This is the fourth article in our Vizlib Industry Supercharge series, a collection of articles focused on speeding up the time to value across industries with Qlik Sense and Vizlib. In this piece, we’re exploring how data is transforming the Life Sciences industry.
The Life Sciences sector has seen massive growth over the previous two years. According to a global tech research company, ABI Research, the spending by pharmaceutical manufacturers on data analytics is “forecast to grow by a 27% CAGR and be worth US$1.2 billion in 2030.” However, alongside this exciting investment in innovative technology, the sector has also seen regulations and costs increase, and that means it’s more important than ever for companies within the industry to grow sustainably by adopting a digital-first approach, or a strategy that gets the most from their technology and people.
Modern analytics tools can provide the real-time data organisations need to be able to react fast. They can also provide the right tools for managing an end-to-end data pipeline – from R&D right through to point of care.
A streamlined path to insights
When access to critical data from key sources – like drug trials – is easy for the right people to access and understand, organisations can more efficiently get information and insight into the hands of the people that need it. This has positive impacts on revenue, cost, and resource allocation, and enables faster insight to action. Plus, businesses that choose user-friendly software can empower anyone to make better, faster contributions to the organisation via access to the right data, at the right time.
In a Qlik Sense case study, Novartis, a global healthcare and Life Science specialist, shared that “The democratization of information is the key to a data-driven organization.” And to boost usability, they also ensure everyone, no matter their position in the business, has access to understandable dashboards and intuitive analytics experiences to guide their day-to-day tasks and functions.
With Vizlib Library, users – from leaders to lab technicians – can uncover new insights with customised, compelling dashboards. Your employees and team members will have immediate insight into the data they need, enabling them to identify areas for improvement easily, and uncover opportunities for growth or efficiencies.
Vizlib Self-Service data exploration
With data access democratised, pharma, research, and biotech teams should be able to work with data how and when they need to – and with Self-Service analytics, that’s exactly what they’ll become capable of. In their top 10 solutions for Life Sciences whitepaper, Qlik shares how self-service analytics models can help streamline data discovery with:
- Sales automation to maximise performance and revenue
- Regulatory compliance and drug safety for risk mitigation
- Clinical trial management to streamline the complex process
- Physician and patient analysis to understand their needs better
- Financial management, unlocking potential new profit opportunities
- Supply chain management, optimisation to improve performance and profit
- Product and portfolio management for better control and agile decision making
Vizlib Self-Service empowers the right people to engage with the right data at the right time in a safe, governed environment, empowering them to make fast, reliable decisions that support accelerated growth and more meaningful innovation.
The importance of an integrated data ecosystem
In an industry where decisions can change lives, teams cannot be cut off from insights. With an integrated data ecosystem, businesses can connect previously siloed data to streamline operations and support better understanding and data-sharing. And keeping data flowing throughout the supply chain, from R&D to manufacturing and distribution, can help boost productivity, and improve collaboration.
Of course, collaboration must be intelligent, and intentional. Vizlib Collaboration can help teams work together in a hassle-free way while ensuring that confidential data stays confidential and secure. A key feature in Collaboration is the availability of full audit trails, making it easier to manage data and ensure seamless regulatory compliance.
Collaboration also allows teams to build on clinical insights without having to leave Qlik Sense, and to share information easily via business tools like Slack or Microsoft Teams. They can even input data on the fly with Vizlib Writeback Table and Input Form to maintain a single source of truth for added transparency.
Future-proofing Life Science supply chains
On the manufacturing side, Qlik predicts that by the end of 2020, a third of manufacturing supply chains will utilise analytics-driven cognitive capabilities to improve cost efficiency.
One trend that leaders are exploring is creating a smart factory – a manufacturing facility that’s fully digital. With modern analytics tools, this is possible. Leveraging Qlik’s powerful associative engine, you can easily uncover the right info at the right time in your clinical, biotech, or pharmaceutical manufacturing data.
In their 2022 Global Life Sciences Outlook report, Deloitte shares that with fully digitised systems, enterprise benefits could include:
- more automation
- better cyber security
- improved performance
- sustainable data integration
With Vizlib’s advanced analytics capabilities, manufacturers can forecast more accurately for greater optimisation, to reduce costs, and improve safety. Continued acceleration is key rather than the risk of slipping back to old, less agile ways of operating.
In this highly competitive and life-changing market, it’s vital to select solutions that simplify how teams uncover and share meaningful insights, and help your organisation fast-track innovation.
Discover how to get more from your Life Sciences data with Qlik + Vizlib here: