Though past behaviours or performances of certain treatments and medicines doesn’t guarantee their effectiveness, they do provide clinical researchers with the best opportunity to make an educated diagnosis. Predictive analytics can generate life-saving insights from health-related Big Data, to develop new methods for treating such common maladies as:
- Heart disease
- Cancer, in its many forms
- Causes of birth defects
The value of the predictive analytics in the clinical practices of Clinical Research Organizations (CROs) is well documented. There are also aspects of the operational elements of CROs which should be considered. For a mature CRO, determining the productivity, utilization and profitability of clinical research initiatives can help the CRO team allocates the most effective team members to certain projects. Based on the client which contracts the study, trends such as:
- Invoice-to-Cash cycle times
- Propensity of the client to request amendments to the research deliverables
- Ensure the scheduling of clinical researchers and clinical laboratory space is realistic, based on the nature and volume of projects
Secure delivery of clinical data analyticsthrough the cloud, and provisioned in simple, graphical dashboards is most effective for researchers, especially those who are using touch screen and mobile devices. Analysts see double digit growth of the use of predictive analytics in CROs, life sciences and healthcare. They predict the market to grow to over $21 billion by the year 2020 at a Compound Annual Growth Rate (CAGR) of 25%. IBM says providers of healthcare and clinical research services are burdened by terabytes of data, much of it unstructured. Sifting through notes, statistics, and reports without the proper tools can be extremely time consuming and lead to ineffective CRO operations.
Predictive analytics solutions, which are configured to the unique needs of individual CRO companies are much more effective than inflexible, shrink wrapped applications. Industry specific solutions like Mindprint provide a foundation of industry standards, which have been sourced from many successful implementations, improves user adoption, and the best context to deliver meaningful understanding of operational effectiveness.
If you are a CRO executive, and have been struggling with maintaining efficiencies, implementing a predictive analytics solution can help you extract more value from your information assets. You might find there are customers you need to sit down with, and provide them with some perspective as to how their relationship with you compares to their industry peers. Leveraging quantifiable data empowers your CRO to deliver better results and understanding to many stakeholders, including:
- Potential strategic partners
If you are like most CROs, dealing with Big Data challenges, let’s discuss solutions which will deliver the most value internally within your organization, to your external clients, and which will provide better research deliverables, and improve the quality of healthcare around the world.