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How agile MDM enables faster time
to insights for life sciences DATA MANAGEMENT

How agile MDM enables

faster time to insights
for life sciences
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Data is the lifeblood of success in the life sciences industry. From groundbreaking drug deployment in banking
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 board. However, a study by McKinsey1 revealed that siloed data sources as the biggest hurdle to
adopting digital and analytics within the organization. Talk to our experts
Many organizations may lack a clear understanding of their own data assets, as enterprise data Get the best ROI with Sigmoid’s
is often dispersed across various systems, making access and discovery challenging. Data services in data engineering and AI
available in inconsistent formats may not be fit for use, while fragmented, poor quality of data
can lead to remediation, process delays, efficiency and even lead to customer churn. According
to Gartner, poor data quality can cost an average of $15 million to organizations annually.
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Role of Master Data Management (MDM)

Company
A HFS Horizons Report2 states that up to 30% of life sciences enterprise leaders are struggling
to meet their strategic objectives due to poor automation of data and processes. Inefficiencies
in data can impact the speed and effectiveness of commercial decisions.
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This underscores the need for a comprehensive data management and integration mechanism
that can be achieved by Master Data Management (MDM). MDM involves maintaining a unified,
trusted, real-time and interoperable source of reference data for various data users within an How can we help?
organization.

MDM is crucial in the life sciences industry for several reasons:

High regulation requires compliance with data privacy, security, and clinical trial regulations
Data-intensive nature of the industry necessitates vast amounts of patient, product, and Talk to us
clinical trial data being collected and stored
Rapid evolution of new technologies and industry dynamics

MDM helps organizations to meet regulatory requirements by ensuring quality and consistent
data in a cost-effective manner. MDM helps organizations adapt and operate effectively amidst
a changing industry landscape. Share

Common challenges to data management

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 The growing volume, variety, and veracity of data in clinical research have led to greater
complexity in data management. The life sciences and biopharma industry faces some
challenges in maintaining and managing data, such as:

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MDM– A key enabler for making businesses data-driven

A multi-domain MDM platform can drive consumer insights, revenue increase, productivity
boost, and lower cost of sales. Other benefits include:

Creating a shared and trusted single view of customer data for marketing, sales, and service
purposes
Improving lead times for launching new products

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 Synchronizing product and location data across the supply chain
Streamlining business operations and process workflows to enhance decision-making
effectiveness
Achieving higher operational efficiency to control costs

Organizations that adopt a multi-domain MDM platform with data governance practices can
realize immense value across the following use cases:

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 Patient-centred Accelerated drug Effecive Improved sales
supply chain discovery commercial performance
analytics
MDM integrates MDM integrates Connected and
data across R&D data across R&D MDM helps to complete HCP/HCO
stages helps to stages helps to maintain a single data enables sales
uncover insights uncover insights source of truth for reps to deliver
from trial-data and from trial-data and improving time to better physician
real-world evidence real-world evidence insights. This drives experiences across
that can be used to for predicting better sales ops, channels. MDM can
predict formulations formulations for marketing, financial facilitate accurate
for drug discovery. drug discovery and commercial sales reporting for
faster than before. strategy. compensation
management.

Data integration Data governance

Entity resolution Data enrichment

Essentials for building a multi-domain MDM platform

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 Life science companies need to have a full-spectrum MDM platform to meet all data needs. A
multi-domain approach, with a user-friendly interface, facilitates access to crucial information
throughout the innovation lifecycle, promoting transparency and accountability. It must include
the following elements for successful implementation:

1. An integrated data infrastructure, comprising storage, integration tools, and analytics

platforms, delivers data to stakeholders cost-effectively. Implementing approaches like
DataOps , MLOps, and AI/ML streamlines data management processes for seamless
operations.

2. A robust data governance framework, supported by tools, ensures secure data access and
usage. Investing in master data management and data quality is essential to maintain data
integrity. Generative AI aids in creating security policies and rules for data handling.

3. Data quality management practices support effective decision-making across business

processes, including detection, prevention, and enhancement. Augmented MDM accepts
data from various sources and improves quality over time through automation.

4. Change management is crucial for MDM-driven transformations, involving process re-

engineering, user interfaces, applications, documents, and skill development. Preparing for
change management also means building the capability to adopt the latest techniques and
technologies over time to keep up with the growing data complexity.

5. MDM as an ongoing initiative includes continuous monitoring and improving data quality,
governance, and processes to ensure it remains effective over time—update for data
security and privacy to stay up to date with the changing industry landscape.

Conclusion
Today, the life sciences and pharmaceutical sectors rely significantly more on data. Establishing
a single, accurate, and consistent source of critical information can enhance data quality,
operational efficiency, regulatory compliance, decision-making, and collaboration within
organizations. Modern, augmented MDM systems have accelerated the process of integrating
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 data, such that a successful use case can be delivered in as little as six weeks. These systems
are tailored to integrate digital and analytics capabilities to support innovation across the life
sciences value chain.

References:
1. https://www.mckinsey.com/life-sciences/top-ten-observations-from-2022-in-life-sciences-digital-and-analytics
2. https://www.accenture.com/content/final/Accenture-HFS-Horizons-Life-Sciences-Service-Providers-2023.pdf

Data Management Data Quality Life Sciences

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