The competitive landscape and technology impact on consumer habits has created unprecedented challenges and opportunities for retail pharmacies.
There is an increased focus on business intelligence to help pharmaceutical manufacturers and suppliers assess and predict product performance, identify consumption dynamics by geographies and consumer demographics to outdo the competition. However, to maximize the use of such intelligence and enable evidence-based decision making, there is a need for the right business and information technology tools that allow transforming data into actionable information.
Although the client is a market leader in the healthcare and pharmaceutical information and analytics space, the client realized their business information offerings portfolio needed to be significantly scaled up to adapt to the changing market needs and to ensure their continued market-leading position.
The client hired Virtusa to assess/identify the potential of each of their offerings based on their Business Intelligence (BI) value and time-to-market, develop a product roadmap, architect and build a highly scalable solution based on their stated vision.
Virtusa leveraged its ASD methodology and Healthcare competency to conduct a value analysis of each offering in the client’s current product portfolio and identify new product opportunities. Based on the value analysis performed, Virtusa helped the client create a product development roadmap, and develop the products using an innovative visualization framework leveraging agile methodology.
The client is the industry leader in providing pharmaceutical market intelligence & analytics. The client’s product portfolio features rich market information providing visibility into their operational, competitive and financial performance. With the information, pharmacies can manually infer consumer dynamics and loyalty, response to store promotions, assess opportunities, and manage their consumer retention programs.
The client, to secure and maintain their industry leader position, envisions their next generation products to enhance their customers’ strategic and tactical decisions by:
- Offering guided business analytics via rich dashboards that monitor the pulse of the marketplace in near real-time, reveal performance drivers, and identify outliers
• Bringing structure to the massive amounts of patient, prescription, and payer data streams
Virtusa partnered with client for a business transformation initiative to help conceptualize and build interactive web based business intelligence tool(s) designed to provide dashboard insights into pharmacy customer behaviors across multiple dimensions.
Virtusa leveraged its Accelerated Solution and Design (ASD) methodology to assess the current product portfolio, identify opportunities, define business requirements and derive business outcomes. Virtusa effectively managed the massive volume of data and enabled filter based user views spanning from national to store level views as well as generic and function-specific views depending on user persona. Applying the key features of the ASD approach, Virtusa:
- Captured client requirements in detail through workshops to understand how data is to be showcased on the tool and ensured good stakeholder alignment while defining the layout for the engineering BI dashboards
- Created end-to-end value analysis based product roadmap which defined a clear direction and allowed for resource management and product launch planning
- Leveraged an innovative 60-90 days product development framework which helped in rapid speed to market and getting engaged with key stakeholders all along the process.
- Engaged business stakeholders via a unique brown paper exercise which facilitates in understanding roles and establishing user personas for the various offerings based on real world requirements
- Tested Proof of concepts and validated in the customers’ business environments
• Leveraged global delivery model to significantly shorten development time and reduce time-to-market
Key outcomes of the BI Portfolio Rationalization include:
- New revenue streams: Leveraging the untapped potential of its existing products to provide business intelligent information, the client was able to improve revenues, especially because customers were willing to pay higher premiums for such analytical information
- Clear business direction: Improved decision making by leveraging the dynamic data analysis capabilities to enable client’s customers to easily assess their market position.
• Sustained leadership position: Doing away with legacy products and improving the same with strong data analysis and business intelligence capabilities, improved the client’s position in the market