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Technology Trends in Life Science

Life Sciences, Technology
Life Sciences, Technology

Technology Trends in Life Science

Nov 29, 2021 2:11:13 PM

There's no doubt that the pandemic has brought with it considerable life sciences supply chain challenges, as part of a complex web of obstacles - to which the industry has responded with innovative solutions.

As standards have evolved, digital transformation in life sciences has become vital to delivering effective, personalized, affordable solutions.

This article will explore some of the top technology trends in life sciences and those you should embrace to achieve a more streamlined organizational future.

Strategic Tech Stacks

The most significant change in the life sciences industry is that companies are competing on multiple aspects beyond just their legacy, price points, product benefits, or customer experience(although all of these still remain relevant).

Businesses are now reinventing their technological capabilities to draw in more clients, strategically implementing ERP software such as SAP life sciences solution or CRM tools to gain a competitive edge.

Operational cloud-based efficiencies are now:

  • Sought after by 67% of life sciences companies.
  • Used by 50% of the major industry players to drive customer engagement.

As a strategic driver, cloud functionality grew in popularity during the pandemic among businesses concerned about compliance with regulatory requirements in a socially distanced environment. Private and hybrid cloud models are now prevalent, as life sciences, companies aspire towards more significant innovation.

Digital Communication Culture

Information sharing and clear communication are fundamental aspects of being able to meet healthcare needs digitally. Virtual models can be structured around tools offering clients higher levels of service, delivery, and engagement.

The new life sciences digital ecosystem helps to build resilience and responsiveness into their end-user products.

Accessible technology includes resources like low code platforms, along with automated and natural language processing.

There are also opportunities to outsource and re-engineer traditional business structures to achieve modernization at the core of the business.

Remote Connectivity

To take advantage of the digital transformation within the business ecosystem, life sciences companies must make modifications to support new working methods.

There are growing opportunities to implement different tools and platforms to facilitate remote communication since distance working has become indispensable, particularly when considering the growth of the BYOD (bring your own device) working culture.

Effective technological evolution enables teams to communicate anywhere and everywhere and onsite workplaces continue to adapt to digital connectivity, which further offers routes to cost-efficiency and cross-team collaboration that come naturally with remote work.

Automated Intelligence

There are multiple options to optimize processes, reduce costs, improve performance, enhance agility and drive productivity through automated intelligence.

This technology combines several powerful capabilities:

  • Content services management.
  • Automation of digital processes.
  • Data capture and interpretation through AI or machine learning.

Where resources are finite and time is limited, automation is essential to eliminate manual processes and expedite service or product delivery.

Digital Customer Experiences

Customer experience plays a major role in the success of any company. Today, clients and patients want control over their health and the tools they use to improve it. Digital customer experience, therefore, depends on how easy it is for clients or patients to use different tools and processes to address their own requirements and customize products to meet their needs.

However, there is a delicate balance between digital efficiency and human experience that life science companies need to be cautious about. The best digital tools incorporate highly personalized customer experience journeys, curated through the help of AI, that is meant to replicate a personal one-on-one experience. 

Modernized Supply Chains

By incorporating digital technologies into their supply chains, businesses in the life science field can take advantage of a substantial reduction in their overhead costs, delays, wasted resources, and manual interventions; all of which are either mitigated or removed through the effective use of digital technologies.

For example, enterprises can:

  • Share big data through extensive supply networks to encourage dialogue and collaboration.
  • Incorporate wearable technology or robotic automation to improve safety standards for supply chain workers.
  • Transform supply chain costs, using customer experience as the central focus to instigate change.

Resilient Cyber Security

Finally, as life sciences incorporate new technology trends, cybersecurity becomes a genuine concern. 

Businesses adopting modernized IT practices are leaning towards zero-trust policies, where each touchpoint is verified to ensure data security.

This systematic approach includes validating every request through the verification of the user's geographical location, personal identity, and device data, as a way to prevent any breach of security or an accidental data leak from occurring. 

Where applications and resources are treated as separate units, security breaches can be contained, with privileged access systems used as a baseline requirement to build a resilient security system.

Embracing The Life Sciences Tech Evolution

Life sciences organizations have a considerable challenge in discarding conventional ways of working in favor of faster, more effective, and ultimately more profitable methods, as digital fluency and connected working are the future and will become crucial to organizational sustainability. 

With rising customer expectations and workforces that utilize digital communications, pioneering life sciences businesses must make efforts in the same direction to evolve technologically.

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