Exploring the Ocean of Data: Analysis and Quality that can Transform Business Strategies
The new challenges of the Pharma & Life Science market. The key players? Always the data.
Data analysis and data quality are essential aspects for those working in the IT and digital fields. Have you ever thought about how many times a day you look for information on your smartphone? Whenever we need to make a decision, whether it's to find the fastest route, compare prices before a purchase, or a thousand other circumstances, we instinctively reach for our phone to get an answer. "I saw an interesting restaurant--should we go there?" "Yes, wait a minute, let's see the reviews first!" We constantly search for news, information, numbers, opinions, prices--basically everything.
As a matter of fact, nowadays we have immediate access to an enormous amount of information that is cataloged and indexed specifically for each of us. At the same time, we take advantage of this possibility almost unconsciously and automatically, often without even realizing it. This is because the data shown to us (increasingly more accurate, well processed and relevant in our research) have gained our trust over time and have changed our habits to such an extent that, sometimes, they are essential in our choices. Ultimately, this data is proving to be increasingly useful and valuable.
Using data in companies: small bricks of a great strategy
The circumstances in which companies need to deal with data are becoming increasingly complex, evolved and crucial for growth and positioning in a competitive market. With the increase in both the quantity and complexity of data, we simultaneously see the exponential evolution of tools used to navigate it, making analytical processes increasingly interactive and effective.
Going into the specifics regarding the relationship between quantity and quality of information, a question should come up: to what extent can they be considered truly reliable?
According to a KPMG’s survey: “Just one-third (33%) of CEOs have a high-level of trust in the accuracy of their Data & Analytics, a new KPMG survey has found, and 29% have limited trust or active distrust of their organization’s use of D&A”.
This means that the higher the stakes, the more necessary accuracy and reliability of sources become, as these data represent the basis of business decisions and play a key role in making or breaking implemented strategies.
It is important to keep in mind that the amount of data to be analyzed is constantly growing, it is estimated that, in the last two years, 90% of data all over the planet was generated.
How to browse the sea of data without sinking?
To achieve truly effective analytical systems, it is important to consider 3 key aspects:
- Combination of data sources: Analyses become more meaningful and valuable when they can combine diverse data sources and data of uneven granularity. Correlation analysis between these sources is important, but the complexity of such systems should not compromise quality, which becomes the real critical factor to preserve.
- Balance between speed and accuracy: The need to obtain a lot of information in a short time can come into conflict with accuracy and precision. Finding balance between the speed needed to obtain data and the need to ensure the accuracy of the information being analyzed is crucial. A decision based on unreliable data can lead to wrong results.
To summarize, effectively browsing through data requires a holistic approach that considers both the combination of data sources and promptness, while maintaining a constant focus on accuracy and precision of information. Only then will it be possible to benefit from the maximum value of data and make informed decisions in an increasingly competitive market environment.
Finding the right balance between time, data and accuracy – here is how to do it
The best solution is achieved by constant dialogue and interactions between the supplier and customer, which over time turns into an increasingly solid partnership.
For us, creating a relationship of trust with the client is a fundamental step: the listening phase becomes crucial in order to provide the most appropriate solution to achieve objectives effectively.
To support this, thanks to our experience and know-how accumulated over the years in the analytical field, we provide ready-to-use and customized models for the pharmaceutical market.
NOVA is our ready-to-use business intelligence platform designed to harmonize and democratize data. NOVA enables your team to discover valuable insights with over 400 KPI indicators, improving efficiency and driving results in sales, marketing and events.
In conclusion, when it comes to data analytics and data quality, we see a scenario which can involve risks if you do not follow the right direction. That is why having a technology partner becomes essential in guiding you correctly to get the best results for your business from this "treasure chest" of data.
With the right partnership and the right strategic approach, you can harness the full potential of data and make informed decisions aimed at your business’ success and growth.