From small data to big insights

There seems to be a widespread tendency to focus on big data and advanced analytics before addressing the basics of managing data at a smaller scale within an organization. Big Data is becoming a more important part of the landscape. However, it is too expensive, too complex and contains big risk of failure & misleading. Getting Small data right is likely to deliver greater near-term value.

Asia
- Mon, 08/13/2018 - 15:39
Data analytics

SMALL DATA CAN DRIVE BIG INSIGHTS

Small data is data sets that are “small” enough for human comprehension. It is in a volume and format that is accessible, informative and actionable. Same as big data, small data can connect people with timely and meaningful insights, help businesses make their decisions in R&D activities, innovation, new product launch, messaging, commercial strategy… by collecting the right information. From the raw data, enterprises can choose the right tool to analyze and evaluate insights from data in hands in order to effectively close the loop. Furthermore, analyzing small data also can help businesses establishing relevant KPIs & CLM data customization. Small data can drive big insights, and the result from data analytics can bring benefit in the different edge of business such as:

  • Digital team: to understand adoption rate and eDA/CLM usage
  • SFE team: to follow reps activities
  • Sales Reps team: to engage better with segmented physicians
  • Marketing team: to understand how key messages are utilized on the field.

In contrast to big data, the idea of small data is that business can get actionable results without acquiring the kinds of systems commonly used in big data analytics. Small data is one of the ways that businesses are now drawing back from a kind of obsession with the latest and newest technologies that support more sophisticated business processes. Those promoting small data contend that it’s important for businesses to use their resources efficiently and avoid overspending on certain types of technologies.

 

HOW CAN WE COLLECT SMALL DATA TO GET BIG INNOVATION?

Small data is very important to business and it will serve a company better than larger sets of data. The important thing before gathering information is you have to map out what your business wants to know. The purposes tell you where and way to collect data efficiently in reasonable cost. Actually, we live in an increasingly rich world of data and exponential growth of technology, we are empowered to collect small data sets quickly and easily.

Small data sets are available in business systems such as Salesforce, digital tools or collected by some simple surveys to target customers for segmentation purposes based on behaviors, attitudes or patient load… Process data can be collected in CRM platform from a large number of respondents (in enterprise’s analytical capability limitation) or from market research data purchased externally via analytical tools internally run and tailored to deliver all insights for various levels of management. Analyzing small data doesn’t need to invest in any specific software. The companies can implement analytics directly on CRM data collected displayed on the platform (e.g. Veeva MyInsights) or on MS software programs (medical reps, led survey, activity and e-detail views, digital communication). Right data sets with appropriate methods can extract big innovative solution for business. 

 

Collect small data internally or survey

 

ABOUT THE EXPERT

Drcom is a multichannel communication agency, specialized in medical and healthcare industry. One of our members, Carole Gabay, an expert in data analytics, has a unique experience in market research and data management for 20 years, from Consumer Goods to Pharmaceutical / OTC industries. She has extensive knowledge of IQVIA Sales/ Rx/ Promo and other patient records sources used at global and country level.

In China, she has been supporting IPSOS Healthcare Oncology Monitor analytical process, introducing breakthrough improvements specifically adapted to the complexities of China data from data entry to client deliverables. She also supported Sanofi China in optimizing the IQVIA CHPA analytical process. Carole is based in DRCOM China office. Using her experience and know-how, Drcom can help you addressing efficiently similar analytical processes tailored to your business.

To get more information about the data analytics, please feel free to contact us!

Data analytics