Among the immutable laws of pharma marketing, there’s no question harnessing data has the power to help companies improve their strategic decision-making and, in turn, their bottom line. That’s why it’s no wonder one Accenture study reported that 79 percent of enterprise executives surveyed believe companies that do not embrace big data will suffer competitively and could even face extinction.
With their eyes on the future of pharma, business leaders are putting their money where their mouth is, investing billions in the rush to access data. With that, the market has become ripe with business intelligence tools, martech solutions, and intelligent machines that enable marketers to extract value from all the data that is newly available to them. But while investing in collecting data is a very good thing, this begs the question: are we sure organizations are doing enough to effectively analyze and act on they data once they’ve collected it?
Estimates are that by the year 2020, 1.7 MB of data will be created every second for every person on earth. That number is staggering in any context, and is daunting for even the most tech-savvy pharma marketers who need to figure out how best to leverage it within their organizations. So what can marketers do to ensure their data better informs their strategies?
In my latest article in PharmExec, “How to Get Your Marketing Team to Drive with Data,” I break down the importance of assessing your company’s level of data maturity, why success hinges on building systems and triggers for critical data, and the best practices needed to create a culture that boosts analytics from a discussion to meaningful action. I also share the four stages of benchmarking data maturity and how to overcome barriers to data visibility, as well as the three tenets to transforming your marketing organization to become more data-driven for the long haul.
Read the article here.