THE VERIX MANAGEMENT DASHBOARD: AN EXECUTIVE BRIEF

Transcription

1 THE VERIX MANAGEMENT DASHBOARD: AN EXECUTIVE BRIEF

2 One of the biggest challenges faced by life sciences organizations today is staying efficient and profitable in a time of continuous changes of regulations, an overwhelming abundance of data, and the growing complexity of technology. As a result, the need to cut in costs in the pharmaceutical industry is often translated into pressure on commercial operations, as management presses to conduct more and more market research and analyze the business landscape, in order to make better informed business decisions. In order to face these challenges successfully, high level executives in the Pharma industry need immediate, direct and easy access to real-time data. They simply cannot be dependent on other departments providing them with mediated stats and slow-to-come answers to pressing questions. Today, data needs to be presented in a way easily understood and consumed by high level business users. Usually, this would be where traditional reporting systems would come-in to save the day. A good example is our good old friend, the Excel Spreadsheet. However, along with its advantages of being free and constituting a credible calculating tool widely used by Commercial Operations, the excel sheet, along with other traditional analytics tools, presents a number of crucial problems when it comes to reporting. These issues are inherent in its limited technological attributes, making it no longer a stand-alone suitable data analytics solution for our time and day: 1. The first of them being time consuming. Today the massive data traffic is demanding that decision makers take action and respond immediately to changing phenomena based on the most accurate, current analyses. They can't spare the time to wait for the reports to be handed and updated. 2

3 2. Secondly, spreadsheets are simply more prone to error than newer, more accurate technological analytics solutions. 3. And third, the traditional analytics tools are simply difficult to process, which brings us to the 'Analytics Guru' problem; namely when the high level decision makers need the professional analytics team to assist in understanding the stats handed to them. Traditionally, Commercial Operations analysts used to get set-in-stone reports provided by the IT departments, also referred to as the 'Analytics Gurus'. But these were ad-hoc reports, and by the time you received them, they were no longer relevant. These types of reports are not holistic; they lack flexibility and don't allow for changes from the field-up, thus yielding low utilization rates. In short, it's time for a change in tune when it comes to analytics reporting. Analytics Democratization Today, there's a growing traction in the analytics world to enable analytics democratization. Essentially, it means making data analytics more accessible to a broader base of frontline users, turning it from an exclusive property of data analysts to a wider-spread tool. This allows the analysts to focus on performing deeper analyses and answer the more complex questions, ones that cannot be answered by "self-service" tools. According to a Ventana Research survey, 75% of participants want to make real-time connections to company data, with another 72% wanting reports that decision makers can refresh or filter themselves 1, without the mediation of the analytics guru. In this new light, frontline users should be able to link data from multiple sources, including external ones, and apply predictive data without needing to know a single line of coding, should they be given the right technology tools. 1 (VENTANA, 2013) 3

4 Verix Management Dashboard: real-time analytics for everyone! Decision makers in Pharma, all the way from VPs to Managers, need to get insights they can act upon; timely insights, at all levels of the command chain, and in all territories, whether national or regional. And more importantly, they need to be able to do so themselves, while generating reports based on aggregated data at all levels of granularity. While traditional analytics solutions provide aggregated data organized in charts, a new, top-of-the-line analytics solution can generate a story out of that data; a story to monitor and explain phenomena, evaluate hypotheses, drill into interesting findings and substantiate conclusions. The ultimate business value provided by a great analytics solution should be the improvement of revenue growth and profit margins, and this is exactly what the Verix Management Dashboard is offering. Focus on sales efforts and maximize sales effectiveness The Management Dashboard allows just that, by enabling: Measurable overall effectiveness of sales efforts, using role-specific dashboards combined with Rx and CRM data. Automatically generated Smart Text executive summaries of the business at the national/ geographic level, to enable immediate understanding of the business situation. Easy comparison between Net Sales, Budget and Forecasts. Understanding of competitor's trends and actions based on a detailed analysis of geographic and prescriber's activity. Viewing aggregating Sales Force Activity and Managed Markets data relevant to the executive level. 4

5 Applied unified data and analytics repository for the entire organization The Verix Management Dashboard presents sales force performance information aggregated in every possible order, and under any desirable sequence and format. The data is designed to address every type of query, and is perfectly organized to fit every role within the sales force chain of command. There is no limit to the categorization of this information. At National Level: How is my business doing? Net sales versus budget Sales performance by product and top/bottom territories/accounts Marketing data (commercial and PAP) Managed Markets data (adherence, payer types, enrollment, etc.) Sales force activity (top/bottom territories, frequency, etc.) Demand related metrics (total versus new prescribers, etc.) At Regional/territory Level: Where do I find opportunities and targets to improve my business? Targeting and segmentation of sales Messages that drive prescribing Sales force selling model Selling versus account management Patients enrollment and targeting (for specialty Pharma) Performance measurement and optimization 5

6 Figure 1: Management KPI Tacking View 1 Figure 2: Management KPI Tacking View 2 6

7 Figure 3: Executive Dashboard Key benefits for the Verix Management Dashboard solution Cost saving solution easy to use and maintain Common organization business language and reporting format Most powerful collaboration tool Pre-defined analytics to meet the user s needs, fastest time to solution Eliminate the reporting ambiguity of the current Excel reporting; creating a single version of the truth Seamlessly role-based adjustment to the organization working and reporting methodology Every piece of information counts; integrating internal and external data sources 7

8 Sell, Plan, Measure and Succeed By allowing frontline users to draw data on the spot, the Verix Management Dashboard is essentially offering a self-service analytics solution for the whole chain of command. When executives are able to manage data themselves, they not only improve their immediate, on-the-spot decision-making, but they are also more informed on a bigger strategic scale, which allows them to revise long-held assumptions and old practices according to new business landscapes. Ultimately, a personalized dashboard software allows the business to cascade goals and objectives, empower employees to make better decisions and hold them accountable for results. When you add a business analytics solution to the equation, you can tame Big Data and make it obedient to your needs. So, crawl out from under all that data and see the light! Sell, plan, measure and succeed! 8