EDM Council Report Uncovers Major Evolution in Data Management Practices within Pharma / Life Sciences

EDM Council

2021/7/30 17:58

PR90931

 

NEW YORK, and AACHEN, Germany, July 29, 2021 /PRNewswire=KYODO JBN/ --

 

- Latest benchmark report from EDMC, OSTHUS, PwC Strategy& includes intel from

7 of top 10 Pharma companies globally

 

EDM Council, the cross-industry trade association for data management and

analytics, along with OSTHUS and Strategy&, PwC's global strategy consulting

business, have released the 2021 EDM Council Global Data Management Benchmark

Survey for the Pharma / Life Sciences industry. More than 20 Pharma / Life

Sciences companies participated in the survey, including 7 of the top 10

pharmaceutical companies in the world.

 

The results will provide valuable insights to help firms understand their data

management capabilities to drive successful initiatives across advanced

analytics, artificial intelligence, data ethics, data privacy, digital

transformation, machine learning, and regulatory compliance. The Pharma / Life

Sciences industry has evolved rapidly in its data management practices in

recent years, and this year's benchmark survey takes a close look at the latest

developments. Of the companies surveyed, 85% have an analytics program that is

global in scope and 66% of these were established in the last three years.

 

As with prior benchmarking studies, most recently the 2020 Global Data

Management Benchmark Report (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=3162462906&u=https%3A%2F%2Fedmcouncil.org%2Fpage%2F2020BenchmarkReport&a=2020+Global+Data+Management+Benchmark+Report), the survey was conducted using EDM Council's DCAM(C) -- the Data Management

Capability Assessment Model -- which provides the key dimensions to build and

assess a firm's Data Management Program. DCAM added a new Data Analytics

component in 2020, which guides and assesses how organizations need to support

their data analytics, AI and ML programs.

 

Overall, this report reveals how the Pharma / Life Sciences industry is

stepping up its data management game by:

 

    -- Establishing a CDO (Chief Data Officer) function to derive business

       value from data: 75% have established the function, although many have

       done so only in the last year, and many report to the CIO, COO, or

       a Line of Business (LOB)

    -- Employing analytics to execute their business strategy: 70% of

       Pharma / Life Sciences companies said responsibility for analytics

       falls directly to the Line of Business, rather than the CDO

    -- Investing in expanding their ability to leverage data and

       analytics: 45% of respondents anticipate that data and analytics

       will have the greatest opportunity to add value to Research and

       Development

 

"Advancements in data analytics, AI, and machine learning have played a pivotal

role in the evolution of the Pharma / Life Sciences sector," said John Bottega,

President, EDM Council. "This latest report illustrates how sophisticated the

industry has become in its use of these resources, as well as what

opportunities lie ahead to further improve data management capabilities."

 

"Although modern data management practices are still very much in their nascent

stages within the Pharma / Life Sciences sector, this report has uncovered

where the industry has taken major strides and where it can be improved," said

Abhishek Prasad, Senior Consultant - Data Governance & Strategy at OSTHUS.

 

"Companies are putting greater emphasis on educating employees on data

literacy, CDOs are playing a bigger role within the organizations, and

reporting lines are becoming clearer. The outlook for data management best

practices in the Pharma / Life Sciences sector is very good," said Ralf

Schoenfeld, Director at Strategy& Germany.

 

For more information and to download the full report, please visit

https://edmcouncil.org/page/industrybenchmark  

 

About EDM Council

EDM Council is the global association created to elevate the practice of data

management and analytics as a business and operational priority. The Council is

the leading global advocate for the development and implementation of data

standards, best practices, and comprehensive training and certification

programs. With more than 250 member organizations globally from the Americas,

EMEA, and Asia, and more than 10,000 data management professionals as members,

EDM Council provides a venue for data professionals to interact, communicate,

and collaborate on the challenges and advances in data management and analytics

as critical organizational functions. For more, visit edmcouncil.org (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=185598981&u=https%3A%2F%2Fedmcouncil.org%2F&a=edmcouncil.org) and follow us on LinkedIn (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=2146040007&u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F11052555%2Fadmin%2F&a=LinkedIn) and Twitter (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=1675487470&u=https%3A%2F%2Ftwitter.com%2Fedmcouncil&a=Twitter).  

 

About OSTHUS

OSTHUS is a multinational digital R&D consultancy headquartered in Aachen,

Germany. For over two decades, we have worked with executive teams in the life

sciences industry to introduce a culture of innovation that drives enterprise

value. With data innovation frameworks deployed in 16 of the top 20 big

pharmaceutical companies in the world, we offer a strong track record of

reducing costs while increasing time-to-market for complex data initiatives. We

offer a pragmatic methodology for companies seeking to leverage a

vendor-agnostic approach in the pursuit of successful data and IT strategy,

data governance, and advanced analytics. For more, visit us on osthus.com/ (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=2032279253&u=https%3A%2F%2Fwww.osthus.com%2F&a=osthus.com%2F) and follow us on LinkedIn (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=38713791&u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fosthus%2F&a=LinkedIn) and Twitter (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=946239194&u=https%3A%2F%2Ftwitter.com%2FOSTHUS&a=Twitter).  

 

About PwC Strategy&

Strategy& is a global strategy consulting business uniquely positioned to help

deliver your best future: one that is built on differentiation from the inside

out and tailored exactly to you. As part of PwC, every day we're building the

winning systems that are at the heart of growth. We combine our powerful

foresight with this tangible know-how, technology, and scale to help you create

a better, more transformative strategy from day one. As the only at-scale

strategy business that's part of a global professional services network, we

embed our strategy capabilities with frontline teams across PwC to show you

where you need to go, the choices you'll need to make to get there, and how to

get it right. The result is an authentic strategy process powerful enough to

capture possibility, while pragmatic enough to ensure effective delivery. It's

the strategy that gets an organization through the changes of today and drives

results that redefine tomorrow. It's the strategy that turns vision into

reality. It's strategy, made real. For more, visit

strategyand.pwc.com/de/en.html (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=2848873329&u=https%3A%2F%2Fwww.strategyand.pwc.com%2Fde%2Fen.html&a=strategyand.pwc.com%2Fde%2Fen.html) and follow us on LinkedIn (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=3326167757&u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fstrategyand&a=LinkedIn

) and Twitter (https://c212.net/c/link/?t=0&l=en&o=3242922-1&h=1840494122&u=https%3A%2F%2Ftwitter.com%2Fstrategyand&a=Twitter).

 

SOURCE  EDM Council

 

CONTACTS: Paragon PR: P.J. Kinsella For EDM Council, +1 973-255-7153

pj@paragonpr.com

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