Achieving competitive insights 75% faster with integrated market data

The Customer

A Chicago-based medical device company wanted to improve its growth plans by tracking its market share every month, quarter, and year. It also wanted to identify expansion opportunities by discovering new service locations, such as hospitals and clinics, where it currently lacks a presence.

Challenges

Difficulties in obtaining a comprehensive and unified market view due to siloed data

Limited accessibility to additional data that was needed for a holistic view. This was because the data usually resided in external vendor systems bound by access restrictions

Lack of standardized data management processes

Lack of near real time insights to capitalize on emerging opportunities quickly

The Solution

Conducted a thorough analysis of the existing data, examining its quality, relevance, and completeness

Addressed gaps and discrepancies by employing data cleansing techniques

Sourced missing data through primary market research and from external data aggregators

Transformed raw data into meaningful insights using advanced data modeling techniques

Centralized the data repository for easy access to the consolidated data

Implemented Power BI for real-time data visualization and reporting

Outcomes

With the implementation of an analytics and automated-powered approach, the medical device maker successfully reduced the time required to generate data-rich reports for a single therapy area. The streamlined process now takes as little as 3 months (75% faster), a significant improvement from the original lead time of 12 months.