The Significance of Data Visualization in the Pharmaceutical and Lifesciences Industry
All industry segments globally are gobbled up by data and data analytics is now an indispensable ingredient for optimizing the value of data. Data visualization is one major aspect that must be ingrained in today’s industry domain workflows to garner insightful information and view a variety of dashboards and reports anytime, anywhere at the tip of a finger.
One happening industry that has been witnessing radical changes in terms of digitization is the pharmaceutical and life sciences domain. There is so much diversity to its workflow patterns and there is a huge bulk of data that is getting generated continually. It needs implementation of data visualization at a rapid pace, in an effective manner to make the most of the wide variety of data, that it generates.
There are several challenges that the pharmaceutical industry is facing, and that can be overcome with the help of data visualization. Some of them are:
- A huge volume of data accumulating continuously
- Variety of data- structured, semi-structured, unstructured
- Detailed drug research
- Instant access to prescriptions and research results
- Abiding by stringent legislation rules and regulations
- Penalties involved with non-compliance of norms
- Customer demographics
- Ever-increasing competition
All these challenges and increasing prospects in productivity and growth are emphasizing the importance of having proper data visualization and data analytics implemented in the industry segment. It is interesting to see how data visualization can turn these challenges into opportunities and garner detailed data-driven insight from it, to make the right business decisions at the right time.
Firstly, let us understand what data visualization means. After this, we shall see the role of data visualization in the domain of pharmaceutical and life sciences.
What is Data Visualization?
Data and information visualization is the practice of designing and creating easy-to-communicate and easy-to-understand graphic or visual representations of a large amount of complex quantitative and qualitative data and information from a specific domain of expertise with the help of static, dynamic, or interactive visible items for a broader audience to help them visually explore and discover, quickly understand, interpret and gain important insights into otherwise difficult-to-identify structures, relationships, correlations, local and global patterns, trends, variations, constancy, clusters, outliers and unusual groupings within data.
Data visualization is the visual representation of data via the implementation of visually attractive features such as common graphics, charts, plots, infographics, animations, etc. These visual exhibits of information connect complicated data relationships and data-driven insights in an easily understandable way.
With the pharma industry growing by leaps and bounds, leveraging the data visualization process is important, challenging, and necessary. With the help of different BI tools, data visualization can be used to present data optimally so that effective business decisions can be taken after studying the trends and patterns that come along the way.
Data analysts, data scientists, and data engineers are keen to understand the nuances of data and establish results, trends, and patterns based on key performance indicators. Data visualization comes out as the apt approach to have better visualization and communication, recognize improved patterns and trends, process the information in a faster manner for fast insights, create relationships amongst data elements, and simplify information for better understanding.
How is Data Visualization Helpful to the Pharma and Life Sciences Domain?
There are many ways in which data visualization has been assisting the different wings of the pharma industry, in extracting the best output from hordes of data:
Attractive Visual Representation Through Dashboards
One of the prime advantages of having data visualization in the pharma industry is access to a variety of dashboards that offer insightful information about different business workflows, at the tip of a finger. These multi-faceted dashboards offer drag and drop facilities, drill-down feature to go into details of all the output that is produced by the reports. It shows recent and futuristic trends and patterns clearly and crisply.
In a limited space, users can view all the major details in one go, with desired customization and communication between teams. It helps in taking business decisions with ease and focus on core areas of work, rather than meticulous activities. Efficiency levels can rise, skill sets can enhance, sales can increase, and many other advantages can be enjoyed with interactive dashboards (operational, strategic, analytical) through data visualization.
Market Evaluation for Business Success
Data visualization can play a big role in understanding market trends and evaluating the outcomes based on data being shown by the dashboards. Studying and analyzing these trends can help in generating insightful information that can be crucial to your organizational success.
A graphical representation of information in the pharmaceutical sector can offer a detailed view of how the company is functioning and what best can be done for the betterment of organizational performance. Multiple statistics and information can be extracted from the visualization reports that can work effectively for business.
Data Accessibility to a Wider Audience
The pharma sector is widespread amidst multiple locations and geography. Hence, the level of complexity that gets generated is more and can lead to haphazard decisions. That is where data visualization helps businesses in taking the right decision, even if it reaches a broad audience.
Effective data visualization can thin the gap between information coming from disparate sources. The wide range of charts, graphs, and tables generated can help understand the trends, behaviors, patterns, etc., enabling better business management for all stakeholders.
Interactive Data Elements
Because of data visualization, data can turn interactive and easily relate to different components. Users can understand and analyze facts based on interaction and focus on gray areas that need enhancement. Data visualization empowers users to interact easily with each other, barring the geographic location, department, etc. This turns helpful when the data growth is enormous, and it is vital to understand the data bulks.
Interactive Elements, Widgets, Infographics, Motion Graphics
Data visualization brings with it multiple facilities like interactive maps, infographics, widgets, sites, and motion graphics that are visually attractive and understandable. Interactivity helps users in learning how to interact with data from different sources and thereby, analyze further trends. You can even study maps and charts based on different parameters, irrespective of location or department.
Enhanced Patient Care
The basic focus of any digitalization is to offer the best of services and that is what the pharma industry brings about, to the healthcare segment in terms of enhanced patient care and better treatment protocols. Thanks to data visualization and associated dashboards, stakeholders can now view real-time patient information, get the status of treatment, plan appointments accordingly, offer instant information, get effective prescriptions, etc.
Enhanced Business Performance
Real-time data visualization leads to automated and speedy performance in terms of instant availability of data, as and when required. This helps organizations in increasing performance values, lessen inefficiencies, optimize costs, and enhance productivity and profitability. Overall, owing to data access, the business performance levels up higher garnering optimal results.
Detection of Errors and Frauds
Now that you can see result outputs visually through dashboards and reports, it is easy to find out gray areas and identify errors and possible frauds. It offers time beforehand to be prepared for the frauds and try to stop them from occurring. Frauds could be related to billing, forged prescriptions, insurance forgery, etc. The transparency between stakeholders increases empowering users to find faults beforehand.
With the pharmaceutical landscape going increasingly competitive, business stakeholders need to understand the level of competition being faced and what can be done to stay abreast of the others. Data visualization helps in connecting competitor information, understanding the gray areas, and planning for enhancing the same, to stay ahead in the competition.
On a Concluding Note
While the sea of data will continue to expand its horizons in the pharmaceutical industry, the magic wand of data visualization will continue to show its magic by offering attractive and insightful outcomes to help the industry cope up with the ever-increasing bulk of data. A variety of business intelligence tools have been assisting organizations in putting meaning to data through data visualization capabilities.
Ridgeant’s data analytics consulting helps you unlock actionable insights and evolve into a data-driven organization to optimize performance and increase growth.
We create well-crafted data visualizations that enable businesses to discover hidden trends and patterns, draw conclusions, monitor performance, and track KPIs. We turn data into actionable insights through interactive, data-rich dashboards that are tailored to your business requirements.
We operate with modern-day technologies to offer our clients the best experience possible. We provide comprehensive data analytics and machine learning services across multiple domains with the help of modern data platforms and tools.
Contact us if you have any data visualization requirements in the life sciences and pharma industry.