Often the question arises whether a Pharma company should invest in Master Data Management or MDM in Pharma or not. Well, the answer to that lies in weighing both pros and cons of Pharma Data analytics services. The Fact of the matter is that pharmaceutical data analytics services can help garner profits but may also put limits on control of certain things. It is often advisable to go through the actual benefits it can provide and ambiguous tendencies that may be projected. Therefore, let’s go through each one of them, one by one:
Myth 1: We Don’t Need MDM, We Have ERP
A lot of organizations think that they don’t require Master Data Management (MDM in Pharma) if they already have Enterprise Resource Planning (ERP) software. The myth is out-rightly untrue. The truth is that MDM leverages ERP and a combination of the two can prove to be a profitable one for the organization. From managing big data to analyzing it, it’s crucial to make use of both ERP and MDM in synergy.
Myth 2: MDM is for Large Organizations
Small / Medium sized organizations tend to think that MDM is only for complex and large enterprises. However, that is not true. When an organization has two or more than two business processes going on at the same time (for example, marketing, finance, R&D, etc.) MDM can be used to manage as well as integrate the “Big Data” at hand. Data Integration and Management are the most important features of Master Data Management that help every organization, however big or small it may be.
Myth 3: MDM is for Tech-Mavericks
When the life sciences industry thinks of MDM, they imagine hi-tech gadgets and tech mavericks. However, MDM hasmuch more to do with business than with technology. MDM helps in making business decisions and runs analysis by making use of technology, but it has been made only to simplify the processes. The idea is to form an uncomplicated user-friendly system that takes the help of technology so that one need not necessarily be an engineer to use it.
Myth 4: MDM doesn’t take care of Data Governance
One of the most common myths that surrounds MDM is that it is separate from data quality and governance of data. However, one must realize that MDM includes data quality checks and complies with Data Governance. It runs tests from time to time to ensure that the regulations are complied with and that quality data is published.
The Final Word
Where there are a lot of myths cluttering around MDM, it’s advisable to understand each one of them. Each one of these myths has a serious repercussion on the organization’s functioning as well as management. Pharma data analytics services are only there to simply organizational operations and to leverage MDM in Pharma. If you are looking for providers of Pharma Data Analytics in the US or India, Incedo Inc. should definitely be in your consideration set.
About the Author
Incedo Inc. is a pioneer in providing Pharma Technology Consulting. An expert in business solution software, Incedo exists to provide industry-rich insight. With agile executives and A-list clients, Incedo strives to serve the best.
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