The Pharma industry is driven by hordes of patient/consumer/ influencer data, and Pfizer is at the heart of it. The pharma giant has upped the game by investing in business intelligence and analytics self-service dashboards, turning lumbering metadata into a treasure trove of insights. Today, Pfizer believes that more data means more opportunities to descend into granular detailing.
Consumer-related data analysis is just the tip of the iceberg. If the economy at large is akin to a huge funnel, this funnel is bookended by microeconomic forces at the bottom of the funnel while macroeconomic forces are at the top. The advent of business intelligence (BI) and business analytics (BA) dashboards have compelled organizations to go down the funnel and extract real-time valuable insights via self-servicing dashboards.
Like any industry, pharma is driven not only by consumers, but is also dependent on influencers. As a result, Pfizer wants to derive insights from its massive amounts of data related to physicians, managed care and demographics. Here are 3 priceless lessons any industry, sector or organization can extrapolate from this case study.
1 | BI dashboards work best when they incorporate micro and macro factors
Understanding the vast pharma market is not only essential to Pfizer’s core standards, but is also a demand in the industry. Gaining this understanding of the market forces keeps Pfizer a step ahead of its competition. This not only leads to industry defining insights, but also ignites world class innovation within the company.
Pfizer has laid a strong technological foundation to make sense of the vast amounts of market data it gathers every year. With bespoke business intelligence and analytics tools embedded, the pharma giant has acquired the capabilities to tackle everything from ad-hoc reporting to predictive modelling.
2 | Self-service BIs increase ease of access to data insights
Most data stored in data warehouses end up being unused because extrapolation depends on cumbersome procedures. As a result, most business decisions are made based on data scattered across spreadsheets. Why?
As business units crave for custom reports ahead of, or in real time, they have to rely on the IT department. Every request sent for a detailed or new report is lost amidst a list of unsolved queries due to resource constraints. With the help of self-service BIs however, Pfizer has eliminated this hurdle. Pfizer’s BIs enable power-users to comb through gargantuan amounts of data insights in no time at all. Self-service BIs have not eliminated data warehouses but given business units easier access to it via bespoke BI applications.
3 | Self-service BIs improve the quality of Pfizer’s data
With the application of world-leading business intelligence technology, Pfizer has achieved a remarkable feat in reducing data inconsistencies. Steven Kern, the company’s vice president of global manufacturing business intelligence opines that the data warehouses act as conduits of metadata upon which the business units weave a layer of BI applications, thereby allowing all business units to share the same data. From there on, C-level staff can peruse top line trends via effective data visualization, whereas individual departments can immerse themselves deeper into the data to extract insights from specific cases using the same application.
Take a cue from Pfizer’s experience on using Business Intelligence to drill down to the metrics that matter. See how it can work for you!