Many companies in the life sciences industry capture data but struggle to convert data into meaningful and actionable information. Although this is a common challenge, there are companies who have not implemented a suitable solution to address their needs. As more data is collected, the ability to extract business intelligence becomes more important to support strategic decisions.
Data is captured as raw numbers, measurements, and inputs, but has yet to be interpreted. As technology advances, more data becomes available for companies to mine. This data lake requires advanced analytics such as reporting, visualization and machine learning to deliver meaning behind data, and implementing integratable technology can help companies streamline and communicate actionable insights quickly.
Companies cannot use raw data to inform strategy and improve their operations. Evaluating data and applying sophisticated algorithms can create actionable intelligence to help organizations understand what shortcomings to improve and where success is realized. An example of a useful tool to collect data is a customer relationship management (CRM) system; however, many CRMs capture data but fail to present and analyze data into actionable information. A Sales Rep could spend hours sifting through data to help them formulate a strategy to nurture customers, but if they had a CRM with business intelligence capabilities, that search could be reduced to a minimum where insights would be made available to them in seconds. An intelligent CRM has the capability to analyze data and disseminate information quickly to support strategic direction.
Peter Sondergaard from Gartner said, “Information is the oil of the 21st century, and analytics is the combustion engine.” With effective business intelligence, the amount of hours that go into preparing for a meeting can be reduced significantly. Inefficient software can create more work for your team, especially if multiple systems are used to collate and analyze data. Efficient software will have built-in capabilities to automatically convert data to actionable intelligence that aids users in making real-time, strategic decisions.
The current industry trend is to invest in an all-inclusive CRM solution that has the capabilities of processing big data to provide real-time insights and opportunities so that competitive advantage can be maintained. Traditional CRMs are not optimized for the complex needs of today’s life science organizations and provide only the capability to capture data. An intelligent CRM will combine disparate tools into a single platform to optimize the user experience. TikaMobile’s CRM combines advanced analytics and business intelligence to help commercial and medical teams work smarter, more strategic and equips them with value-added solutions to nurture existing and prospective customers. Using a CRM platform with built-in analytics and insights that are accessible within seconds such as TikaMobile can help life science companies successfully execute their strategy and maintain their competitive stance in the market.