Remember back in the days when we had to make a salad? We used to chop the available vegetables, toss them in a bowl or decorate them on a salad plate. But today, when the word salad pops up, we have entirely different options. We have Caesar salad, plain salad, Russian salad, and various others.
Now you must be wondering what salad has got to do with pharma or Power BI. Well, worry not. We are just trying to give you an understanding of pharmaceutical analytics through Power BI.
Basically, all the vegetables are your data. You have them coming in from various sources. Now you have to assign employees to segregate, analyze and then serve them on an exquisite platter. This is where Power BI helps.
Microsoft Power BI platform collects data from various sources, analyzes, aggregates, and converts the data into a comprehensive one. It also generates reports, statistics, and analytics and displays them on personalized dashboards. Therefore you can visualize, collaborate, and share data through any CRM or ERP applications.
What Does Power BI do?
We have introduced you to the power of Power BI. But here are some features of Power BI that enhance and streamline business operations
1. Generate Interactive Reports
Power BI tool generates interactive reports by delivering end-to-end BI analytics. For example, it generates reports based on clinical trials to provide accurate predictions for future actions.
The interactive report generation allows us to identify issues and design solutions accordingly.
2. Track Accurate KPIs
Power BI allows for tracking KPIs from cost to customer experience. Every prime data is converted into tangible reports to understand the good and bad performing areas. For example, KPIs are generated for equipment effectiveness. This enables us to know whether the investment was worth it or not.
3. Real-Time Analytics
In the pharmaceutical sector, it is very crucial to have access to real-time analysis. For example, when it comes to inventory management, a real-time update is mandatory. From the production manager to batch operators, everyone should be well-informed about the inventory status.
This allows quick, proactive, and visible decisions and corrections throughout the production plant and other pharma processes.
Power BI allows for identifying bottlenecks by thoroughly scrutinizing the data and searching for every loophole possible. Detailed data analysis ensures you have agile, more intelligent, leaner business processes.
Pharmaceutical Data Analytics Through Power BI
The pharmaceutical industry has access to generate massive data in their daily operations. A great proportion of the data can be put to positive use to generate insights and predictions. Power BI is one tool that can help repurpose cost savings while accelerating improvements and growth.
Let us understand how Power BI and Data Analytics can empower different pharma functions.
Pharma companies have access to massive marketing data. Analyzing the data properly can provide insights to improve customer services and enhance the brand value. The sales data can improvise the patient and doctor relationship by providing a more personalized approach.
Power BI can track customer experience, the success of market initiatives, sales practices, and share market practices. The combination of Power BI and data analytics can exponentially improve operational marketing efficiency.
Every sector needs to strategize its cost-cutting processes. And for the pharma sector, it is the trickiest part. Therefore the pharma sector needs to analyze its financial operations in ideal ways.
Power BI and data analytics make analyzing, predicting, and reporting finances seamless. It also provides a comprehensive audit of transactions with no errors. For example, the costs of every batch of products are analyzed, and then reports are generated to inform about the batch costs, time, and profits.
The health and pharma sector needs to have a hawk’s vision regarding compliance. Whether clinical trials or product manufacturing, regulatory compliances are strict.
Power BI can quickly help to detect loopholes and errors in the system. Thus, timely solutions can help to be compliant and adhere to all the regulatory agencies’ rules.
Supply Chain and Logistics
Power BI along with Big Data, can forecast the supply and demand chain. This can improve labor productivity and decrease risks in the logistics process. The data helps to manage and streamline the supply and demand with updated logistics analysis.
For example, a historical sales data analysis can help determine the current demand and supply. It also provides detailed data about the warehouses, their inventory, and mishappenings if they ever occurred. The advanced tool also helps to enhance and improve supplier performance and management.
Do you know how much time and resources are saved when you can make production and equipment predictions? Once you see the production performance and product trends, optimizing operations becomes more efficient. Power BI generates real-time production reports along with proper safety and sustainability analysis.
Once your manufacturing processes are streamlined, achieving the company’s goal becomes easy.
How Power BI Strengthens Businesses?
Apart from the above operations, all the departments can work collaboratively and achieve an efficient future for the organization. Power BI not only helps to boost profits but also enhances patient experience.
The benefits of the implementation of Power BI are;
- Expedite business processes
- Streamline overall organization processes
- Increase revenue operations.
- Enhanced capabilities to be compliant
- Create resilient supply chains
- Enhanced customer experience
Power BI gives a comprehensive insight into all business functions as stated above and more. It is a must-have tool for all pharmaceutical organizations to improvise operations while cutting costs.
Power BI promises greater efficiency and portrays the organization’s efforts to be digitized. It is high time that pharma industries shed off the traditional ways and adopt Power BI to manage their pharma operations.
Therefore, if you have a vast amount of data coming in from various sources, you need to analyze it with the correct tools. And currently, no better tool than Power BI can convert data into insightful ones. And if you want to see the magic happen, contact Power BI consultants to arrange a demo and take a closer look!