How E-Tabs Enterprise Benefits Global Companies
Case Study: InVentiv Health
Who are we?
InVentiv Health assists pharmaceutical and healthcare companies in successfully commercializing products in every step of the life cycle. Our Advance Insights multidisciplinary teams use a range of strategic planning, market analytics, research, market segmentation and managed markets strategies to build innovative solutions that address the challenges faced by our clients. Our unique ability to see the big picture has allowed us to build a roster of over 350 leading pharmaceutical, biotech, life sciences and healthcare clients including all the top 20 global pharmaceutical manufacturers.
Change in the pharmaceutical industry is imminent. Pharmaceutical companies are juggling expiring drug-patents, increasing competition from generic drugs and a shrinking product pipeline. The tightening and decline in the industry is encouraging a culture of consolidation and the frequency of large mergers is adding to the uncertain atmosphere.
A Case Study:
InVentiv Advance Insights, a leading provider of commercialization solutions for the healthcare and pharmaceutical industry have risen to meet this challenge. Utilizing innovation and technology to build their bottom line and add further value to their client offerings.
Maximising how much profit or cost saving is realized from an investment is increasingly important in any environment, and ROI has become especially important since the global economy has started to show signs of economic recovery.
Until three years ago, InVentiv Health produced all of their reports manually. “We first looked into report automation because of its ability to save time, but since implementing a report automation solution we have seen the cost savings go directly to our bottom line” Cindy Ruiz, Senior Director InVentiv Advance Insights.
InVentiv selected a classic first case to trial report automation. One specific client who did semi annual primary research using InVentiv Advance Insights Rapid RecallSM service for 11 different brands twice a year. The magnitude of the reports was incredible. InVentiv were producing 2 different reports each for the 11 brands. Just one sales report was 144 pages, and the marketing report was 54 pages each time, leaving a total of 2178 PowerPoint pages that had to be produced as soon as possible after the results were in; before they became obsolete and it was time to start the next wave of reporting.
It was a grueling manual process, at that time InVentiv Advance Insights were using a crosstab package that did not have exportable data, so they were literally entering from a paper hard copy into PowerPoint.
Before InVentiv implemented report automation:
- They spent multiple man-months per wave to manually populate, quality check and produce these final reports.
- The resources to produce these reports utilized the entire team for over a month at a time.
- They were losing out on potential projects and new business because they didn’t have the capacity to take on more work in their busiest months.
InVentiv are now heavy users of report automation and in their busiest periods they produce up to 27 reports a month. “We have found the benefits of report automation go well beyond improved project turnaround time and have seen a positive impact directly on our bottom line.” Cindy Ruiz.
The consolidation of the pharmaceutical industry means many companies are facing a shrinking client base. Clients are demanding more for less and competition for new business is rife. Clients need the maximum return on their investment to be able to justify spending and budgets are dwindling. There is no longer room for “nice to know research”. This has left many research firms in a difficult situation balancing their need to make a return and their need to either shrink their prices or add value to client offerings in order to retain existing clients.
Amongst other strategic changes, InVentiv Advance Insights are drawing on the efficiencies created by report automation to improve their client offerings. They recognise that it’s not the PowerPoint slide that adds value to the final report, it’s the insight and conclusions that turn that data into actionable information.
InVentiv have used the time and resources generated through report automation to expand their services. They are developing their operating efficiencies, making changes and integrating their services so that they can offer insightful strategic recommendation to clients that help them build their strategy.
After implementing report automation:
- InVentiv saved half the direct labor hours they would have spent on just one project.
- It gave them the capacity to take on extra work and projects without requiring additional resources.
“Automating our reporting process improved the accuracy of our reports and slashed project turnaround times – making InVentiv more competitive. Our Analysts now have had more time to add valuable insight and conclusions to reports and we have seen that return in the increasing levels of client and staff satisfaction. Reports are more consistent and our clients are more secure because they already know what they can expect from us.” Cindy Ruiz
Conclusively, when it comes to report automation there is an investment to be made of time, adaptation and initial outlay, but the incredible ROI is unquestionable and the powers of report automation have helped research agencies such as InVentiv Advance Insights stay on the edge of innovation and hold their position as leading solutions provider in the healthcare industry.