7 Ways Compliance Will Deliver Operational Efficiencies in 2016
Originally published at Pharma Compliance Monitor http://www.pharmacompliancemonitor.com/7-ways-compliance-will-deliver-operational-efficiencies-in-2016/10261/
By Ajay Khanna, VP Product Marketing, Reltio
According to a survey conducted by Reltio in 2015, 55% of life sciences organizations describe themselves as “very data driven”. However, 74% are concerned about missing or incomplete data while 50% say that the insights gathered from the data are not actionable. This situation has significant compliance implications. Not having clean data or not knowing what to do with the data siphons valuable resources and exposes people and companies to compliance risks.
For life sciences, regulatory reporting such as open payments, sample eligibility, and conforming to corporate integrity agreements (CIA) are a must. Companies allocate significant resources to generate complex reports and spend thousands of hours training employees. Most companies still view compliance reporting as a regulatory requirement rather than a mechanism to improve visibility across the operational value-chain that can make business processes more efficient. Compliance and operational systems are still in departmental silos. This will change.
A new breed of data-driven applications with built-in master data management (MDM), big data analytics, and machine learning capabilities will change how we view and approach compliance. Business leaders will keep their focus on creating business value for customers and patients through these applications with built-in compliance. The data will be continuously cleansed and brought together so all regulatory requirements are met and any deviations identified and fixed before they turn into violations.
Here is how we see approach to compliance changing in 2016:
1. Compliance will not be an afterthought
More often than not companies first build their operational systems, deploy business intelligence tools, and then, as mandated by regulatory agencies, put compliance checks in place. This approach of compliance as an afterthought will evolve. With the advent of new data-driven applications, compliance rules will be incorporated right into domain specific business applications. Compliance and operational applications will no longer be disconnected. As a result, insights from business applications will be used to ensure compliance as well as to improve operational visibility and productivity.
2. Compliance reporting will be near real-time
Data-driven applications track and record every click, view, update, merge, and unmerge of data, across all sources. Such a fine-grained, attribute-level tracking for each record ensures that you can report on any dimension of business at any point in time. No more creation of complex reports and spending days to gather and collate information for regulatory reporting. All information will be available in real-time with a single click.
3. Machine learning will proactively warn against violations
Beyond just capturing data required for regulatory reporting, modern data-driven applications will leverage machine learning to identify patterns that reveal relationships and opportunities that can proactively reduce violations. Driven by better customer data and intelligent recommendations, field teams will be kept from inadvertent non-compliant communication, illegal sampling, or inviting the wrong customers to medical events.
4. Compliance mandates will coincide with customer and patient-centric initiatives
As compliance becomes an integral part of operations, life science companies can now leverage the insights gleaned from transparency investments to become more customer and patient-centric. Data-driven applications will deliver deeper customer understanding, opening opportunities to deliver personalized and more relevant information to the customer. Blending big data scale information from electronic medical records (EMR), social media, connected devices will provide an unprecedented view into patient wellbeing while keeping all compliance checks in place.
5. Compliance initiatives will boost employee performance
Federal health care programs and FDA requirements mandate various field team training for compliance. Thousands of hours are spent on training as well as on the reporting of all training conducted. Using data-driven applications companies will take much more surgical approach than a shotgun approach to training. Providing the relevant training to employees who need it, helps them do their job with confidence and saves thousands of hours by identifying those who do not need it. Data-driven applications will help consolidate data from HR, LMS, and legal systems so companies can segment employees accurately for proper training and monitor their progress and validity of the training on an ongoing basis. A top pharma company recently accomplished just this for their company with incredible results.
6. Consumer-grade user experience and ease-of-use will drive the adoption of compliance applications
Compliance applications will go beyond complex reporting tools. The ease-of-use of consumer applications like LinkedIn and Facebook will greatly simplify the process of compliance enforcement and reporting. With intuitive interface compliance teams get all the required information within a single application, no unnecessary navigation or switching between applications. All information is available in the cloud, accessible anytime, anywhere. No more wasted hours of user training, and no more lapses in reporting because of lack of adoption. Everyone will intuitively know how to use the application.
7. Master Data Management will become the heart of compliance centers
Traditionally kept isolated for managing customer and product master data, MDM technology will become an inbuilt, core component of modern data-driven applications. Previously available to select few with large IT budgets, a modern data management Platform as a Service (PaaS) will bring MDM to the masses. Available in the cloud and augmented by big data analytics, MDM will facilitate the development of next generation compliance applications. Such applications leverage the strength of reliable data from MDM and utilize the power of real-time analytics and machine learning, at a big data scale, in a single composite application.
Everyone understands that regulatory compliance is important. Enterprise data-driven applications offer tremendous potential to address any number of compliance use cases. No longer considered a mundane reporting task, companies will embrace compliance initiatives as an opportunity to improve business operations and customer experience. Modern data management and data-driven applications will help them get there.