New Reltio
Study Reveals More Than Half of All Life Sciences Companies Now ‘Data-Driven’
Product
development, customer satisfaction cited as top priorities in first-of-its-kind
research initiative spanning biotech, pharma and medical device
REDWOOD
SHORES, Calif., June 10, 2015 /PRNewswire-HISPANIC PR WIRE/ — Reltio,
the enterprise data-driven applications and modern data management
company, today released the findings of a new study that dramatically
illustrates the life sciences industry’s move toward optimizing the use of
data. Of the companies surveyed, 55% describe themselves as ‘very data-driven,’
with new product development and customer satisfaction cited as the top
business priorities. However, the study the only research effort dedicated to
the priorities and use of data across biotech, pharma and med device in life
sciences also underscores the need and potential for significant growth. While
almost 70% of biotech and pharma companies say they’re now using data very
effectively, only 30% of medical device companies consider themselves in this
category.
Photo
– http://photos.prnewswire.com/prnh/20150610/222067-INFO
"What
this research clearly indicates is that while the discipline is evolving, it’s
still far from mature," said Ramon Chen, vice president of Marketing, Reltio. "Data is the lifeblood of life sciences and
forward-thinking organizations fundamentally understand that every internal
team, not just marketing, needs a comprehensive view across all information
sources to help understand markets, drive revenue opportunities and reduce risk
exposure through actionable, real-time predictive insights."
As
the survey demonstrates, more than 70% of data now comes from external sources,
including third party providers, as well as public and social media feeds. When
combined with internal data, the sheer volume necessitates technology that can
guarantee data reliability, in order to uncover relevant insights across
datasets. Specifically, almost three-quarters of the respondents, 74%, are
worried that their data is incomplete or missing, while 50% say that insights
are not actionable. A surprising number, 28%, report that they still have siloed data despite having an existing master data
management (MDM) solution. Interestingly only 4% have put any mission-critical
data into a Big Data Lake or Hadoop, highlighting the complexity and skilled
resources needed to create such environments, despite its growing popularity.
An
Industry in Transition
"These
numbers offer a sharp picture of where the life sciences industry is now with
regard to the use of data, but it’s equally clear that this is a dynamic
discipline a year from now, there will be far more companies describing
themselves as very data-driven," said Eric Newmark,
program director, IDC Health Insights. "Those that don’t are missing out
on critical opportunities, and they do so at their own peril."
Drilling
down into the numbers, it’s clear that patient data is becoming increasingly
critical. In fact, a significant majority, 71%, of those who rated new product
development and product launch as a top business
priority also cited the need for quality patient data. Meanwhile, those who
rated customer satisfaction as a top business priority rated customer
affiliation and interaction data as the most-needed datasets.
The
survey highlights the different priorities of diverse industry segments.
Specifically, the prioritized data needs of biotech and pharma include patient;
market research; R&D and sales. Whereas for medical device, the focus is
on: customer interactions; sales; and market research.
Opportunities
for Growth
One
optimistic sign in the study is that companies are thinking beyond data
quality. While reliable data is now expected as a foundation for data
management and analytics, respondents also want to get a better idea of how
business is affected by market and customer dynamics. Correspondingly, they
want to identify and interact with key influencers, and gain a shared single
view of an increasingly complex customer, which can consist of healthcare
organizations (HCO) and healthcare professionals (HCP) as part of Integrated
Delivery Networks (IDN).
The
Reltio survey concludes with the top areas of
investment in the next 18 months. For biotech it’s MDM; Big Data &
Analytics; CRM; and spend reporting. For pharmaceuticals, it’s Big Data & Analytics;
Key Account Management (KAM); CRM; and MDM. Finally, for medical device, the
ranking is CRM; Big Data & Analytics; KAM; and MDM. While the priority
order varies by industry segment, the same core needs are reflected in the
responses.
Finally,
the Reltio study offers a view into the purchasing
processes followed by the different organizations. As the use of data has
gained in importance throughout the enterprise, there has also been a
corresponding shift in responsibilities related to technology acquisitions.
When asked who makes the final software purchasing decision in the
organization, 50% of the respondents say that IT and business make it jointly,
32% cite business, and 18% single out IT.
Reltio’s survey, named the "Data-driven Pulse of
Life Sciences," will be an annual study contrasting the industry’s
data-driven evolution and progress. "We believe new data-driven
applications will allow information to become more accessible across the
enterprise. This will lead groups to be more agile, collaborate in real-time,
ultimately sharing insights that lead to better outcomes," said Chen.
"This is just the beginning, and the best is yet to come."
A
high-resolution version of the 2015 Data-driven Pulse of Life Sciences
infographic is available for download at http://www.reltio.com/solutions/life-sciences/
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About
Reltio
Reltio delivers reliable data, relevant insights and
recommended actions so companies can be right faster. Reltio
Cloud combines data-driven applications with modern data management for better
planning, customer engagement and risk management. Reltio
enables IT to streamline data management for a complete view across all sources
and formats at scale, while sales, marketing and compliance teams use
data-driven applications to predict, collaborate and respond to opportunities
in real-time. Companies of all sizes, including leading Fortune 500 companies
in healthcare and life sciences, distribution and retail rely on Reltio. For more information, visit www.reltio.com.
Reltio, Reltio Cloud, Reltio Data-Driven Applications, Be Right Faster are all
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