The Biopharmaceutical Revolution. Why Data Products?
The Biopharmaceutical industry is on the brink of a revolutionary transformation driven by technological advancements. With the ability to decipher the human genome and unravel the complexities of human disease biology, coupled with the remarkable progress in digital transformation, AI/ML, and Generative AI (Large Language Models), the industry is captivated by the potential for groundbreaking innovation. We stand at the precipice of a new “Cambrian Age” for Biomedical Research and disease understanding, brimming with unprecedented opportunities.
However, amidst this accelerating pace of change, significant obstacles impede progress. One critical barrier is the lack of readily analyzable data. Decades of disjointed technology investments have left the industry grappling with a tangled web of siloed and fragmented data, hindering productivity.
But there is hope. Today, we have access to increasingly powerful technologies and data solutions, offering a glimmer of possibility. The industry is in the midst of the monumental task of upgrading and modernizing its data platforms, essential for the discovery, development, and launch of life-changing medicines.
Yet, this drive to modernize the data architecture must prioritize the business value of data and the crucial role of data consumer experience in decision-making. Unfortunately, the gap between advanced data platforms and enhanced data consumer experiences continues to widen.
Enter Data Products — the game-changer.
Throughout my career, I have witnessed how centrally managed data platform capabilities often fall short of delivering intended business value. This shortfall primarily arises from the chasm between users’ data requirements and their ability to effectively interact with and utilize the data. Technology is not the root cause; rather, it is the siloed operating model governing data production and consumption that exacerbates friction and frustration for data consumers. Even a casual observer of the industry can recognize that the efficacy of R&D suffers due to the data consumer’s struggle to find, access, integrate, and reuse data. The subpar operating model lacks clear ownership, defined rules, and strategies to design and build data products with consumer-centric features and functionality that are easily consumable.
The Missing KPI…Increasing Yield from Your Data
To maximize the return on investment in core data products, it is essential to promote their usage and reuse across business domains and various use cases. This principle forms the foundation of a decentralized data platform approach, shifting the responsibility of proper data design, quality management, and data stewardship to the most qualified individuals within the organization — the data product owners. These principles streamline the data landscape, bringing order to the chaos and fostering a mindset of usability and reusability that drives efficiency in the data ecosystem. This approach necessitates careful consideration and measurement.
In essence, the data world is undergoing decentralization. Embracing data product strategies will instill discipline, raising the standards for production and consumption of data across the distributed data ecosystem…driving value creation for those embracing a data-centric business strategy. This is precisely why I joined XponentL Data — to disrupt traditional approaches and leveraging our collective experience and expertise to guide businesses through this transformative journey.
Onward!
