Digital transformation is more than a buzzword for the life sciences industry. It’s a strategic imperative which can improve the value positioning, efficiency, and productivity of life sciences businesses.
We are witnessing convergence in science and technology, which is ushering us into newer avenues of growth and opportunities in healthcare. There has never been a better time to question the traditional and disrupt the status quo. The pace of change is unprecedented in all industries, including life sciences.
How can life sciences companies take on a holistic approach to advance their capabilities? Let’s explore.
Digital Transformation for Life Sciences Companies
Data is the new healthcare currency and is helping customers to actively participate in their health and well-being. As regulatory barriers break down and companies adopt for a more flexible and collaborative approach to healthcare, there is a massive untapped opportunity for healthcare and life sciences organizations to disrupt processes and create transformation.
Advanced technologies are changing the digital experience for all stakeholders, improving care quality, driving better outcomes, and opening up new opportunities for life sciences companies. It’s imperative that life sciences organizations recognize their business priorities and plan for optimizing ROI on their digital initiatives.
A three-step framework for digital transformation in life sciences companies can help them prioritize initiatives, visualize an objective, and mobilize their organization, enabling a new culture and thought leadership.
- Innovate – Life sciences companies need to maximize the value delivered to customers. One way of doing this is to constantly innovate with processes and services. Innovation with R&D breakthroughs, product personalization, and new service development with business models can create improved value for the healthcare ecosystem.
- Engage – Businesses in the life sciences space need to engage more effectively with differentiated customers who hail from various geographies, cultures, and backgrounds. This can help generate personalized experiences and marketing campaigns that create higher patient engagement and support. Patient engagement has turned out to be a major differentiator for healthcare and life sciences institutions. This is the reason why life sciences companies must deliver targeted interactions that address patient, employee, and customer concerns, fostering loyal relationships.
- Execute – Life sciences businesses can execute processes with efficiency by installing new technologies such as AR and VR. Research and development within these domains can help streamline manufacturing processes across the organization. This would improve performance and reduce costs for life sciences companies. Using new and innovative platforms can also catalyze the development of new products and services that offer increased value.
Opportunities are available for life sciences organizations throughout, scattered from finance, supply chain, and manufacturing processes, to new product and services development and differentiated customer and patient engagement.
While numerous life sciences companies have been exploring the benefits of a digital strategy, many are yet to take consistent, bold, and concrete steps in the direction of solidifying change within the enterprise.
To put this into perspective, only 20 percent of biopharma companies have started maturing digitally. Digitally maturing companies differ from those in the early stages of digital transformation in that the former apply digital changes, scale learning, collaborate, and inspire change.
More digitally sound companies also implement digital efforts in stages, establishing pilots and implementing a measured approach to scaling initiatives on the basis of lessons learned. To realize opportunities from a digital strategy, you require a holistic approach — a digital foundation that can leverage emerging technologies such as blockchain, cloud, digital reality, cognitive intelligence, and analytics, harnessing data to scale across the organization.
A few critical pieces of the puzzle are collaborative culture, experimentation, and supportive leadership. Harnessing a culture of collaboration can encourage a results-driven approach to digital transformation. While getting early buy-in from stakeholders can create support from leadership.
The Risk of Digital Transformation for Life Sciences
Developing and refining a transformative strategy is not an easy task. Even as a company develops and implements its digital strategy, there can be concerns about risks. Can digital systems ensure little to no risk to the safety of products, the security of consumer and company information, and regulatory compliances?
These concerns can become a hindrance to digital transformation for some companies. However, life sciences organizations need to address these risks inherent in digital transformation and take steps to mitigate them, delay or drop opportunities that can lead to wider growth and success.
The Need for a Reliable Partner
itelligence, an SAP Platinum Partner, has both the domain expertise and experience to kickstart digital transformation for life sciences organizations. itelligence India implements SAP S/4HANA that can transform the complete decision-making. With an agile framework, itelligence streamlines operations, enables scalability, and improves productivity.
Get in touch with the experts at itelligence if you have any questions or if you would like a free consultation.