Data strategy is often seen as just the tech side of things, but it’s way more than that. It’s about driving a cultural shift towards data-driven decision-making, and that takes alignment and buy-in from all parts of the organization. Without that alignment and investment, the strategy is just a pretty document that collects dust on the shelf.
The fish stinks from the head. Any failures in leadership work their way down the rest of the company. But the opposite is true as well: change begins from the top. Data strategy is a great example. – Jack Lampka
To truly transform into a data-driven organization, leaders need to embrace the “data-driven mindset” and prioritize data as a strategic asset. Only then can an organization unlock the full potential of its data and reap the benefits.
I’m a big fan of Jack Lampka, Head of Data Science at MSD. Jack seems like a really fascinating person who is making a big impact in the healthcare space! He’s been involved in projects like creating AI-powered tools to help physicians make more accurate diagnoses and developing new analytics tools to improve drug discovery and development.
In an article published last year titled 11 building blocks for a successful data strategy, Jack dives into this topic in great detail – it makes for a brilliant read. From my perspective, I’m particularly intrigued by four out of the eleven points. I’d like to delve into these within the context of an essential foundation required for delivering an exceptional customer experience (CX), which has been a prevalent aspect of my professional experience:
- Data Backbone: A robust IT infrastructure is needed to store, integrate, and manage data effectively. Central data repositories should consolidate relevant data based on use cases.
- Data Mindset: Fostering a data mindset across the organization involves data literacy programs that empower all employees to work with, analyze, and understand data.
- Business Alignment: Data initiatives should align with and support the broader business objectives. Collaboration between data teams and business colleagues ensures that data products address business needs effectively.
- Descriptive Analytics as the Next-Best-Action: As we venture into predictive analytics across context, insight, action or content, it’s vital for organizations to scrutinize past data, unveiling trends, correlations, and causes. Tailored visualizations, dashboards, and reports should cater to the precise requirements of business users in a digestible manner.
A comprehensive data strategy is all about bringing together the right people, processes, and technology to create actionable insights.
Data integration is a common challenge in the pharma industry. The main reasons being complex regulatory requirements that restrict the flow of data between companies, data silos within pharma companies with different departments using different systems and formats, and a lack of standardization in data formats and definitions, which makes it hard to integrate data from different sources. These issues can make it challenging for pharma companies to get a complete view of the customer, and to leverage data for decision-making.
The evolving landscape of healthcare launches highlights the diminishing effectiveness of traditional approaches. The rapid adoption of digital channels among healthcare professionals has ushered in a transformative wave of change in the industry. HCPs are increasingly turning to digital channels, thus making them more accessible than ever before for a challenger brand. This in itself is a major opportunity for pharma companies to reach them in new and innovative ways. The end result: more efficient and effective sales and marketing, higher customer engagement, and ultimately, increased revenue.
In Data Management and Data Collection, effective data management plays a pivotal role in maintaining data accuracy, security, and accessibility by setting data standards, implementing governance processes, and utilizing data technologies. On the other hand, data collection involves the process of gathering and organizing data from various sources, including surveys, customer interactions, website analytics, and social media monitoring. The seamless integration of data from diverse sources enables a holistic customer view, known as Customer 360, which combines data from multiple touchpoints, while Customer Segmentation involves grouping customers based on shared characteristics, behaviors, or preferences, aiding in personalized marketing and engagement strategies.
In an earlier article, I dived into the trifecta of CX strategy, which is crucial for healthcare and pharma companies to stay competitive and meet the evolving needs of their customers. Let’s break it down:
- Data Transformation: Consolidate data from various sources, including CRM / CLM, CMS, ERP, KOL Data, Internal & External Sales Data, Market Share Data, Event & Congress Management, Marketing, Portals, patient records, wearables, and more, to gain a 360° view of the customer.
- Digital Transformation: Leverage digital tools to create personalized, convenient, and intuitive Customer Experiences.
- Adaptive Organization: Embrace a customer-centric culture, agility, and a willingness to constantly adapt to changing customer needs.
The deep involvement of pharmaceutical operations executives is the compass that ensures transformation aligns with the company’s overarching business strategy and objectives. Their profound understanding of organizational culture and processes is the cornerstone of transformation success. Their active engagement not only fosters employee buy-in but also paves the way for a successful journey. At the heart of this transformation is our unwavering commitment to a patient-centric approach, serving as our guiding star. With this approach, we are driving toward a seamless, personalized experience that ultimately enhances health outcomes. In essence, transformation is indeed a journey, but with the right leaders at the helm, we are on a path to meaningful progress, not a road to nowhere.