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Blog
How Optimizing Customer Data Can Accelerate Insights and Increase ROI
Access, manage, and organize healthcare data in one convenient place
May 10, 2021
The COVID-19 pandemic has accelerated many trends in the healthcare industry, including a greater need to connect data, technology, and services to deliver faster business analytics, insights, and results. Healthcare customer data is complex, expensive, and often used in many fragmented systems within life sciences companies. To add to the complexity, each business user has distinct needs for insights and reports.
If all the data were accessible in one place, data scientists could focus their time and energy on the analysis to inform best practices, course correct where necessary, and enable better engagement with customers.
Most life sciences companies have a Customer Data Platform (CDP), but for the CDP to fully deliver its benefits, companies first need to acquire new data and consolidate data from across the enterprise. IQVIA – OneKey, for example – has invested in the technology, people, and expertise to build a productized data capability by partnering with the Snowflake Data Cloud to improve the ways in which life sciences companies manage and access their healthcare data. Snowflake gives analysts fast access to updated and integrated data that they can pull into their CDPs to activate marketing channels.
IQVIA has the largest global healthcare data networks in the world, with over 1 million data sources providing access to 800M+ non-identified patient records and 95B+ healthcare records processed annually in over 100 countries.
Save time
In their current state, many life sciences companies purchase data and receive it in a certain format, load it into a data warehouse or custom tool, and go through the cumbersome process of cleaning and staging before it’s ready to use. Constrained budgets and limited engineering resources to implement and integrate third-party data often leads to long sales cycles and delayed time-to-value after purchase. But life sciences companies need fast answers to solve their critical business problems.
With a solution like IQVIA’s DaaS (including OneKey) via Snowflake, the datasets that companies subscribe to appear instantly in the Snowflake environment — with zero engineering effort required. Life sciences companies get to access the most current data available and receive automatic, real-time updates so analysts can run queries and build APIs, saving time and reducing operational complexity. Additionally, IQVIA is able to resolve 90% of data investigations in as little as one day.
Increase ROI
This type of approach also means that life sciences companies can stop paying for infrastructure resources to ingest and store data, because data is shared without moving or copying the data from one place to another. Life sciences companies will also reduce the cost of resources to clean and integrate data by 50-75%. IQVIA offers over 500 data architects and engineers globally who can build data warehousing solutions based on your specific needs.
In addition, this new capability doesn't have to replace data investments that companies have already made; DaaS can either be an end-to-end solution or a supplement. If life sciences companies already have on-premise or cloud investments, they can leverage their existing infrastructure and cloud technologies in combination with the acquisition capabilities of Snowflake Data Cloud. Because Snowflake already acquires all IQVIA-subscribed global data assets centrally, life sciences companies eliminate 100% of their data acquisition efforts and increase total ROI.
Accelerate time to insights
Many analysts in the pharmaceutical industry say that they spend 80% of their time collecting and processing data and 20% doing the analysis and decision-making that benefits the business. For the first time, IQVIA’s partnership with Snowflake allows them to flip those percentages and spend more time making decisions.
With DaaS, business intelligence and analytics professionals gain access to live and ready-to-query data, eliminating the need for any data transformation. This means a 20-25% faster time-to-insight for anyone who relies on OneKey data for informed decision-making.
Time is extremely valuable for life sciences companies who need to capture customer insights and get products to market. They can make important decisions faster when there’s no lag time due to data wrangling.
If you’d like to learn even more about how to optimize your existing IQVIA (including OneKey) data including third-party datasets to save time and increase ROI, download our fact sheet or contact us.
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