Christopher Ferrara, Director of Industry Solutions, Global Life Sciences
Analytics platforms play an indispensable role for organizations across industries where information visibility is crucial for research and decision-making processes, including the life sciences and pharmaceutical sectors. These companies are heavily reliant on the ‘single version of truth’ in order to gain actionable insights, yet one of the biggest challenges faced by many CIOs in analytics is IT’s inability to provide the entire data needed in a format that is easily consumed and aggregated within tight time frames. This conundrum is compounded in the life sciences industry where mergers and acquisitions lead to additional sources of information often times doubling or even tripling existing data volumes. In response, firms are moving towards a more agile approach to data collection and visualization that help address business needs more rapidly, while ensuring that the ‘single version of truth’ is not lost in the abyss. Qlik’s enterprise analytics platform provides a modern approach that enables faster collection of data across various sources, with an associative technique that captures all the relationships within the data. This provides in-depth insight into the business’ whole story through visual consumption.
The Qlik platform combines guided analytics with QlikView and self-service visualization through Qlik Sense, allowing businesses to move forward coherently. “The Qlik platform’s mobile-first design approach enables our applications to be intuitive in nature,” surmises Christopher Ferrara, Director of Industry Solutions, Global Life Science. “This is crucial from the market perspective as data consumption through mobile devices provides access to the information anytime, anywhere in a way that is intuitive to all users.”
Qlik’s platform enhances the process of data acquisition, storage and optimization from multiple sources to improve the performance of reporting and analytics regardless of the size of data. “Qlik allows clients to access massive data volumes in sub-seconds and uses a color scheme visually differentiating what is relevant verse what is irrelevant to the analysis,” Ferrara continued.
Qlik provides innovative platforms that enable guided analytics, self-service data discovery and business intelligence at an enterprise level
“Qlik software enables consistency and transparency across the reporting and analytic applications, sup-plying secure and governed data which is imperative for regulatory compliance.” Qlik Sense, one of the company’s transformational investments, is web based and opens up a world of possibilities, including embedding Qlik features and functionality within other toolsets. End users are then able to consume analytics from within the tools they use every day to perform their jobs rather than having to move to a separate reporting tool.
For example, a leading pharmaceutical company leveraged Qlik’s platform to consolidate nine separate ERP systems across global offices that previously stunted understanding and evaluating overall organization performance. With Qlik, the information was united and results compared to globally defined Key Performance Indicators, including end-to-end lead time. The platform was used to proactively notify users of production process issues, preventing problems from occurring. As a result, the company reduced program lead time by 30 percent and corresponding inventory by 25 percent, in addition to freeing up more than $150 million in capital for investment in clinical trials that will enable new medicines to reach more patients sooner.
Surging ahead, Qlik continues to shorten discovery-to-commercialization product cycles that are helping life sciences organizations bring new medicines to market that will improve global population health. “We’re working with a growing ecosystem of partners and making several investments to leverage technology we believe will help our clients reduce research time and get more medicines in the hands of those who need it faster,” Ferrara concludes.