Business Intelligence: How to deploy it in the pharmaceutical industry?
Business Intelligence is one of the technologies that can help the pharmaceutical industry achieve even better results. However, many of the benefits that this feature can bring to companies are still unknown to most managers.
So, in this post, we’ll explain how important it is to invest in BI and why the pharmaceutical industry can obtain advantages by doing so. Continue reading and clarify your doubts on the subject!
Why can BI help the pharmaceutical industry?
The pharmaceutical industry faces a major problem — targeting their marketing to reach the most lucrative markets and the professionals who are able to advertise their products. These tasks can be done much more easily with the help of Business Intelligence, which will show you which clinics and doctors need to be reached for good results.
What Business Intelligence does is organize the data that your company already has and those originating from external sources to guide the decision-making process and guide the choice of the ideal prospects.
Data from pharmaceutical audits are usually compiled manually, which requires a lot of time and effort from the team. With automated systems, you can save resources and achieve better, more accurate results.
In what areas can Business Intelligence help?
The deployment of Business Intelligence in the pharmaceutical industry is still an innovation. Technology can grant multiple areas of organizations incredible results.
Departments like the marketing and the sales ones are some that can see benefits with the use of BI. Check it out.
The pharmaceutical industry spends millions promoting its products. These expenses can be lower if the company adopts technologies to manage them.
Business Intelligence will give your organization resources to better understand the target audience it serves. It will also help distribute marketing investments to encourage initiatives that bring greater returns.
By using KPIs for segmentation and performance analysis, BI will enable you to identify the most profitable products and professionals that can work as brand promoters. Targeting campaigns to those who already have an interest in your products will push them towards a better ROI and make selling much easier.
Market segmentation is a fundamental process in marketing because it makes it possible to point out the homogeneity between your customers and their behaviors and needs. Armed with this information and a good BI system, you will be able to create more efficient strategies.
Market Intelligence, or Business Intelligence, is analyzing how an organization acts and how its competitors perform. This discipline helps managers understand what can be changed in their own businesses and how to do it. With market intelligence, it’s easier to spot opportunities and anticipate trends, which is key to selling more.
In addition, it helps the industry stop reacting to market changes and to anticipate them.
By using Business Intelligence to segment your audience and gain market intelligence, a natural growth in sales can be expected. Technology can support decision making in multiple business departments, but it is in the sales one that it creates great opportunities.
Knowing the exact moment to approach a customer or to introduce him or her to a new product can make all the difference in the company’s profits. BI will also help you create good performance reports that show where the sales team goes wrong and point to relevant changes.
What challenges does BI help the pharmaceutical industry face?
Some of the challenges that can be circumvented with BI in the pharmaceutical industry and the effects of using this technology are our next topic. You’ll see, in the topics below, the benefits of using BI in targeting and approaching customers. Check it out.
Targeting is accurately detecting the key characteristics of your target audience in order to analyze them and generate knowledge that can get your business to deliver the right message. Each profile has particularities that can be explored by a business for best results. Think, for example, that it is much easier to sell a product to someone who is dissatisfied with the solution they currently have.
The same goes for directing efforts to win doctors who will promote your brand. Aiming with the use of data at those who are questioning their relationship with the current brand, at those who have just opened an office and begun their practices or at those who have not achieved the results they expected with the drugs they recommend to customers makes all the difference when selling.
You will not have to nurture this prospect for a long time, since it will already be prone to try a new solution. Targeting will allow your company to understand exactly what factors influence a physician to join a particular lab and how to use that in favor of the business.
Segmentation is a bit different from targeting, but it is also very effective for the business success. A central marketing strategy usually includes actions that are identified by the acronym STP — segmentation, targeting, and positioning.
Segmentation is to homogenize your customers to understand how their needs make them the ideal customers.
The pharmaceutical industry needs targeting to win over the public and Business Intelligence will help do that. Certain markets, for example, can bring more profits to your company as long as your strategy focuses on them. Only with integrated, clear, up-to-date and relevant data can a company ensure that the segmentation it performs is efficient and that its targeting is correct.
With good targeting and good segmentation, the company can develop an approach. This word translates into marketing the ideal message the customer wants to hear before purchasing a product and the information that is relevant to him or her in decision making.
The more knowledge your business accumulates over your target audience by using Business Intelligence, the more likely it is to optimize your message and gain and retain new markets.
With all these advantages, it is much easier to understand that BI deployment in the pharmaceutical industry should be done as soon as possible. Adopting this technology now is the right way to put your company among the highlights of the market.
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