Solving the mystery of named resource management in life sciences project management for organizational effectiveness

How executive dashboards drive strategic decision making in pharma portfolio management

In the dynamic domain of pharmaceutical research and development, data is emerging as a lifeline where new innovations are transforming our lives every day. The pharmaceutical industry captures an enormous amount of data throughout the drug development process. According to McKinsey, impact of advanced analytics will drive between 15% and 30% improvement of EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization) over the next five years climbing to EBIDTA improvements of between 45% and 70% over the next decade. Given the speed of advancements in the study and knowledge of diseases in today’s world, effective management and analysis of disease data has become the most important performance differentiator for innovative growth in the pharmaceutical industry. The quality and volume of new data collected from academic research, scientific discovery in disease analysis, and advances in pharmaceutical sciences, along with broader and more far-reaching data from epidemiological studies, clinical trial results and real-world evidence is huge. This data cannot be managed or analyzed solely using traditional methods. Pharma R&D organizations must learn to leverage digital aids to assemble this data volume in practical ways that increase their knowledge in diseases of interest and guide their investments in medicine and device therapies. Smart data engineering, business performance monitoring, project management, portfolio risk analysis, intuitive data visualizations, and executive dashboards are becoming an integral part of successful pharma R&D pipeline innovation and delivery. In this blog post, you will discover how decision dashboards play an important role in advancing pharma analytics, R&D project portfolio management and effective decision-making. Top-down, integrated analytic frameworks and dashboards will guide the future of pharmaceutical industry performance. We will explore how visualization and analysis tools should be tailored to meet the unique business growth objectives of strategic business analysts, commercial and R&D portfolio leaders, and corporate executives. For a successful innovative organization, strategic R&D portfolio management is a key factor to growth. Pharma R&D has a very long development cycle and requires the commitment of significant corporate resources to gain approval to market innovative medicine and device therapies. R&D portfolio management solutions help the enterprise control and optimize the value of their investments by analyzing and effectively navigating the risks in their R&D pipelines, and wisely positioning portfolio opportunities to maximize the potential benefit for the company and for their patients. The complexities in pharma portfolio management highlight the need for executive dashboards Diverse Pipeline Components Pharmaceutical companies may manage their R&D project portfolios from early-stage research through loss of exclusivity or by segmenting early-stage and late-stage development and in-line products. Either way you cut it, portfolio management demands alignment in key valuation metrics and the assembly of like for like data on timing, cost, revenue and risk data to effectively inform strategies and decisions. Marketing Dynamics In the highly competitive disease therapy market, portfolio managers analyze various dynamics such as regulatory shifts, research innovations, competitor pipeline advancements, and market trends to differentiate and promote the value of their products for patients. Risk Mitigation and Assessment Risk assessment in drug development accounts for the technical feasibility of demonstrating that a medicine or device delivers health improvements that meet or exceed a minimum criterion for the target product profile, on safety, efficacy, and stability. Beyond that, risk assessments should also account for the uncertainty in regulatory, competitive and commercial forecasts associated with delivering a product with a minimally viable commercial profile. Portfolio Performance Monitoring the performance of projects over time and evaluating them against their baseline, against other projects, or against industry benchmarks for assets at each stage of product development can be effectively achieved through a dynamic visual portfolio dashboard. The comparison analysis enabled by the visual interface can help put focus on performance trends and areas of risk to manage. Effective Decision Making With the ability to incorporate annotations, analytical insights, and rationales into dashboard charts and tables, portfolio investment options can be assessed with expert feedback, and the most viable portfolio development scenarios can be confidently pursued. Importance of Data Visualization in Pharma Portfolio Management The use of dashboards for pharma portfolio analytics drives the value of the organization´s information assets and offers advantage to gaining a competitive edge in a very competitive marketplace. Dashboards collect data from sources across the organization and present them in an interactive and insightful manner, helping executive decision makers access, analyze and act on important information effortlessly. Comprehensive View A holistic, accessible, and appealing visualization of a portfolio incorporates information from distinct data sources such as project delivery milestone timing; project cost and resource forecasts; technical and regulatory risk assessments; competitive landscape analysis; and market forecasts. When presented in an integrated dashboard, these data deliver greater project insights. Real-Time Analytics Integrated decision dashboard, enabled by real-time performance data, help facilitate well-informed decision-making processes. They source plan schedule updates, resource re-allocations, and market forecast adaptations due to competitive, regulatory and market events. These timely information dashboards provide a differentiating advantage for product positioning in a highly competitive industry. Cost Management Pharma Portfolio Executive Dashboard contribute to R&D cost management by efficiently signaling cost variance from baseline, assessing ROI for trial investment and optimizing cost forecasts and benchmarks for future management of trial cost and forecasting. Customization Portfolio management across the pharma industry has a common objective to drive sustained business growth but each organization has its own unique approach to governing its portfolio investment decisions. Subsequently, each organization measures portfolio performance and growth objectives based on the unique metrics and composition of their portfolios. To effectively interact with their portfolio knowledge base, these stakeholders require customized, yet frictionless interaction with their portfolio data, via personalized data dashboards, with data visualizations and insights customized to manage and respond to the elements most sensitive to sustained growth. Challenges in accomplishing Data Visualization for Data- Driven- Decision- Making From long and complex drug development cycles to fast evolving standards of care and an ever-dynamic market landscape, the pharmaceutical industry has a complex task of forecasting a successful and sustainable pipeline delivery of innovative medicine and device therapies over the next decade. Digital solutions such as data visualization and data dashboards improve clarity and actionable insights to effectively project and plan for a sustainable future with a robust and viable set of medicine and device projects at all stages of research and development. Data Disparity and data silos A core challenge that pharma and biotech companies are grappling with is data disparity. Due to the distributed nature of pharma R&D planning and execution, data is captured and maintained in different systems and in varying formats and structures throughout the project lifecycle. Maintaining data standards across systems may not be a priority for the various project data contributors and therefore it may be challenging to assure data quality and to align and join project data for portfolio analysis. This makes it difficult for the portfolio decision makers to get a reliable, consolidated view of all their project data. Manual data assembly demands patience, is error prone, and may not yield insights in a timeframe that a decision maker requires. Need for Centralized Portfolio-level Visualizations A crucial step in data-driven-decision-making is the ability to analyze multiple dimensions of complex project data and to make informed decisions. Dashboards and visualizations can be of immense help in bringing clarity and insight into the performance and options available to optimize a project’s development path. The ability to assess one or many projects in the portfolio, to visualize and contrast projects and development options across the portfolio, and to offer clear insights to investment choices for decision-makers is a significant advantage. 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 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. Reference: https://www.mckinsey.com/industries/life-sciences/our-insights/how-pharma-can-accelerate-business-impact-from-advanced-analytics

