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Developing Superior Real-time Insights And Rapid Operationalise Decision

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    The Success depends upon an organization’s ability to analyze the insights as well as the way an organization is able to make up a strategically tactical moves as well. In order to adapt successfully the rapid changes within the environment.

    Product cycle involves various phases, out of which launching is one of the toughest phases in the entire cycle. Taking an example of pharmaceutical product launch, which has a normal cycle period of 6 months. Pharmaceutical product launch has historically faced a lot of problem in launching a new product mainly because of limited real-time insights and an inflexible commercial made. Further, apart from that on account of high competition, weird healthcare environment, and continuous diversity makes a product launch a very tedious and challenging take under pharmacy industry.

    The strategy and idea that should be planned in order to overcome the above challenges involve such an analytical environment, which includes grinding of lots of data available today. Undoubtedly, data is one of the biggest sources of success in today’s time, due to its availability. Such wealth of data availability makes any industry to groom its financial wealth if they have the proper man force and skills set to utilize such data. Even though the ability to access such data differs from market to market, however, the directional flow of using such data is getting extended to new heights and getting utilized with almost every industry today. Due to the strategy of data analysis, the pharmaceutical industry can be shifted from a share of voice to share insight. Through analyzing the data, the pharmaceutical industry can be to win the launching of new product by gripping on the new information which will help in developing superior real-time insights and rapid operationalise decision based on these insights.

    Business success depends upon, how quick the flags can solve which deviates from a road map of plans/success, and rapidly able to apply corrective actions in order to fix the same.

    The pharmaceutical company can follow the following strategic and technical activities that need to take place-

    • Development of different granular customer insights in order to individualize launch plans at a different locality, prescribers and patient level.

    • Step up the frequency of insight monitoring that would help in taking corrective actions before a disaster happens and also adapts launch plans on the fly.

    • Build up of more sustainable capabilities in order to supports insight and monitor the same.

    For an organization to sustain for long term within a competitive environment need to update its analytical environment with updating in line with technology. In order to achieve the same, an organization needs to have a detailed roadmap/plan that would be best suited for its goals. Such roadmap or plan involves tactical Analytics plan as well as the strategic analytic plan.

    Talking about the tactical analytic plan, such plan usually has a longer-term view a supports management in tackling problems related to predictive models which are based upon past performance.

    Steps involved in the tactical plan are as follows-

    • Monitoring Analytics

    • Event-Driven Analytics

    • Correlation Analytics

    • Ad-Hoc Analytics

    Similarly, we have Strategic Analytic plan, which helps an organization to take strategic decision related to Analytic environment within an organization. Strategy involves lower level management as well and therefore required a more complex system and disciplines in order to make it a part of company decision-making process.

    Strategic Analytics involves the following-

    • Predictive Analytics

    • Drill-Down Analytics

    • Subject Matter Analytics

    • Ad-Hoc Analytics

    • Comparative Analytics

    It is always referred to start small when designing and implementing system analytics within an organization. Such an environment should be less complex so that it should be comfortable with all the user who is involved in it. It would be more superior if start with proto-type, which is also called as proof of concept. The environment that is being set for analytics should not be fixed, rather it should be adaptive towards change in technology and should be flexible. Undoubtedly, the analytic environment is a complex task, if it is not set with proper strategy and tactical plan.

    Project Management Methodologies for Big Data Analytics

    Most of the companies are in the early stages of adopting Big Data analytics, these companies are trying to go down a road ahead filled with experimentation and discovery. Business analytics as not same as IT, but there is significant element of IT work in analytics, as analytics also includes multidisciplinary teams working with a lot of uncertainty. There are different methods that can be adopted while managing the project e.g., Unavailability of past metrics, the value of a PoC, achieving repeatability, agile analytics, management communication.

    Analytics is people’s business, and it includes the following 4 steps:

    • Starting with the understanding of the situation, that is built through past activities. Such past activities can be anything like your own personal experience, govt. policy etc.

    • The analysis would give you a lot of options, its ultimately the natural intelligence of an individual which is needed be applied and decide, which option is should be picked up, for the best outcomes. (Schroer, 2017)

    • Planning – The options that are being picked up, would require various resources and a certain level of investment which will be in line with the goal of an organization.

    • Remedial actions – You need to understand the factors that trigger about something wrong happened and the factors that got triggered if something good happened.

    Major Considerations at each process level while using analytics in Project management.

     Initiation: It defines that any idea for a project must be examined carefully in order to determine whether it benefits the organization or not. During this phase, a decision making team will indentify if the project can realistically be completed. Using analytics in Project management must define the audit objectives and audit approach to meet the objectives and also different tests to be performed.

     Planning: Each project must have plan, project charter that defines clearly the scope in writing, outlining the work to be performed. At this phase, a team should prioritize the project, calculate a budget and schedule and determine what resources are needed. Data Analytics Project clearly defines the requirements of analytics. It indentifies the data sources, criteria and also create time estimates, budget for each analytics objective and in the end to prioritize analytics.

     Execution: It deals with the allocation of resources and teams; responsibilities. Data analytics Project must help in retrieving data and validating the data too. It also uses script to capture logic and allow for r-runs, to confirm results.

     Monitoring and controlling: Project managers will compare the project status and progress to the actual plan, as resources perform the schedule work. During this phase, managers need to adjust schedule or do what is necessary to keep the project on track. In analytics, it is necessary to monitor time budget, to ensure that continuing the analysis is actually helping the project to get over. It is required to check that analysis is not going off-track during the specified time.

     Closing: After project tasks are completed and the client has approved the outcome, an evaluation is necessary to highlight project success or learn from project history. Analytics in project management must take into consideration the closing phase as it defines whether the objectives are met, or were there any additional areas required. The lessons learned, and how the analytics effort enhanced the audit.

    Conclusion

    So, overall point is that, successful launching of a product or any services is not only depend upon the strategy which is made initially for the product but as well as the strategy about how one measure the success.

    Monitoring and modifying insights is one of the most useful task for the growth of the organization towards success direction. Once an organization defines the goal, it is very important to measure the outcome of the initiative taken by an organization, whether or not it is in line with the goal. It is very important to know that, whether you are at the right path or not while deciding your success timeline, as there is always an accountability wither for success or failure. 

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    Developing Superior Real-time Insights And Rapid Operationalise Decision. (2022, Apr 27). Retrieved from https://graduateway.com/developing-superior-real-time-insights-and-rapid-operationalise-decision/

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