Data Analytics Guide on Solutions for Medical Devices
In today’s world with the use of technology it is easy to overcome problems faced by Industries ranging from data ingestion to report generation.
Few common problems and areas that needs to be focussed:
– Ingestion of multichannel data, that is data from all sources like CRM, E-Shop, Supply Chain, Production line, Customer feedback et cetera
– Managing the secure storage of Data and monitoring the KPI based on live data in the dashboard
– Analysing live data to generate business insight and to easily generate reports
For example, I will show you my research on data analytics for our client, a Medical Devices Company. Here the client is a leading life science company that develops and sells instruments, consumables and services for liquids, samples and cell handling in laboratories worldwide.
Their main focus of business is B2B and their product line ranges from Laboratory Electronic Devices to Laboratory Consumables. On average they lock an annual revenue of € 629 million, has over 3000 employees and has a global presence in 25 countries.
As you can see they have an very high flow of data and their primary data centres are from their online stores, CRM systems, Supply Chain and Employee Data Maintenance Systems. The rest comes from Product Information, Customer Service, Sales System, Marketing and Merchandising. It is quite big, you get the picture right?
So with such vast usage and flow of data, It is obvious there will be challenges that the company faces in order to monitor and manage itself. Most problems are from data channel conflicts, processing and loading of live data, data storage and reporting.
What is the requirement for analysing all this data? Well, Poor management of data can cost businesses 20% to 35% of their operating revenue. A study according to Fathom says poor data quality costs US businesses $600 billion annually. On the inverse, Performing best practices for data quality can boost a company’s revenue up to 66%. If an average Fortune 1000 company can increase the usability of its data by just 10%, it can expect an increase of over 2 billion dollars.
Now for this client we used our Analytics platform Impuls. With the usage of Impuls we able to transform the business into Cloud. By unlocking the power of the Cloud we were able to make all the processes cheaper, faster and easier to access. The most relevant feature in Impuls which helps harness the complete potential of Big Data is Custom Analytics; to generate better insight in your business.
The client wanted to develop an analytics engine to manage with 1800 distributors in order to get Real time visibility of demand, supply and stock levels. They wanted to optimise their supply chain and specifically required a dashboard for real time data visualisation with KPI monitoring.
From their total workflow it was calculated that the total data sources of various ERP systems were an average 1.5GB per distributor per day. That is a staggering 2.7TB per day.
Our focus using Impuls was to develop a Recommendation Engine, Create systems to read live data from multiple data channel, Create Predictive analytics and Churn analytics. In short, For the client we were able to increase the top line growth by 14% in the first year and 8% bottom line growth.
50% or more Big Data Projects fail due to complex technology and lack of skills and experience. Impuls based data analytics solutions are in action with clients from different industry areas. What we offer is a World Class Analytics team and Flexible Customer Specific Business Models.
As told by Edmond Mbiaka, Consistency with the right strategic plan is the ultimate key to success. Somehow, this quote has drilled deep in my mind. Until next time, Cheers.