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Executive dashboards for pharmaceutical companies

Executive dashboards transform pharmaceutical decision-making by consolidating critical data into real-time, visual insights across R&D, sales, and operations. These empower leaders with accurate, actionable analytics to streamline workflows, forecast revenue, and accelerate drug development.What is an Executive Dashboard? Executive dashboards are business monitoring tools used to track performance across Research & Development, Commercialization, and Sales & Marketing. They provide a single visual representation of KPIs and critical metrics relevant to business. These dashboards serve as a centralized hub, aggregating data from various departments such as sales, research and development, manufacturing, regulatory compliance, and more. Let us dive deeper into pharma Executive Dashboards Pharma projects are complex and extensive, and each drug may take up to 10-15 years to reach the market. In such a scenario, there would be huge amounts of data to analyze while making crucial decisions such as setting priorities in resource allocations, calculating pre-commercial revenue forecasting, analyzing market trends to design the most profitable commercialization strategies. Manual processes often cause errors and are time-consuming. They may also not have the capacity to retrieve real time data breaking data silos and disparity. Digital solutions tailor-made for specific business needs not only solve data silos and disparity problems,but also save time by reducing manual efforts. Cloud computing ensures scalability, and machine learning enhances forecasting in Pharma Portfolio Dashboards. These dashboards are accessible on various devices and have strong security measures. Customization options cater to specific organizational needs in Pharma market research, fostering insightful analytics. Digitalized Pharma Portfolio Dashboards are the best example of how technology can foster confident data-backed decision-making. How Portfolio Executive Dashboards are helpful in Pharmaceutical Industry? Portfolio Executive Dashboards play an essential role in enabling decision-making within the pharmaceutical industry. These sophisticated solutions provide a consolidated view of critical performance indicators, integrating data from various facets of the business. Pharma Executive Dashboards enable smooth informed decision-making for executives, offering insights into sales metrics, research and development progress, manufacturing efficiency, and regulatory compliance. Pharma executive dashboards serve as real-time visual representations, allowing executives to identify trends, assess risks, and capitalize on opportunities seamlessly. By incorporating pharma market research analytics, these dashboards not only offer retrospective insights but also guide future strategies, ensuring portfolios align with evolving industry trends and customer needs. Types of Pharma Executive Dashboards These executive dashboards leverage data visualization and analytics to provide decision makers with a holistic view of various aspects. Here are some types of executive dashboards used in pharma portfolio analysis: 1. Project Portfolio Management (PPM) Dashboard The Project Portfolio Management (PPM) Dashboard streamlines project oversight by offering a snapshot of project status, resource allocation details, risk tracking, financial insights, and an overall health score. This concise executive dashboard facilitates proactive management, ensuring optimal resource utilization and budget adherence. The portfolio health score, derived from key performance indicators, provides a quick assessment of the project portfolio's overall well-being, empowering decision-makers with essential insights for strategic and effective portfolio management. 2. Revenue Forecasting Dashboard The Revenue Forecasting Dashboard is a pivotal tool for strategic decision-making in revenue planning and strategy development by providing real-time sales projections. Through market trends analysis, it integrates competitor insights, market share data, and identifies emerging opportunities or threats, and ensures a focus on sales volume, market penetration, and customer feedback. 3. Clinical Development Dashboard The Clinical Development Dashboard offers insights into trial progress and timelines, providing a detailed overview of milestones and potential delays. Patient recruitment metrics track recruitment, helping to identify challenges and opportunities for improvement. It ensures adherence to regulatory requirements, guaranteeing a robust clinical development process. Safety and adverse event reporting keeps a vigilant eye on trial safety and provides timely monitoring and reporting for effective risk management. 4. Supply Chain Management Dashboard Supply Chain Management Dashboard ensures seamless operations offering real-time insights into inventory levels and guarantees adequate supply to meet demand. Supplier performance is rigorously evaluated, tracking delivery times, product quality, and compliance with regulatory standards. Leveraging historical data and market trends, the demand pharma forecasting feature optimizes product availability, enhancing overall supply chain efficiency. Benefits of Digitalized Executive Dashboards for Pharmaceutical R&D Technology backed executive dashboards offer a myriad of benefits for pharmaceutical Research and Development (R&D) organizations, enhancing efficiency, transparency, and decision-making processes. It includes: A comprehensive and real-time overview of R&D activities, consolidating Key Performance Indicators (KPIs) such as project timelines, resource utilization, and success rates.By centralizing data from various R&D processes, executive dashboards enable decision makers to identify bottlenecks, allocate resources effectively, and streamline workflows. This enhanced visibility facilitates proactive decision-making, allowing organizations to respond swiftly to challenges and capitalize on opportunities.Executive dashboards help in monitoring the progress of clinical trials, ensuring adherence to timelines and regulatory requirements.They enhance collaboration by providing a shared platform for cross-functional teams. This fosters communication and alignment of goals, accelerating the pace of drug development.With an executive dashboard, decision makers can quickly access and analyze a comprehensive view of the entire pharmaceutical portfolio. This expedites the decision-making process as executives can make informed choices based on up-to-date information, reducing delays, and improving overall efficiency.Automation reduces the reliance on manual data entry and manipulation, significantly decreasing the chances of human errors. This ensures that the data presented on the analytics dashboard is accurate and reliable, providing executives with confidence in their decision-making. As a pioneer in pharma data analytics and visualizations, team i2e engineered Clairvoyance- a custom Executive Dashboard Application tailored specifically for the pharmaceutical industry. This application offers a consolidated view of the client’s R&D project portfolio, providing executives with a powerful interactive tool for data-driven decision-making. This custom solution delivers a robust data quality verification platform and offers the analysis and visualization features needed to tackle the various problems the client was experiencing. The Clairvoyance custom dashboard platform can help the R&D leaders to align portfolio performance with their business goals. i2e Consulting helps global pharmaceutical companies to access insights and prepare decision dashboards tailored to their unique business requirements. Embrace the power of Clairvoyance, a cutting-edge decision management solution. Contact us now and seize the future of pharmaceutical innovation by optimizing, strategizing, and thriving with Clairvoyance.