Data Visualization Solutions | Services | Custom Dashboard

Digitalization led to big data which by 2020 will have 44 trillion gigabytes of data. We are in a position where we have access to masses of data, but our ability to effectively use this data for competitive advantage is a constraint. The reason being most of this data is unstructured and scattered across multiple sources. Did you know that only 1% of the data we have access to is analyzed? This is a massive underutilization of data which is not free. Data is helmed as the new age gold and if you are planning to become data rich you should invest in Data Visualization. Data visualization has been around for centuries and evolving constantly. From primitive maps to visualizing data in mixed reality visual representation of data has come a long way. Visualization makes it easier to process and comprehend data. As they say, “A picture tells a story better than 1000 words could” Data visualization can be used at different levels across an organization and there are several used cases. One thing to consider while going for visualization is to have a clear objective whether you want it for exploring the data or mere presentation of data. Data Exploration is used by a data analyst who is trying to match patterns, get insights, make a forecast, etc. These usually require dashboards, multi-layer graphs, etc. Data exploration is used by many businesses to get actionable business insights into their data and plan the next steps. On the other hand, data presentation is to represent the findings of data exploration in a very basic form, usually some form of storytelling. You would not want your investors or higher management to spend time understanding the graphs and charts or worse not understanding them at all. We at i2e consulting offer data visualization to help get actional business insights and PPM solutions. Here we list a few of our many customized data visualization solutions that hugely benefit organizations. Data Exploration in R&D: We created dashboards for a pharmaceutical giant who wanted to get insights on the research and development happening around their organization. They wanted these dashboards to drug lifecycle management. Our dashboards helped R&D productivity to newer heights through complete data integration and cross-departmental data utilization. Interactive mixed-reality PPM dashboards: One of our clients came with a unique requirement wherein they wanted their board meetings to be interesting. They wanted the entire top management to be involved, focused and attentive. We suggested and eventually created data visualization with Microsoft HoloLens. AR/VR is highly engaging, informative and unique (well for now it is) which makes it ideal for presenting information. The holographic imaging enabled them to interact and play around with their data. This newly found perspective not only made the meeting interesting but also enabled better insights for better forecasting. Resourcing Dashboards: Resource planning is one of the key concerns for many organizations because of the nature of the information involved. When one of our clients, requested a dashboard to optimize scheduling and resources precisely. We offered a dashboard solution to minimized resource planning challenges. The dashboard showed resource availability based on skillset, level of expertise that helped with resource availability forecast. Besides, it also showed FTE scores of resources and made the company audit-ready. Wrapping it up, in the age of big data analytics data visualization is the only way to harness information. If you are planning to invest in it, do have a clear objective because these tools do not come cheap. If you are looking for any data visualization solution, we at i2e consulting are ready to answer your queries. Just fill in the below form.

