- Improving top line by understanding consumer behavior, anticipating future events, and gaining new insights to build valuable relationships,
- Minimizing cost by making effective strategic decisions and bringing in processes and operational efficiencies, and
- Identifying growth opportunities by interpreting information on market size, competitive landscape, and innovation and growth.
- Improvement of top line: Most MedTech companies have detailed and long-term and specific invoice data on customers and their purchasing pattern, including detailed SKUs and packaging information. This can be used for predictive customer analytics use cases, such as upsell and cross-sell, customer churn prediction, lead prioritization, and even demand forecasting at the SKU-level. Furthermore, customer segmentation can help in targeted marketing, product innovation, and enhanced pricing structure.
- Cost minimization: MedTech companies also have well-structured supply chain data, which can be leveraged to bring about manufacturing and operational efficiency to save millions of dollars. It can also be used for inventory prediction, brand protection and anti-counterfeiting, sourcing and procurement intelligence, and efficient and optimal resource utilization. In addition, sensor data from devices can be used to predict machine failure to increase operational efficiency and save cost.
- Identification of growth opportunities: In addition to internal customer and supply chain data, MedTech companies have access to third-party data providers such as IQVIA, LexisNexis, and publicly available data sources such as WHO, U.S. Census, and PubMed. Companies can leverage such data to understand market dynamics, access market potential, and design / enhance launch plans. Moreover, they can use data on disease incidence and prevalence, along with EMR data, to predict market demand.