Investing in Data Science Capabilities
See the benefits in developing AI and data science capabilities through the implementation of a data strategy.
According to a 2021 Gartner Survey of Life Sciences, CIOs funding for digital innovation is growing significantly in 2021 and top investments that Life Sciences CIOs are focusing on include data analytics and process automation. Laying the foundation for expanded artificial intelligence (AI) and analytical capabilities creates a crucial path to reduce the time spent on manual efforts related to clinical data management activities. The groundwork for these advanced capabilities is tied closely with the development of an established data strategy. This is illustrated in the Tufts-eClinical study results, where 50 percent of respondents with a robust strategy believed their analytical capabilities were more mature. When a data strategy has been executed, organizations are also further along in their plans to research and implement AI, machine learning and deep learning capabilities.
Data sciences competencies are also essential to implement AI models effectively in data related processes. For this reason, life sciences companies with defined data strategies that have enabled them to develop AI and analytical capabilities are also more likely to create dedicated data sciences functions.
The Tufts-eClinical Solutions study demonstrates this, with 47.2 percent of participants that have already implemented a data strategy noting that they also have an established data sciences function in their companies.
Advantages in Building AI and Data Sciences Capabilities
An overwhelming majority of survey respondents (85% of 149 individuals in senior-level data management, data sciences, biostatistics, information technology and clinical research operations roles) see the benefits in developing a strong base for AI and data science capabilities through the implementation of a data strategy. These benefits include improved visibility of data to stakeholders for faster decision making, the ability to leverage clinical data assets, reduced cycle times through more collaboration and shared analytics, cost-savings from resource optimization and reduced rework, and faster acquisition and benefits from new real-world data sources that contribute to development.
The opportunity to invest in data science capabilities is one of three opportunities shared in a paper recently published by eClincal Solutions in May of 2021, “Opportunities to Accelerate Decentralized and Digital Trials.”
1 Gandhi, A, 2021 Gartner CIO Survey: A Life Science Perspective, February 2021