February 14 2018 | 0 Comments | 185 reads Average Rating: 3
Poll Results: Predicting the Potential of Predictive & Prescriptive Analytics
During a recent webinar entitled “Gaining a Competitive Advantage through Predictive and Prescriptive Analytics,” SCIO experts explained how life sciences companies could leverage data analytics to gain a competitive advantage by getting a handle on what could happen in the future.
More specifically, they explained how predictive and prescriptive methodologies could help organizations expand new and current markets, increase patient compliance, enhance direct and indirect messaging to targeted healthcare providers, and develop and monitor the performance of outcomes-based contracts.
During the webinar, attendees also had the opportunity to weigh in with their opinions on the value of prescriptive and predictive analytics. The following was uncovered via opinion polls that were conducted in real time during the online presentation:
According to the poll results, life sciences organizations are already using predictive and prescriptive analytics. In fact, the overwhelming majority of respondents are already using such advanced analytics to bolster marketing and sales effectiveness – while some are using advanced analytics to develop their managed markets and market expansion strategies.
What’s concerning, however, is that even though many life sciences organizations are leaning on analytics, they don’t really feel like they are standing on solid ground. Indeed, almost two-thirds of survey respondents expressed that they are either somewhat or not very confident in the insights drawn from these advanced analytic methodologies.
Confidence in predictive and prescriptive analytics could increase as time marches on and as organizations more fully leverage these methodologies. While many organizations are using prescriptive and predictive analytics, most are still in the very early stages of their use and, therefore, might not yet be taking full advantage.
These poll results offer insights into how life sciences companies are leveraging data analytics to gain a competitive advantage to get a handle on the future. How is your organization leveraging predictive and prescriptive analytics?
Pushing the Data Analytics Envelope: From Understanding to Predicting to Taking Action by John Pagliuca and Mark Feeney.