Blog > Data Sharing: Unlock the true value of your data
Data Sharing: Unlock the true value of your data
Thursday May 13, 2021
In the new horizon of 2021, with pressure accelerated by innovation, process optimization and production, and in the context of increasingly demanding regulations, digital transformation in the pharmaceutical industry is changing the paradigm we know.
The digital transformation of processes and businesses supported by new technologies and infrastructure, in turn, requires a transformation in data and analytics as a cross-cutting element to ensure that technological advances enable business advancement. The potential around the new data produced by such digitization is demanding and driving companies to adopt new data and analytical technologies to enable value extraction in an agile, secure, reliable, and scalable ways.
In this context, it is necessary – almost by natural evolution – for pharmaceutical companies to have a multi-channel – or rather multi-data – approach that allows them to collect and access data from various sources, both internal and external: web, mobile devices, points of sale, public sources, data marketplaces, open data, research centers, hospitals, etc.
The solution goes through Cloud and modern Data Sharing technologies
If you look at traditional data warehouse data, they have limitations not only in sharing data from different sources, but especially in processing data for distribution and analytical consumption. Modern Data Sharing technologies – data exchange – negate the need for data movement and transformation – therefore from a single data vision, the industrialized, manageable, and secure data sharing smoothly enables collaborative environments between divisions, departments, customers, collaborating entities, market places, etc.
According to Gartner, Hybrid, Intercloud and Multicloud are already a fact: “By 2022, public cloud services will be essential for 90% of data and analytical innovation,” and the Hybrid Data Management is the reference architecture for enhanced Data Management that can maximize data insights extraction.
The Cloud as the Engine of Data Sharing
Why should your data warehouse be in the cloud? Now, any company depends on its data to improve its business decisions, both strategically and operationally. Isolated stored data is a continuing problem that prevents you from having a single version of the truth of a company’s data and efficiently sharing it. So, unlike traditional data storage, the cloud allows teams to focus on value-taking over data rather than on the care of the data warehouse itself, and on infrastructure management and maintenance. The new cloud solutions for Data Warehouse and Data Lakehouse’s, on serverless fundamentals, autonomous, elastic and dynamic systems, allow us to focus on business value extraction, not systems care.
Benefits of Data Sharing Technology
Modern Data Sharing technologies are revolutionizing the Data Warehousing paradigm by enabling secure data sharing, without the need for complex data movements, replications, or transformations. They natively facilitate access to shared data internally and externally, between areas of the same company or between external companies, immediately and securely. Next, we highlight three keys that make Data Sharing indispensable for being competitive in the new reality of the pharmaceutical industry where data is at the center.
Key #1 – Data Integration
Data Sharing technology enables you to integrate internal and external data sources more efficiently and faster, in a performative, dynamically scalable and secure way.
Finally, technology allows us to get out of the eternal problem of narrow data source loading and integration windows: Data from our ERPs, CRMs, Apps, from the points of sale, data from collaborating entities and health services, from web channels and social networks, mobile devices, points of sale, from research centers, etc. The Data Sharing revolution enables us to achieve Data Insights and Business Insights without the ties of traditional technologies, limited by design.
Key #2 – Sharing data and avoiding silos
Of course, it allows us to share data safely, between the internal areas and external stakeholders – hospitals, pharmaceutical companies, laboratories, public bodies… -, without the need to replicate data, move it or transform it, beyond what is necessary for its masking or securitization, thereby minimizing time and costs in obtaining insights.
By facilitating data integration and sharing data immediately and securely, Data Sharing technologies facilitate data access and ensure a full, quality version of information. This promotes collaboration and avoids the silos of information between the internal areas such as finance, sales or marketing, allowing more efficient information management and the promotion of innovation and research projects and developments.
Key #3 – Discovery of new value and increase of return.
Data Sharing allows you to seamlessly integrate multi-data that provides information on the different facets of a process or business, and thus the ability to discover new relationships and perspectives, new value, and return generation.
For example, Data Sharing is a key technology for creating a collaborative data and analytical environment, enabling safe and efficient access to the vast amount of clinical follow-up data associated with (properly dissociated) patient treatments, thereby reversing all of that knowledge to the pharmaceutical industry, research teams, and health services, creating a direct benefit for health services and the pharmaceutical industry, but especially for patients. Equally applicable for genomic data sharing or any other collaborative research area based on the principles of data sharing.
We would like to end with an illustrative piece of data from a study about Data Sharing: only 5% of companies and organizations have implemented modern Data Sharing technologies, but up to 67% recognize that they want to move in that direction, according to a study by Harvard Business Review Analytic Services: “An Inflection Point for the Data-Driven Enterprise” (2019). Where are you?
By Antonio Torrado
Director, SDG Group
SDG Group is a global data and analytics consultancy.
We help companies to create data-strategies & roadmaps, design and implement cloud data & analytics architectures and incorporate data governance solutions.