Last month, we took a whirlwind tour through the various stages of Analytical Platform Evolution in the Life Sciences industry. This month we are taking a deeper dive into the new jewel of analytics – prescriptive analytics.
As previously described, and shown in the accompanying chart, prescriptive analytics not only demonstrates what will happen but more importantly the downstream implications of those predictions.
Making the commitment to prescriptive analytics allows organizations to maximize the volumes of data that are available to them and enable the achievement of a very specific end objective. Prescriptive analytics combines three main components:
- Structured data (such as sales figures)
- Unstructured data (non-numeric such as text or video)
- Business rules to follow (both describing how to consider with the data and how to maximize the prediction without compromising the rest of the business goals)
A 360 degree view is obtained as data can come from internal sources or external/environmental sources. There are no limits to the volume of these components. Indeed, the greater the volume of data, the clearer the path to your specific objective.
Prescriptive Analytics in Healthcare
As an industry that is both growing and morphing rapidly, healthcare is ripe for prescriptive analytics. Hospitals and clinics can use prescriptive analytics to better staff for influxes of patients, not by only relying on historical data, but by developing a future-looking model. Researchers can use prescriptive analytics to more easily hone in and target patients who will be appropriate for and inclined to participate in clinical trials.
There is also great opportunity for the sales and marketing arms of biopharmaceutical companies. Imagine that each sales territory or even product within a territory is driven by an independent algorithm, influenced by outside, organization-wide and territory specific conditions. A unique payer situation? A constraint on the number of representatives? A supply chain hiccup? Resources going to a launch product? No problem – properly executed prescriptive analytics allows for these (and much more) to be considered.
Having great data is only the first step. Implementing a comprehensive prescriptive analytics program is complex and requires an experienced team. At ASI we can be that team and assist you in making the most of your data to maximize the benefits you receive from your investment in your analytic program.
Reach us at 610.265.9400 or firstname.lastname@example.org.