The healthcare industry is one of the most important in the world – and it’s also one of the most competitive. With so many health-related companies fighting for their share, it’s no surprise they are turning to new technologies to try and stay ahead.
Operating in a highly-regulated industry, most life sciences companies have yet to realize the full benefits of their digital transformation.
In order to stay competitive, life sciences companies need to develop, implement and refine their digital strategies and embrace digital technologies.
What is digital transformation?
Digital transformation is a process of reorganizing an organization to take advantage of digital technologies, as well as new organizational models.
The life sciences industry has been undergoing a digital transformation for some time now. The industry has seen an increase in data collection, data analysis and data sharing. This has led to an increase in research productivity and efficiency.
One of the key components of digital transformation is digital analytics, which helps to understand what customers want to buy and how they want to engage with a company’s products or services. Digital analytics can help preserve customer loyalty by offering them personalized value propositions based on their individual preferences, needs and behavior.
It can include the transformation of an organization’s culture, business processes, strategy and operations to enable more customer-centric, agile and intelligent ways of working. Digital transformations are about new technology adoption, but also about new ways of thinking, working and implementing processes to streamline everyday operations.
Why is digital transformation important to life sciences?
Digital transformation has many benefits for the life sciences industry, one of which is increased research productivity and efficiency.
Digital transformation allows for better data collection, data analysis and data sharing, which in turn, enhances collaboration and communication between researchers. This gives life sciences companies further insights into their product development process, leading to a better chance of success with their research and products.
Digital transformation has been a key factor in the development of new technologies that are useful for the life sciences industry. For example, virtual reality (VR) is an emerging technology that is being utilized and developed more with every passing year in the medical field.
It’s hard to deny the digital revolution has had a significant impact on the life sciences industry. The digital revolution has made it possible for patients to access their healthcare anywhere, at any time.
It also allows us to share information more quickly and easily, making it more convenient for researchers across the globe to collaborate meaningfully together.
Developing and delivering digital strategies
Developing a digital strategy is the first step of implementing digital transformation. A digital strategy needs to be comprehensive, and includes stages such as identifying the company’s goals and objectives, what is needed to meet them and conducting an internal analysis of digital technology currently in use.
However, creating a digital strategy is not necessarily a simple, straightforward process. In the recent EY Digital Investment Index, 55% of executives said their life sciences company lacked a clearly defined digital strategy and goals. Only 23% said they measured their return on digital investment (RODI). A digital strategy should be a part of the overall business strategy, which includes all the activities of the company.
Although it is still relatively early for the life sciences industry to experience full benefits of having a digital strategy in place, companies that start making the shift towards digitization will benefit in performance as increased revenues and productivity result from implementing a more focused digital strategy.
The first step in digital transformation is to assess your current state. What are the current strengths and weaknesses of your company? What kind of digital strategy is your company currently following? What kind of data do you collect, how is it collected and what value does it have? These questions will help you determine the direction in which you want to move.
The next step is to formulate a digital strategy that fits your needs. This involves a process of defining goals, creating an action plan, selecting the right tools and measuring performance. You will need to work with other departments such as marketing, sales or finance to determine goals and objectives, and ensure they are in line with what you want to achieve as a whole organization.
Strategize with the experts
Digital transformation is a complex process, with many moving parts. It’s not a one-time effort you can just hope will work — it requires thoughtful commitment. If a company is looking for an easy way to transform themselves, they may be looking in the wrong place.
The digital transformation strategists at BCS365 have partnered with many life sciences companies to help them digitize and take advantage of modern technologies. Their expert team will work collaboratively with you to develop an operating model that seamlessly enables digital tech to enhance your business processes and procedures.