If you’ve attended an industry conference recently, you may have heard a discussion about insights management technology – a platform or solution designed to collect and analyze insights gathered by life science companies. Why is it such a hot topic right now, and what are the trends driving insights management?
The goal of insights management is to improve how information moves through an organization, getting the right information to the right people at the right time, and in the right format, to drive change. Market research firms were among the first to formalize an insights management approach, but now many industries use some form of insights management to enable better decision-making.
What are the trends driving the adoption of insights management technology?
Life science companies are getting into the insights management game, too. Here are the five trends driving uptake of technology that helps manage insights.
There’s more information to work with
Data sources are proliferating – not just in the life science space, but everywhere. The pandemic contributed to this by forcing most business collaboration to go digital, resulting in more recordings, transcripts, online polls, surveys, and social media interactions. For pharmaceutical and medical device companies, all of this information could hold valuable insight on patients, products, and developing scientific narratives – but the time required to collect, sort, and interpret this data is significant.
Legacy systems and processes are fragmented and slow
Life science teams can spend nearly 200 hours a month compiling a single report, mostly because the information needed is distributed across different systems that live in different departments or geographies, none of which are automated or designed to talk to each other.
Digital transformation is a priority for life science
The COVID-19 pandemic was the single biggest driver of digital transformation and disruption in recent years, with 35% of pharmaceutical industry leaders stating that the crisis accelerated digital transformation by more than five years. Companies no longer have the option of playing catch-up or taking a wait-and-see approach, either – most biopharma leaders believe their organizations need to adopt digital technologies more quickly to win in the market.
Information moves fast, but decisions don’t
The availability of 24-hour news and how quickly information moves across social networks has given rise to a niche market of publications and websites designed to fact-check or disprove misinformation. In the life science industry, emerging clinical data and breaking scientific news move just as quickly, and organizations may find themselves struggling to respond. It’s no longer practical to wait months for the opportunity to gather insights from experts, and teams are turning to technology that enables more efficient engagement.
There’s a bigger appetite for operational efficiency
The pharmaceutical industry is investing heavily in advanced technologies like artificial intelligence and machine learning, which reduce the reliance on manual processing and allow workers to focus on their areas of expertise rather than combing through hours of recorded interactions or hundreds of pages of notes.