 13, 2020/PRNewswire/ -- With all types of healthcare information now widely available, leading pharma and biotech companies are moving quickly to enhance the impact of their Analytics & Insights team.

C-level leaders understand analytics provide a road map for success, both for patients and organizations.

To help pharma in this endeavor, Best Practices, LLC conducted a primary research project to capture how organizations are using analytics to improve decision-making and enhance commercial opportunities. The new report, "Maximizing the Impact of Analytics and Insights Teams across the Biopharma Organization," is designed to help Analytics & Insights (A&I) teams maximize their impact and enhance their interactions with internal customers.

According to this research, during pharma's digital transformation, top Market Research, Analytics & Insights teams have leveraged the abundance of data currently available to:

  • Generate predictive analytic models
  • Enhance customer-centric engagement
  • Reduce the cost of research

On this latter point, here are the top areas where Insights teams have successfully replaced some traditional market research with analytics alone, according to our research:

  • 66% have replaced some or all forecasting activities with analytics
  • 65% have replaced some or all segmentation activities
  • 43% have replaced some or all patient journey mapping

One analytics leader who took part in the study spoke of the value of an A&I team that can coach internal stakeholders: “It’s helpful to find people who can work with stakeholders to increase their confidence and literacy. When it comes down to it, a country manager doesn't want to stand up and show an analysis he can't explain."

A&I team leaders can use this 91-page study to understand how leading competitors provide effective strategic consultation, focus resources, optimize analytics capabilities, promote innovation, and scale successes.

Best Practices, LLC engaged 44 leaders from 38 biopharma organizations via a benchmark survey for this study. Data is segmented by mid vs. large pharma companies. Deep-dive interviews were conducted with selected study participants to provide further insights. To learn more about this report, download a complimentary report excerpt at https://www.best-in-class.com/rw103.htm.

Areas of investigation:

  • Core A&I responsibilities and clients supported
  • Valuable strategic practices, skills and expertise areas
  • High-value analytics, methodologies, platforms and outsourcing approaches
  • Streamlining market research via analytics
  • Internal branding programs
  • Innovation Centers of Excellence: usage, staffing, services and alignment
  • Top A&I obstacles, mistakes and lessons
  • Innovative pilots, design thinking and patient engagement
  • A&I support during COVID-19 and beyond

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.