Everybody is going digital and for all the good reasons. Before getting to the nitty-gritty of digital transformation; let’s define digitalisation. In a broader context we can define digitalisation as change in business process of a company to incorporate technology into their workflow. In other words, when a company uses technologies like cloud computing, social media, analytics to run everyday business they are digital.
4 ways digitization is transforming pharma and healthcare industries
1.Power of Data: Data is the new age gold. Digitalization of businesses around the world have resulted in swathes of data. Such data, when consolidated by technology, is referred to as big data. Today millions of physicians, R&D professionals, healthcare facilities can rely on this data for decision making. Big data lays foundation for research and drug discovery. However, use of big data is not limited to drug discovery; when combined with predictive data modelling big data substantially reduces the cost of drug manufacturing. Clinical trials are getting safer. With the massive amount of information as their disposal pharma companies can market their products better. It would not be wrong to say that the pharmaceutical industry is highly benefiting from this digital transformation.
2.Cloud Computing: Cloud computing offers an agile, decentralized, and cost effective storage structure. The data in the cloud is stored across multiple servers around the world in chunks which makes it very secure. You pay as per your storage requirement and upscaling is never an issue. The cloud offers high availability, robust backup and recovery of your data. With this highly elastic storage structure, you can use cognitive analysis in the form of chatbots or simply automate regular menial tasks.
3. Hassle free document management: A flexible platform for document management is necessary for efficient functioning of a business. Traditionally, this was difficult to maintain and was expensive. Collaborative platforms like SharePoint help share, store, archive and manage electronic documents with ease. Pharmaceutical companies require a document management system mainly for two reasons: firstly, cohesive collaboration without IT support, and secondly, to consolidate the surplus legacy data acquired over decades. Several global pharmaceutical companies are deploying SharePoint to manage documents.
4.Transparency in Supply Chain: Lack of proper computer systems, multiple ledgers, high dependency on third parties were some of the common concerns of pharmaceutical companies. Often the end sale records were disputed. However, with the introduction of blockchain, supply chain logistics no longer faces such issues. The data is real time and visible to all concerned parties. Everybody shares the same version of the ledger. This newly achieved transparency helps companies share their philosophy with their consumers. Keep track of the integrity of assets right from their creation till delivery to the end-user.
To wrap up, digital transformation is an opportunity to reduce cost improve efficiency of your business. Many companies have adopted to this change, and there are many who most certainly will when they realize the power digitization holds to take their business to new heights.
We at i2e, specialise in information management systems. We offer solutions to move business into the cloud and deliver blockchain-based solutions to cater to their needs.