Organizing Data for Portfolio Decision Making | i2e Consulting

Did you know that 60 - 73% data of an organization are categorized as Dark Data, which goes to waste1? 2020, Gartner survey on portfolio decision-making finds that 78%2 of R&D leaders say the pressure to make faster decisions has increased. All you need is harness your data for insights and make decisions faster. If only it were that easy; or is it? In today’s blog we will discuss business problems in the life science space, technical hurdles, and how with a good approach and even better execution you could master quicker decision making.Business and technology challenges Businesses are rapidly evolving; the amount of data volume is exponentially increasing yet; companies are still spending hours and hours in PowerPoint report generation? There has been an increase in scrutiny in portfolio decision-making by leaders. A lack of agility and transparency is imperative. The multi-country, multi-vendor Pharma environment is not helping either. If you zoom in to these problems, often it is observed that a common set of system challenges are present in most organizations struggling with portfolio decision-making. (While there are change and process issues; however, for this blog we will limit ourselves to technical problems.) Disparate data sources and systems are a major concern which hinders business collaboration, leaving room for inefficiencies, vulnerability, and overspending. This siloed information and a lack of visibility for BI (Business Intelligence) and analytics lead to poor decision-making. Companies have been aggressively increasing data collection and analysis over the years; however, most of it suffers from data quality issues such as inaccurate, incomplete, inconsistent, and duplicated information. This unstructured or raw data is called bad data, it is bad news for any company, and it does more harm than good. Not only does bad data lead to flawed insights, but it also creates bottlenecks in digital transformation, many migration projects have failed owing to bad data. It also affects operational efficiencies. Sadly, most companies think it is a minor issue until it becomes a major bottleneck for them to deal with. The ability to react to the market depends on how quickly you have access to the latest insights. However, most companies work on week- or month-old data. How is someone to make faster decisions when the analysis is based on such old data? This also puts them at a disadvantage against their competitors. Your approach matters No problem is big enough with the right approach. Identifying loopholes that affect your performance is key here. A thorough evaluation with cross-functional stakeholders and subject matter experts is the first step. Once you have run the analysis you are to define the problems and work towards finding solutions. It is advisable to have clear quantifiable goals. That is where consultants come in place. Once you have the plan ready you can move to prototype stage followed by the actual solution implementation. Let us consider a case, the race to the cloud has left many a system scattered in on-premises, hybrid, and cloud-based environments. Costing heavily on operation efficiencies and at times poses serious threats to data integrity. How to take informed decisions with multiple selections from a set of alternatives while taking account of relevant constraints, preferences, and uncertainties? Approach to this can be: Define the problem at hand with a thorough assessment. System review and identifying data sources form part of this step. Once we are aware of the problem at hand, we work towards enlisting solutions. In this case, Unifying data across organizations by connecting these disparate systems would be a smart way forward. Next up is the implementation. Once solutions have been finalized, with a comprehensive set of frameworks, technical solution, and analytics we build portfolio decision making capability. In the recently concluded Planisware Exchange22, i2e presented working solution to make decision making faster. If you are an existing Planisware customer or planning to invest in Planisware these solutions could be just the thing you need. Real-time data exchange Planisware supports OData from version V6.2 onwards; however, you do need a separate license for it. In a survey independently conducted by i2e Consulting it was found that few users were aware of it. OData or SQL of the web as it is popularly known, allows organizations to extract Realtime Planisware data. This is useful to integrate Planisware with other systems or perform additional analysis of Planisware data. It is easy to use even for business users and requires no external application. Planisware Data Extractor facilitates users to retrieve real-time data from applications, so one need not go to a report every time they need information. Everything happens in Excel, so it is easy to customize the charts, do additional calculations and combine data from other sources. Automating portfolio reporting with RPA (Robotic Process Automation) to generate and distribute portfolio reports. The solution assists project teams to deliver actionable portfolio data to leaders efficiently. With just a few clicks, select the data you need to build your presentations or Gantt charts and get the report delivered to your email address. No need to waste time manually exporting data into slide decks and Gantt chart templates. Explore possibilities in portfolio decision-making for clinical development. The good assessment exercise sets clear understanding of business pain points and expectations. This helps develop KPIs, data sets for reporting, and dashboards. Forecasting and demand planning for resources. Listed are a few portfolio decision dashboards. Budgeting analysis by site and spending by vendor and CROOperational KPI (key performance indicators) tracking of numerous studies.Areas of under-utilization and over-utilization of resourcesMilestone tracking and predicting deviations from timelineCompliance with regulatory requirements for time reportingTalent upskilling and management To conclude, the right approach with proper planning is half the battle won. The ancient wisdom of haste makes waste stand valid even today. As Planisware integration partner, i2e Consulting helps organisations gain project visibility with unified view of portfolio. Slice and dice information to discover trends, practical solutions and prioritize demand. To learn more about our Planisware offerings visit our service page, or fill in the form below. Think PPM, think i2e Consulting. References Harnessing Dark Data - themedicinemaker.com/business-regulation/harnessing-dark-data2020 Gartner portfolio decision making during disruption survey

