Are you aware that poor data management costs the pharmaceutical industry missed opportunities? With data being critical to the industry's success, it's time to address the challenges associated with data use. The good news is that leveraging Salesforce and Salesforce apps enables the life science and pharmaceutical industry to overcome these challenges and unlock a world of possibilities. In this blog, we'll dive deep into the industry's challenges and show you how Salesforce can help you navigate them easily.
While Salesforce is the primary CRM for the industry, it's not the only tool used for data management. Veeva, a cloud-based software company, provides a range of products and services to the life science and pharmaceutical industry. Salesforce's partnership with Veeva aims for seamless integration between the two platforms, providing a cohesive and powerful solution for the industry.
But, as with anything, is it too good to be true? Let's explore together.
A not so seamless experience
Despite the convenience and efficiency promised by Salesforce and Veeva, many employees in the pharmaceutical industry remain resistant to adopting new technology. This resistance is particularly prevalent among those prioritizing practicality and speed in their day-to-day work. When faced with a technology that is difficult to use or slows them down, they may revert to traditional methods.
This aversion to technology, while not necessarily good or bad, can impede the growth and progress of the industry.
So, what factors contribute to this reluctance to embrace technology?
Many companies struggle to keep up with the volume of data they generate and use that data effectively to drive business growth. Poor data management can lead to missed opportunities, errors, and significant financial losses, but mostly, trust in data on the employees' side.
One of the major challenges facing the industry is the lack of completeness and reliability of data. With multiple systems in place to manage data, there are often inconsistencies and discrepancies between the information obtained from different sources. This issue can result in invalid and duplicated records, making it difficult to get a clear picture of the data.
Obtaining accurate reports and analytics from the data is so difficult. Without proper filters to ensure data quality, the reports generated can be misleading, causing misunderstandings and poor decision-making.
Let's put it this way:
A pharmaceutical company is analyzing the sales data of their top-performing drug using Salesforce. However, the report shows inaccurate numbers due to low filters and data quality assurance. The sales representatives then use this data to make critical decisions, such as increasing marketing efforts for the drug. However, due to the misleading data, the increased marketing efforts decreased sales, causing financial losses for the company. This could have been avoided if proper filters and data quality assurance were in place to ensure the report's accuracy.
The impact of incomplete or inaccurate data in the pharmaceutical industry extends beyond sales reps and affects marketing efforts. Sales data can be an invaluable resource for marketing teams in creating effective campaigns that resonate with the right audience. Without access to complete and accurate data, marketing efforts can be misdirected, resulting in wasted time and resources.
Incomplete customer view
Success depends on building strong relationships with customers. Sales representatives need a comprehensive understanding of their client's preferences, communication history, and interactions to meet their needs effectively. Unfortunately, obtaining and using this information is often daunting for many representatives. Also, they may even feel discouraged because they see data as a problem more than the answer to their problems.
Representatives who fail to leverage the power of customer data risk being left behind in an ever-increasingly competitive market. While data management solutions can provide valuable insights into customer behavior, representatives who ignore this information do so at their peril. Without these tools, they risk falling behind their competitors, missing opportunities to engage with customers effectively, and losing revenue. The importance of effective data analysis cannot be overstated, as it can make the difference between success and failure in the pharmaceutical industry.
The industry's reliance on multiple external platforms alongside Salesforce creates more problems than solutions. The number of systems can overwhelm staff members, leading to confusion and frustration. Many employees resist change and prefer manual processes that compromise data quality. They often turn to the comfort of Excel spreadsheets, despite their limitations and inability to integrate with other systems.
This lack of adoption of complete data management solutions not only leads to data loss and inaccuracies but also puts the company at risk. Critical business decisions are made based on incomplete data without accurate and up-to-date information, leading to poor outcomes.
The worst scenario is when the staff simply gives up and continues using outdated methods because they fear making mistakes or losing their jobs. This not only slows down progress but also puts the company at a disadvantage in a highly competitive market.
Data management is a crucial aspect of the pharmaceutical industry. Companies must invest in the right technology solutions within Salesforce to ensure they make the most of their data. However, simply adopting solutions and processes is not enough. Companies must also prioritize staff motivation and engagement to ensure that employees are willing and able to embrace their technology.
Change can be difficult, and it is natural for employees to feel overwhelmed or resistant to incorporating new tools and processes into their daily workflows. To overcome this, companies must provide comprehensive training and support to ensure employees feel confident using these new tools effectively. Companies can create a culture of innovation and continuous improvement by involving employees in decision-making and providing them with the necessary resources and support.
Moreover, companies can motivate their staff by highlighting the benefits of these fresh solutions, such as increased efficiency and accuracy, which can lead to better outcomes for the company. By creating a positive environment where staff members are excited about using innovative technology solutions, companies can ensure they are well-positioned to succeed in an increasingly competitive industry.
Effective data management will be a crucial factor in determining which companies thrive in the long term, and those that can effectively manage and leverage their data will be the ones that come out on top. Pharmaceutical companies can ensure they are on the right path to success by investing in technology solutions and staff motivation. A combination of technology and staff engagement will be key to unlocking the full potential of data management in the pharmaceutical industry.