Top HCLS Organizations Leverage Modern Data Management for Realizing Their True 360 Vision
The healthcare and life sciences track at Modern Data Management Summit 2017 invited industry leaders who shared thoughts on contemporary industry themes such as data-driven strategies to improve commercial effectiveness in life sciences, democratization of master data management (MDM) helping pre-commercial companies with faster product launches, insights-driven patient engagement in healthcare and real-time data enrichment with data as a service.
Jamie Yates, Leader Master Data Management at AstraZeneca, discussed collaborative approaches for better data stewardship. It was interesting to learn how AstraZeneca allowed its field sales representatives act as data stewards and granted them direct involvement into the Health Care Master. Reltio Cloud’s robust configurability with no need for tedious customizations and ease of use (UI inspired by consumer data-driven applications, such as LinkedIn and Facebook) made it possible.
Maria Perkins, Vice President, Growth Technologies & Proposals at Optum, led a panel on “Using Data to Drive Optimal Sales of Health Services.” She and her team at Optum discussed how they had an extremely rigid and expensive legacy MDM and didn’t have a true Account 360 view of their complex and diverse B2B customers. To realize the benefits of cloud computing in the MDM space, Optum chose to partner with Reltio rather than going with a legacy MDM vendor. Reltio Cloud helped Optum understand the needs of diverse accounts, offer customized products and services, integrate unlimited number of data sources and do white space analysis. Their sales operations team also expressed enthusiasm over leveraging Reltio Product 360 for a single view of their complex product line that resulted from a series of acquisitions and diverse product offerings for providers, payers, prescribers, patients and so on.
Abhi Parab, Managing Director at PCGI Systems, presented a biopharma case study illustrating data-driven strategies to improve the quality of business insights and effectiveness of commercial processes. What their client needed was to resolve complex customer hierarchies and relationships, and integrate changing third party and internal data sets to deliver a true customer 360 view to the right business units and data stewards. He discussed how their client used Reltio Cloud to address these challenges by leveraging its commercial graph, data as a service (DaaS) and integrated workflow capabilities.
Eric Letts, VP Master Data Management at HighPoint Solutions, talked about the democratization of MDM in life sciences (across different departments and systems e.g. CRM, sales order management, contracts and pricing and R&D) and how Reltio Cloud played an important role in breaking down these system silos. He further discussed how Reltio Cloud’s capabilities, such as solid starting party model (not starting from scratch), quick configuration and prototyping and user-friendly interface enabled many of their biopharma clients to build out new commercialization capabilities in much less time as compared with traditional MDM solutions that may take several months or even years.
John Busalacchi, Center of Excellence Lead – Information Management at QuintilesIMS, provided valuable insights into the evolution of enterprise information management (EIM) in the life sciences industry and how it would influence the future of customer engagement in healthcare. He emphasized the need for actionable insights in operational as well as analytical applications, and the importance for having a current golden record of all customers at all times. Once a reliable data foundation is established with continuous data quality management, marketers can confidently use data-driven applications to segment customers, based not only on channel and message preferences, but any attribute available.
Philippe De Smedt, Principal Architect at Kaiser Permanente, spoke about best practices and approaches towards innovative data governance and how to translate challenges, such as the proliferation of data from multiple heterogeneous data sources and disintegrated cross-domain and unstructured data to opportunities. He ran through his work in developing the three key elements to effective data governance – business drives it, IT enables and supports it, executive management sponsors it.
The first-ever Modern Data Management Summit (2017) provided a platform for healthcare and life sciences (HCLS) organizations to discuss the latest trends in data management and how these trends impact evolving business needs. It also helped them witness how companies in other industries are leveraging modern data management to stay ahead of the competition. If you could not make it this year, click the button below to request recordings of the selected sessions from DataDriven17. We look forward to seeing you next year at DataDriven18!