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PharmaVoice: Industry Outlook for 2016

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For pharma to derive the most value from their data, the information needs to be clean, accurate and reliable. It must also be combined with more and more data sources. In fact, the more sources of data that can be processed and connections formed, the richer the insights and the more effective the actions. Much like graph technology used by Facebook and LinkedIn, a new breed of commercial graphs are now being used to capture relationships and connections between people, products, places, devices with unlimited attributes, transactions, and interactions. This technology is able to provide pharma teams with recommended actions based on machine learning and algorithms that offer predictive analytics and suggested operational execution. While data scientists can comb through big data with disparate tools, the biggest value will come from data-driven applications in support of more effective marketing execution.

Modern data management platforms are making it easier for marketers to bring together data across a wide variety of sources and to easily correlate, tag, categorize and drive insights without IT help.

This self-service capability is possible due to Data as a Service directly connecting third party data providers to frontline business applications, allowing users to preview and then access the data they need in real-time.

Unlike traditional analytics tools that are used just to generate reports, the data is used directly for operational execution. These operational applications also support users updating data, which can be further communicated back to third party providers in exchange for credits.

This closed loop improves the data quality for everyone in the life sciences industry, reducing waste, improving efficiency and for marketers it makes for better, more targeted and effective campaigns.