Why Life Sciences Companies Should Invest in SAP Analytics Cloud
In a digital world, it is critical for Life Sciences companies to invest in technologies like SAP Analytics Cloud to navigate data to drive new business decisions with speed and efficiency. In this industry, increasingly larger quantities of data can be analyzed for decision-making and innovative leadership. To improve efficiency and understand demand in a competitive landscape, Life Sciences companies must continuously use this data to predict and adapt to future outcomes.. Analytics-based optimization also helps companies save time, money, and resources. SAP Analytics Cloud presents a platform solution to gain insights from data and automate actions to drive value.
SAP Analytics Cloud centralizes data from many sources and systems for predictive analytics and reporting. This enables a single process that allows stakeholders from all levels within a company to collaborate and aggregate data, solving the age-old issue of data access being a bottleneck of skills or resources. Findings can be quickly summarized through visualization options and dashboards, producing accurate future-performance predictions. Especially in this “new normal”, where demand for PPE and medical devices is extremely disrupted by COVID-19, companies can utilize the capabilities within SAP Analytics Cloud to increase agility and flexibility. Conducting high-demand assessments at a large scale based on unusual or limited data will help stabilize medical supply chains and inventory levels. Reporting and analytics conducted through SAP Analytics Cloud can adjust for these large, rapid demand changes. Overall, Life Sciences companies, especially those operating in pharmaceuticals and medical devices, should invest in tools like SAP Analytics Cloud to access a platform for business insights, remote collaboration, and forecasting.
Reason 1: Business Insights
Moving away from older and less sophisticated reporting solutions, SAP Analytics Cloud provides automated analytics and insights based on machine learning. This enables users to quickly make decisions based on performance metrics drawn from live data. Instantly, this modernized tool improves the experience for users, and provides insights on KPIs in real time through dashboards and other interactive visualization methods. This can be used for budgeting, risk analysis, and many other planning purposes.
Reason 2: Remote Collaboration
Tools that facilitate and simplify collaboration are becoming more important in the Life Sciences industry, especially with a transition to remote work. For example:
Manufacturers need to communicate with researchers and suppliers to speed up approvals.
Biologics and vaccines companies are collaborating with regulatory agencies.
In some cases, competitors are working together to produce pandemic solutions for the greater good.
SAP Analytics Cloud provides tools to help users share information and gain input across their organization, supporting fast information exchange from systems with many features through AI-driven data visualization based in the cloud. Visualizations and simulations can be shared with other users in the organization so employees can gain clarification or better insights as they collaborate using the same business data. As an end-to-end solution, all data can affect and improve predictive analytics, incorporating multi-departmental collaboration at a lower cost. Companies can easily connect multiple systems through a single solution, best providing predicting and forecasting opportunities.
Reason 3: Forecasting
One of the most exciting uses for SAP Analytics Cloud right now is its predictive analytics capabilities through Smart Predict. This can benefit all types of decision makers, because of its easy-to-use interface which requires no coding skills or behind-the-scenes knowledge about how the models are built. Model outputs can be incorporated directly into dashboards and reporting to augment analytics with projected values. SAP Analytics Cloud also helps with planning and predictions for circumstances such as demand increases for consumables and diagnostics, production capacity, inventory visibility for products like PPE and devices, and workforce constraints. Users can obtain a deep look into data and build simulations to understand performance at every business level, forming strategy plans and monitoring models for proactive performance and adjustment.
The benefits and capabilities of SAP Analytics Cloud are tremendous for Life Sciences companies. While it won’t solve every ad hoc analyst question, it will save time and money by providing comprehensive, rapid data analysis and reporting - especially relevant to senior leadership. If SAP Analytics Cloud seems to be a good fit for your business, Crescense can help you with integration and implementation.
Written by Maggie Seeds. Contributions by Courtney Loughran