For years, data analytics, business intelligence (BI), and technology advancements have driven biotech R&D — and profits. Today, though, there is even more data than ever that scientists and researchers can use to overcome challenges and drive innovation. That means many new opportunities that biotech analytics can create for your company — from screening potential research targets, to making processes more efficient, to introducing disruptive patient-centered treatments and medications that save lives.
Maybe your company is thinking about how to analyze the huge amount of data that DNA sequencing has created. Used with care, this data can create insights and conclusions that apply to everything from medicine to forensic science. Or it could be that you want to expand your data analytics into clinical trials to more quickly and easily identify sources of errors.
As you seek to shorten lengthy research processes, you might be tempted to rely on one of the self-service BI tools that have entered the marketplace in the last decade. These basic tools create beautiful dashboards that give everyone from scientists to pharmaceutical executives a snapshot of what is happening in their clinical trials, product sales, and research efforts. That’s great — insofar as it goes. But what happens when it’s time to discover why?
Focusing on WHY you’re seeing certain outcomes
Figuring out how to use DNA sequences, results from clinical trials, cancer patient data, chemical compound interaction data, and more requires a new way of finding insights from data. Self-service or basic BI tools cannot tell you the why — why a certain type of cancer gene is more prevalent in small towns in West Virginia than anywhere else in the world, or why a drug’s efficacy numbers are higher in India than England.
In addition, you can’t be sure how skilled some of the people using these tools are. Even those who are skilled might be taking the wrong approach, for instance by using correlations to prove causation or KPIs to explain outcomes. Then there is the ever-present danger of users who look at results and data through the lens of their own unrecognized bias, blinding them to game-changing breakthroughs. Ask yourself: is your firm hearing what it wants to or what it needs to from the latest research?
A new kind of analytics for biotech
How can your biotech firm make the unbiased decisions that could save lives and improve treatments? It takes a new breed of analytics that infuses traditional BI with “smarts.” “Smarts” is a simplified term for augmented intelligence, which enables data analytics tools that can learn and adapt to individual needs and, more importantly, guide users to new answers and insights while removing from the equation the human bias that can cloud thinking and prevent real discovery.
The result? Analytics that goes far beyond descriptive dashboard reporting and puts advanced analytics, smart data discovery, natural language processing, and sophisticated data storytelling capabilities in the hands of every data-driven professional in your firm. Everyone works more efficiently and effectively, and your firm is better able to meet the needs of scientists, healthcare providers, and, most importantly, patients.
To better understand how this works, take a look at our interactive SmartPaper, “The next wave of business intelligence.” Meanwhile, imagine you could follow in the footsteps of one genetic research company that built a seamless workflow for interpreting thousands of tests, enabling it to analyze and deliver results to most clients within just 14 days. Or consider the impacts of being able to analyze clinical data from different treatments and therapeutic areas to identify early adverse reactions, predict development success, and avoid costly late-stage failures.
Cognos Analytics delivers stronger biotech analytics
The modern, AI-driven solution delivering these results is IBM Cognos Analytics. This flagship BI software has been completely reconceived to include machine learning, automated pattern detection, intelligent and interactive dashboards, and simple, reusable, drag-and-drop reporting. Here’s an example drawn from the retail industry:
Beautiful visualizations will show you how new medication ingredients are interacting, or how a combination of gene and social care therapy is affecting communities.
Most importantly, Cognos Analytics takes your data and turns it into insights that everyone — from research associates to genetic scientists to the C-suite — can trust and act on with confidence.
To see for yourself what Cognos Analytics can do for your financial services organization, register now for your free trial.