Business Intelligence (BI) is a relatively new term that refers to the applications, technologies, and practices used to collect, analyze, integrate, and present business information. The primary purpose of BI is to enable better decision making for companies. Essentially, BI systems are Decision Support Systems (DSS) driven by big data.
Business Intelligence solutions provide companies with current, predictive, and historical views of their business operations, commonly using data gathered into a data mart, a data warehouse, or even operational data.
The software elements of Business Intelligence systems provide support for reporting, pivot-table analysis, statistical data mining, and visualization. The applications can help companies track financial, sales, and production data to gauge business performance or benchmarking against competing companies.
What life sciences and pharma companies want from their Business Intelligence systems is making intelligent clinical and business decisions quickly. As a result, CROs, medical device manufacturers, and pharmaceutical companies use data visualization systems extensively to help them work with massive and varied data sources.
Predictive analytics is the key application of big data for the life sciences and the pharmaceutical industry due to the large volume of structured and numerical data. Big data helps life sciences organizations to:
Business owners or leaders at the managerial level must have a firm grip on their organizational data.
A good example of this with regard to life sciences is geographical sales data for drugs. Data points could include the impact of investments, market conditions, customer profiles, and rises in sales due to unexpected or seasonal outbreaks.
A company that needs to take advantage of marketing insights to grow its market share can run the data through a machine learning algorithm. The analysis would help the life sciences organization to establish the data points that indicate customers with a high opportunity value, favorable market conditions, and effective investment strategies.
Armed with this information, the company can then make accurate predictions on which customers offer the best sales opportunities for drugs or treatments, when to launch marketing promotions and the type of marketing opportunities that will pay off.
With outbreaks of new diseases and the emergence of new syndromes, prevention is an essential driver of business intelligence for the life sciences sector.
Thanks to big data, professionals in the industry can gain detailed insights into patterns of different causative factors — behavioral and genetic — which could increase disease risk within a particular population.
Armed with the information they need, physicians can easily recommend different types of medication or guide their patients toward making lifestyle changes to lower their exposure to disease. There are massive potential cost savings in disease prevention.
One of the most important benefits of business intelligence for pharmaceutical companies is the analysis of drug production data for strategic planning. This includes:
With a business intelligence system, a pharma company can quickly and accurately analyze large volumes of data and gain insights into improving production efficiency, lowering costs, and bringing pharmaceuticals to market as soon as possible. Business owners and management teams can also use Business Intelligence to avoid the cloud of unnecessary preconceptions and hypotheses that could set them on course for failure.
A big myth that many business leaders believe is that Business Intelligence is expensive and that only the largest corporations can afford to utilize its power. Nothing could be further from the truth. Today, modern solutions providers like Whiz.ai work with large, mid-sized and even smaller companies in the life sciences field to make better decisions for their businesses and customers.
Whiz.ai is the first Business Intelligence platform purpose-built for pharma and life sciences companies. The system offers users a conversational interface that allows them to talk to the data and receive structured information quickly.
Whiz.ai is a Business Intelligence platform based on AI, allowing life sciences companies to collect and analyze the context and content of their business data 100x faster than traditional platforms. Because the platform is custom-built to analyze life sciences data, it offers instant answers to the questions that business leaders ask and offers the ability to make sense of billions of records.
This cutting-edge platform provides business insights into specific life sciences, particularly in the following fields:
Contact Whiz.ai today for a free demo of the innovative AI-powered Business Intelligence platform to make it easier to analyze the life sciences market and make sound strategic decisions.