Digital transformation is a phrase we hear a lot, and it's much more than a catchy buzzword.
Life sciences businesses across medical tech and pharmaceutical fields need to grasp the opportunities presented by life science software.
This software can streamline everything you do, from strategic decision-making to deep-dive data management.
If you look into the emerging technology trends in life sciences, you’ll see how these powerful tools can help achieve true digital transformation in life sciences enterprises.
The World Of Digital Opportunities
Enterprise Resource Planning (ERP) touches every element of an organization, including:
- Making manufacturing operations more efficient.
- Highlighting supply chain inconsistencies.
- Controlling finance functions.
- Expediting product development.
- Improving customer service efficiency.
- Changing methods of client engagement.
Only around 20% of biopharma organizations consider themselves “digitally transformed,” and there has never been a better time to implement staged digital initiatives.
Emerging tech delivers an astonishing array of solutions. It helps companies scale, harness data, and apply ERP initiatives with in-built cognitive intelligence, digital reality, analytical solutions, and cloud-based functionality.
It's a lot to take in, but the point is that the digital transformation opportunity is vast.
Benefits Of Digital Transformation
Conventionally, any mention of a step-change as compelling as a comprehensive digital transformation plan would be met with caution.
Disruption, retraining, and restructuring can all seem like sizable organizational challenges and risks.
However, there are considerable advantages to implementing digital transformation solutions. They can be adapted and tailored to need, introduced in stages to address critical areas first, and tapered to minimize disruption.
The benefits are persuasive.
Enhanced Data Management
Collecting reams of customer data has little advantage unless that data is optimized for analysis and used to drive tangible progress.
Digital transformations develop data gathering systems customized to support high-level business intelligence assessments.
Raw data, manipulated into helpful information, provides oversight for every aspect of production, operations, and finance at each step of the customer journey.
Resource Management Controls
Many companies have dispersed software across their teams and various databases; all of these working autonomously and without much organizational benefit.
A digital transformation plan consolidates these resources, making it easier to provide consistency and integration across:
- Software solutions.
- Databases.
- Business applications.
Central business intelligence controls ensure you drive innovation and performance across all available resources.
Data-Driven Customer Engagement
Customer insights are hugely valuable and help develop a customer-centric strategy using a range of metrics and insights.
Customer experience (CX) expectations are growing ever higher, so the ability to showcase competitive pricing, broader choice, and faster service delivery is vital.
Over 81% of companies compete primarily on CX, so harnessing digital transformation to bring your best to this playing field is essential for ongoing growth.
Improvements To Organizational Collaboration
The digital business culture isn't going anywhere. Tailoring tools to your team can encourage your workforce to embrace the spirit of collaboration and cross-channel communication.
Making organizational improvements means you'll be in a solid position to approach future demand and upskill employees to facilitate higher productivity.
Higher Revenues
There are countless ways to improve efficiency through a digital transformation, with results suggesting that:
- 80% of digitally transformed enterprises experience profit growth.
- 85% of those companies increase overall market share.
- Revenue growth in leading firms is 23% higher than competitors.
Sustainable Scalability
The business world is changing and following the global health crisis, in few industries as dramatically as in life sciences.
Digital transformation improves agility, increases speeds of bringing new products to market, and works harmoniously with continuous improvement strategies.
Fast adaptation and continued innovation are fundamental factors for ensuring your business can scale over extended periods.
Productivity Boosts
Streamlined workflows and consistent access to suitable tech tools is a sure-fire way to empower staff to enhance their productivity.
Eliminating manual processes and integrating data to inform decision-making helps team members be more efficient and reduces wasted time.
Creating A Digital Transformation Framework
We've seen how digital transformation offers a profound opportunity for life sciences businesses to improve across the board.
The gold standard for a digital transformation framework includes:
- Dynamic execution, with each process rationalized to identify areas for improved efficiency and more significant cost saving.
- Active engagement, to ensure each communication model is targeted to meet the needs of customers, staff, and managers.
- Innovation, to drive new product development using digital transformation as an instigator.
- Leveraging enhanced business models to increase the value of products and services.
While creating a new digital strategy from scratch isn't a simple job, it can transform the DNA of your company. You can align each task, function, and communication with your broader aspirations.
When all resources work together seamlessly and digital culture is embedded in your firm, your prospects for growth increase exponentially.
