I recently read an article from McKinsey & Company about the digital revolution that needs to occur in order for the life sciences industry to be successful in today’s age. This is the same digital revolution that helped transform other industries, such as financial and retail. Like I mentioned in one of my previous blog posts AstraZeneca: A Digital Transformation Leader, we’re traditionally a handful of years behind others, due to the skepticism of new technology and fear of regulatory compliance. But, times are changing and we’re moving in the right direction. Just not fast enough.
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The digital revolution, according to McKinsey, boils down to this: Life sciences companies are expected to deliver more personalized and efficient care to their customers and patients, whether it has to do with medication or communication. And the same goes for their employees and partners. The interaction needs to be effective and seamless.
On the face of it, everything makes sense and sounds simple. However, for this digital transformation to take place, there needs to be a shift in technology and culture. What do I mean by this? In terms of technology, legacy systems often can’t handle today’s requirements. Applications (i.e., internal and external facing) need to be data-driven, current, accessible, mobile, agile, responsive, personal, and easy to use, regardless of where constituents reside. As far as culture, if your company – especially at the executive level – isn’t buying into the belief that a digital revolution is taking place and today’s needs are different than 10 years ago, 5 years ago, or even in last year, don’t bother trying. It’s not going to work.
McKinsey offers three pointers on how companies can get begin their own digital transformation:
- Focus on two or three flagship initiatives.
- Run collaborative experiments, and then scale what works.
- Develop the organization for new business models.
None of this is easy, especially for the industry giants out there who are understandable a bit more resistant to change. Nonetheless, it’s not a choice, but a necessity, in order to keep all parts of the business healthy.
Are you in the midst of a digital transformation? At Perficient, we’re leading the charge when it comes to enabling companies to succeed in today’s fast-paced, high-expectations world. Contact us to learn more about what we’re doing and how we can help you.