How to use Data Analytics & Visualization to improve clinical trial efficiency and increase business value.
Read more, watch the illustration video and download the sample Analytical Data in Excel and PDF
We are living in a situation called as VUCA, where nothing but data has voice with wisdom. The entire activities that one performs from the time one wakes up till the time one goes to sleep, nevertheless, even sleep is monitored. If these activities are calculated based on frequency, at fixed or variable time slots along with the participating members, then it is called DATA in today's scenario.
Today the one that has more access to data is the one who will be Rich, provided he uses it effectively and efficiently.
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Due to the outbreak of pandemic, the number of clinical trials has increased 250% and there are new labs and innovative methods of diagnosis that have hit the market.
Consider a normal individual, Sameer who feel himself healthy at all times and he seldom goes to hospital. Today, he is forced to undergo PCR test to prove his immunity against Corona Virus, there are many such individuals who are forced to undergo tests and the reports are required within an hour in such context the world is rapidly in need of high tech and highly informative and highly productive ecosystem that support the growing demands of the healthcare industry.
No wonder this has become a booming industry in the past 2 years and industries are charging exorbitantly and make use of the scenario. In order to play fair and to create a trust factor and confidence among the common man, industries must keep clinical trials on schedule and maintain transparency in pricing, business owners must analyze clinical data to make informed business decisions. Simultaneously research and study teams must review and clinical data and identify risks and monitor safety and reliability inline with the compliance set my the statutory authorities.
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What Is Data Visualization?
In the research field, data visualization is an all encompassing term that describes the direct transfer
of biomedical data into displays of plots, graphs, and charts. In this article, data visualization describes
software systems that filter, sort, and display raw clinical data such as charts, tables, graphs, heat maps,
and other visuals. The goal is to enhance business intelligence and drive operational improvements.
Data visualization tools allow study teams to pull together
all clinical trial data sources into an actionable report
for all stakeholders — project teams, sponsor and CRO
executive teams, and CEC/DMC committees. Using an
interactive dashboard, study teams can view the analytics
that matter without sorting, copying, and pasting from
multiple spreadsheets, and without logging in to several
databases to view data. They can also compile the
necessary information into an easily digestible format
for other stakeholders.
What Are the Benefits of Data Visualization?
The bottom-line benefits of an intuitive visualization
tool include:
- Faster analysis
- More informed business decisions
- Improved organizational efficiency
- Increased competitive advantage
- Improved customer experience
Business intelligence (BI) data visualization tools allow
for better management and monitoring of clinical trials
compared to other methods. They also improve outlier
detection, screening and enrollment tracking, and
safety review.
With data visualization, monitors can do more than simple
review of data listings. They can review reports to look for
underlying trends, such as potential or emerging risks. With
access to a dashboard, monitors can filter, sort, and cross reference data to get the information they need immediately.
What Is a Dashboard?
A dashboard is a data visualization tool that allows you to view relevant key performance indicators
(KPIs). Data is updated in real time and viewable via a mobile app or web browser.
Questions to Ask When Building a Dashboard
Many visualization platforms offer a drag-and-drop process for building your dashboard, making it easy for nonprogrammers to set up. Before you start customizing, understand the dashboard’s primary use and the data stakeholders will need to view. From there, consider the following:
- What data is needed?
- How will we pull the data?
- What tabs should we include?
- What data sources will we need for each of the tabs?
- What visuals do we want to create?
- What filters will we need to drill down the data?
- How often will we need updates?
- Who will need access?
The Persuasive Power of Data Visualization
As the volume of data expands, and as decentralized trials become more commonplace, traditional processes simply don’t allow for efficient use and management of that data. Visualization tools let you quickly integrate, sort, and analyze clinical data to improve operational efficiency and drive
business success.
To know more about Data Analytics tool, visit the link Below:
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