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June 21, 2022

How life science companies create value with insights management

Using technology to obtain and organize insights adds agility, reduces workload, and enables teams to make faster decisions.
value of insights management

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The pandemic kicked off a remote work revolution and led many companies to re-examine processes across the organization, from finance to hiring to supply chain. By far, some of the biggest changes occurred around digital transformation and adopting new technology. Life science organizations took some of the biggest leaps, with more than a third of industry leaders saying the global health crisis accelerated digital transformation by more than five years. Among the various technologies embraced by the industry was insights management, or digital platforms designed to gather, organize, and analyze insights. What’s the value of insights management for life science?

As with most digital transformation efforts, the potential for cost savings is just part of the appeal. More importantly, however, teams can create value by getting a more precise view of disease communities, engaging more diverse voices, reducing internal workloads, and shortening the time between capturing insight and taking action.

80% of biopharma leaders believe their organization needs to be more aggressive and adopt digital technologies faster to win in the market. – Deloitte

Plan and execute up to 12x faster

Planning is time-consuming, and internal hours spent on logistical tasks can add up quickly. This is particularly clear regarding traditional face-to-face engagements like advisory boards, which can take several months to plan and are subject to last-minute disruption. Life science teams that shift advisory boards to asynchronous technology can execute their programs up to 12 times faster – meaning they can get important feedback or critical insight much more quickly. And while saving time is certainly a benefit, the added agility is even more meaningful – teams can react quickly to current events, the competitive landscape, new data, or other key factors.

Reduce team workload by up to 25%

Gathering insights isn’t just a matter of asking questions and recording answers. Life science teams must put in the legwork ahead of time to understand what’s happening in a specific therapeutic area, including what the competition is doing and what experts and patients are talking about. Uncovering and monitoring these conversations – many of them online – is labor-intensive and requires analysis. These tasks eat up time that could be spent focusing on core business objectives. Insights management platforms, and specifically social media listening technology, can automate many aspects of these manual tasks.

From insight to action 4x faster

After insights are collected from disparate sources – online conversations, large-scale meetings and congresses, advisory boards, and one-on-one conversations with HCPs and other experts – another phase of work begins. For example, typical meetings require anywhere from four to six weeks for a follow-up, transcription, clarification, and development of action plans. Insights management platforms enable life science teams to centrally manage insights and apply technologies like artificial intelligence and natural language processing to identify prevailing sentiment and important trends quickly. Returning to our “typical meeting” example, insights management would help teams develop action plans within a week of completing a discussion rather than several weeks or months.

Cutting costs or saving time is always a benefit, but value creation offers more opportunities. By accelerating time to insight, life science teams can design more successful clinical trials, bring products to market more quickly, and engage more thoughtfully with stakeholders.

How can you tell if your team needs insights management technology? Here are five signs to learn now.[/vc_column_text][/vc_column][/vc_row]

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Photos of Lance Hill, Mike Abbadessa, and Raymond Mankoski

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