It's time to use data properly
In today’s world data is everywhere – currently 30% of the world’s volume of data is in healthcare, and its continuing to grow. Insight generation in 2022? As predictable as this might seem, senior leaders within the pharma and life sciences industry ran – not walked – down paths that leveraged analytics to optimize strategic decision-making and agility in execution. In 2023, this data will continue to multiply, offering opportunities to transform scientific innovation and customer engagement. We’ve observed determined teams operating interdependently to deliver upgraded CRM systems that optimize data and enable better decision-making around customer engagement (I know, I know…what could be more thrilling in 2023 than CRM systems).
2022 was a year in flux; redundancies, re-structuring and re-budgeting. People and teams were concerned with employee retention, growth in revenues and generally recovering after two and a half years in a real-life episode of Black Mirror. Evidence generation was not top of the list in order of priorities. But, as we enter 2023, the dust is settling. Primary research is beginning to climb back up the list of immediate needs, however, this year there is a clear opportunity to finally stop producing data for the sake of data. Sure, we are living up to the definition of insights in acquiring ‘the capacity to gain an accurate and deep understanding of someone or something’. However, we’re only going halfway; the other half which most people miss is actually utilizing these insights in a forward-thinking way to generate real impact on systems and sales. It’s easy to get excited about big data but if it is not structured, distilled, or applied in a strategic way it’s true potential for impact will be lost.
Let’s think of insights in three parts – awareness, attribution, and action. With this framework, 2023 needs to be the year of action – taking your information and pushing the dial forward to translate them to tangible inputs of strategic, commercial decision-making. Many organizations in the pharma world are utilizing behavioural data in a calculated way to upgrade their CRM systems take advantage in the opportunities of Hybrid Health. The result is a hyper-focused system which increases success of commercial engagements, customer satisfaction and ultimately sales. As the doors of 2023 open, I implore you to critically evaluate whether your CRM system operates in a way that effectively uses behavioural insights to determine the appropriate blend of hybrid interactions for each customer. If the answer is no, then 2023 is your year for CRM upgrades.