September 24, 2018
Using analytics and digital technology in life sciences organizations
By: Kyle Cheek

How Analytics and Digital Technology are revolutionizing Life Science organizations

Digital technology and analytics are transforming every aspect of our lives, from the way we shop to the way we travel, and even the way we interact socially. But no aspect of the digital transformation is more personal than the innovation it promises for the way we manage our wellness and health care. Information that was once collected with expensive machines and communicated through highly trained health care specialists can now be collected with devices as familiar and ubiquitous as the smartphone and delivered directly to the consumer. The greatest opportunities for life sciences organizations today lie in leading efforts to further integrate analytics and digital technology into solutions that bring health and wellness insights directly to the consumer.

The innovations awaiting discovery in the life sciences promise exciting changes in the way we enjoy our highly connected lives. Constant digital innovation enables creating continuous streams of information about the health and wellness of individuals. Analyzing that information can drive increasingly personalized care and preventive treatment plans through handheld devices that are operated with a minimum of touches.

The business imperative is simple:

  • Understand the digital transformation

  • Integrate new innovations into personal digital channels

  • Ensure the adoption of incentives and triggers that effectively drive consumer behavior

However, the first step is to identify the key features of the evolving digital landscape and the new information ecosystem in the life sciences industry. The organizations best positioned to lead in this new space are the ones that understand the rapid innovations in digital technology, the new types of information those innovations generate, and the evolving analytics that provide deeper insights from those information sources.

The next step is to shift the focus of the care economy from products to outcomes. While the traditional health care economy is built on treating sickness, the new economy is focused on preventing illness and maintaining the wellness. Transformations such as telemedicine further shift the economics of care by directly connecting providers and patients and allowing the rapid sharing of information. Other opportunities that lie in wait for life sciences organizations involve the delivery of life sciences insights as much as the discovery of those insights. Successful organizations will integrate their products into the digitally connected ecosystem and deliver life sciences insights directly to the consumer to promote wellness and prevention.

How familiar are you with the new information ecosystem in the life sciences industry? Do you see opportunities to customize care using analytics? How can life sciences organizations better personalize health care and wellness products and services? The Accenture Academy courses A New Information Ecosystem in the Life Sciences Industry, Analytics and the Life Sciences Economy, Disrupting Traditional Health Care with Telemedicine, and Wellness and Prevention in the Life Sciences Industry will help organizations and professionals recognize the impact of real-time data collection and analysis on the life sciences industry.

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