New Trends in Data Visualization - i2e Consulting

Data visualization has an important role in the field of information management. In order to make good decisions, you have to be able to understand and analyze available data. Sound data visualization techniques will help in achieving the desired results. And to stay ahead of the game, you need to know about the latest tools and trends in data visualization. With this perspective, we are looking forward to the new trends in data visualization. Read on to know more about the latest trends for 2017. Image Source: https://www.analyticsvidhya.com/blog/2013/09/trends-data-visualization/ Predictive and Prescriptive Analytic Tools: Predictive analytics involves extracting information from current and past data in order to forecast future possibilities. This tool helps in gauging what will happen in the future with an acceptable level of reliability, including a few alternative scenarios and risk assessment. Predictive analytics can be used in different industries. For example, Hotels may use it to foresee the number of guests they can expect on a particular night so as to adjust the room rates to maximize occupancy.Prescriptive analytics uses the insights provided by predictive analytics and prompts a call to action based on findings. It analyzes current data for patterns and risks; evaluates the outcomes of the various scenarios that can crop up based on decisions made according to the informational data. This provides decision-makers with hypotheticals about the impact of each option. Only 10% of organizations currently use prescriptive analytics. According to Gartner, this will grow to 35% by 2020.The Rise of the Visualization Package:Just like running a business cannot be a one-man show, data visualization too, needs a host of people to collate data, organize and visualize it as well as to interpret and analyze it. This process may require many people with specific skill sets. As more and more businesses embrace data visualization, there is a lack of experienced people with the skills needed to excel in the field. However, SaaS products are a kind of easy to use software which provides all analytical functions with minimal training. Now you can expect more of data visualization SaaS products entering the market in 2017.Animation and Interactive Visuals:While the last few years were all about using 2D infographics for data visualization, 3D interactive images and moving pictures are the latest tools that advancement in technology has provided data visualizers. Due to this, there is a powerful shift towards animation and interactive visuals in data visualization. As we move ahead in 2017, the persuasive power of moving images is going to be another trend to watch out for.Mobility and Easy Accessibility:The advancement in mobile technologies and the advent of smartphones and tablets has equipped data analysts and decision-makers to consume data anytime and anywhere. However, there are limitations such as inadequate data security and small canvas for visualizations. Therefore, the emerging trend would be to enable users to access data on their smart device but store the data on servers instead of the device itself. This will ensure there is no data theft in case the smartphone is lost.Big Data and the Human Factor:Big data is incomprehensible and does not usually provide valuable insights on its own. Not all available data is valuable, so it is important to separate the seed from the clutter. We need to analyze the potential data sources and determine if we are selecting the best sources and the best angle for proper analysis. If we are not doing that, we can be certain that our competitors Therefore, more and more organizations are making this big data smaller and understandable through data visualization and visual analytics. The trend here is to make big data manageable and dependable by making available what is relevant to the user.