From research records to supply chain monitoring, pharmaceutical firms have been managing vast amounts of data for years. The amount of data under management continues to increase.
New innovations and business models have led to an explosive growth in the volume, variety, and complexity of data.
Unfortunately, roughly 70 percent of any data project still involves simply managing data—integrating, transforming, and cleansing it—before any actual analysis can begin.
This contributes to inefficiency and waste. As the lead executive for one pharmaceutical company’s R&D department has said, “We have discovered the cure for cancer; we just can’t find it.”