Big data and analytics – Making its way into the corner offices

Every leader comes with a powerful vision. However, in today’s world, you need to harness the power of data to turn your vision into reality. Insights from data will help you formulate strategies not only for growth and innovation but also to keep your workforce happy, engaged, and motivated.Big data and tools that help to make sense of that data are the integral parts of an organization. If you consider data to be the new oil, then analytics is definitely the combustion engine. Without analytics, organizations would simply be shooting in the dark. Research indicates that the Big Data Analytics Market is expected to grow at a CAGR of 29.7% to $40.6 Billion by 2023. Data Analytics promotes business expansion, improve efficiencies, helps in gauging customer trends, optimize campaigns, and gain a sustainable competitive advantage.Data Analytics and C-SuiteIf an organization does not adopt data analytics into its systems, then it is most likely to stay behind its competitors. But many companies do not realize the full potential of data and data analytics due to a lack of support from the C-suite. To strive ahead, the company’s leadership must adopt analytics into decision-making and lead by example. It is one of the biggest and most reliable tools for defining vision and strategy.As business evolves, new C-suite roles are added. We have seen how the roles of a CFO and CMO came into the spotlight. If you go back to the 1980s, these roles were almost unheard of. Changing the business environment and dynamic conditions need more C-suite employees. The data revolution highlighted the importance of the CIO (Chief Information Officer) or CDO (Chief Data Officer). The power of data lies in its dynamic processing and interpretation.A 360-degree change in mindsetSenior management should embrace the idea that data and analytics is now a core business function. Unless the C-suite introduces a data-driven culture within the organization, this behavioral change will not radiate amongst the employees of the organization. The first question that they must ask, ‘Where and how data and data-driven insights can increase performance?’. This exercise should be taken right from the C-suite until the lowest individual unit in the hierarchy. Each division and business unit must find avenues where data analytics can deliver better results. Such discussions would open new possibilities and help an organization always stay ahead of the competitors.Predictive Analytics and Machine Learning are very critical to decision making. The adoption of these techniques by the C-level employees would remove any speculations and ease the promotion of the data-driven culture.Define a Data-Analytics RoadmapLike any other opportunity, Data analytics would remain under-utilized if there is no clear and well-defined strategy. Many companies adopt data analytics but cannot reap the benefits of it due to the lack of a data-driven strategy. The planning of the strategy must begin from the top-level management. It should include different business heads and leaders. They, in turn, would communicate the strategy to their mid-level managers. In this way, the data culture would run deep into the veins of the organization.A few years back, a telecom company adopted big data analytics to improve their pricing and service based on consumer insights. The data team did their part and prepared the models, but the operations team had no idea how to use them. For them, it was not a priority, and they had no plan on how to use the insights.If you want to explore the full potential of data analytics, you must have a well-defined roadmap.Securing the ExpertsTo establish authority and expertise in data analytics, you need a lot of resources, tools, and models. The top management must figure out the dilemma of the buy vs. build trade-off. The typical questions that plague the mind at this stage are - Do the performance improvements and plans justify the development of in-house data analytics resources and intellectual property? Or is it wise to outsource the task, and use the models and tools developed by an external vendor?‘Leave it to the experts’ is the best modus operandi when it comes to data analytics. Customized software and dashboards help you not only with data discovery but also with analysis and interpretation enabling you to deliver tangible business results.Why use customized dashboardsDashboards are a one-stop solution for interacting with data, gathering insights, and staying up-to-date. Customized dashboards allow you to quickly access data, measure the performance of the organization in real-time, and take better business decisions. You can put up the KPI’s and information you need and keep customizing it according to the business need. This allows you to see all the information and even dig deep into any of the data if you wish to.This allows you to measure the performance of each functional department and formulate strategies to improve them. Customized dashboards give way to great visualization, intuitive analysis, and makes issues easier to notice. With an overwhelming amount of data around you, custom dashboards serve to be the answer for better insights.Also, there is no additional need for training; every custom dashboard is intuitive in nature with easy navigation through the information and controls. With custom dashboards, you can realize the true impact that data and analytics create for your organization.Once the top management starts using predictive analytics, machine learning, and custom dashboards, it would create a data revolution in the entire organization. With custom dashboards, C-suite leaders can put all the metrics under one screen, monitor the performance of the company, and make quick data-driven decisions to drive productivity and revenue and reduce risk.In this changing world of uncertainty, you need to evolve each day to stay ahead. If an organization can take full advantage of data analytics lead by its C-suite, then it would always stay ahead in the game.At i2e consulting we help you build customized dashboards to gain critical business intelligence in quick to view graphics. You can get answers to critical business questions, align business actions with strategy, and boost productivity in just a few clicks.For more information visit www.i2econsulting.com [i] https://www.prnewswire.com/news-releases/global-big-data-analytics-market-to-2023-market-is-expected-to-grow-at-a-cagr-of-29-7-to-40-6-billion-300760522.html