Using Data-Driven Insights and Analytics to Drive Decision Making

How great would it be to be able to predict the future? Successful decision making ultimately depends on our ability to predict the future outcomes of today’s actions. If we could go back in time or foresee the future, we could remove uncertainty and clearly see the success or failure of our decisions with the security of knowing that our present efforts were on the right track. Consider the example of booking flights for your family summer vacation: how do you make the right decision? How do you best optimize your time and money efficiently? If you could foresee the future, you’d be able to see the ideal time to purchase your ticket at the lowest price, the best time to travel and then modify your decision in the present day accordingly. Predicting future trends In business, the closest alternative we have to predicting the future are trends and insights. Until recently, decision making often came down to instinct. However, a gut feeling is not a good predictor and certainly not a great way of managing pricing decisions. Actions based on instinct are often subjective and as such a gamble or chance based decision. There having been plenty of strategists that have fallen flat on their faces because their instinct let them down at a crucial point.  The recent case of Turing, where the CEO raised the price of Daraprim, from $13.50 per pill to $750 per pill highlights the demand for pharmaceutical pricing strategies to be defendable and sustainable. Big data is a term used...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news