The evolution of the traditional patient journey mapping approach to a more connected, data-driven approach has helped healthcare organizations to track and analyze factors that drive patient engagement, impact treatment decisions, and uncover innovative ways to position themselves for commercial success. A modern approach to patient journey mapping is one that offers deeper insights into stakeholder interactions, illuminates intervention points for drug manufacturers, and offers a strong foundation to develop strategies for the impactful activation of commercial markets.
With a keen eye on exploring future growth opportunities within the cardiovascular drugs segment, the client, a well-known pharmaceutical company based out of the United States wanted to evaluate the potential impact of pursuing multiple future cardiology indications for drug discovery and label expansion. Owing to the alternative therapies and multiple treatment options available to patients today, their current offerings were exhibiting a plateaued performance with no signs of growth in the concerned market segment.
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Considering the growing competition in the cardiovascular drugs market, the client needed to analyze where they stand to develop an optimal launch plan for new patient segments. This is when they approached Quazntig as they wanted to leverage an integrated approach to patient journey mapping to skilfully capture patient perspectives and analyze the treatment pathways, disease flow, and key points that impact therapy/drug selection.
A detailed analysis of the client’s challenges revealed that a targeted launch plan for the introduction of the new drug to specific patient cohorts was crucial to the success of their initiative. To help them succeed, we adopted a multi-step approach to patient journey mapping- one which focused on analyzing patient data sets to visually represent treatment pathways and disease progression. This success story is an example of a modern patient journey mapping in action. Details of the solutions offered are described below.
Realizing the issue, the client set out to address this problem by leveraging patient journey analytics. It was clear that they needed a robust solution that would help them understand patient journeys and commercialize new drug applications.
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Step 1: Data Discovery
The initial phase of this patient journey mapping engagement focused on improving data quality and data accessibility. Our experts conducted a comprehensive data audit to analyze data sets and system infrastructure to bridge gaps and identify the required transformations.
Step 2: Data Processing
The second phase of this patient journey mapping engagement focused on conducting a qualitative and quantitative analysis of the gathered data sets to uncover key factors that impact patient journeys.
Step 3: Data Analysis
An in-depth analysis of the real-world data including electronic health records, insurance claims, and treatment pathways helped uncover discrepancies in provider perceptions on the efficiencies of drugs.
Step 4: Patient Journey Mapping
The final phase focused on mapping the patient journey to analyze their journey and draw conclusive insights on the progression of diseases and the prescribed drugs.
A structured approach to patient journey mapping helped layer primary and secondary research data with behavioral data sets such as medical records, EHR, and DRG to identify areas of unmet needs across multiple patient populations. This not only helped the client to prioritize their trial activity but also provided a foundation for targeted launch planning. The areas of unmet needs were further hypothesized based on an analysis of patterns found within the patient data sets, and this hypothesis drove a rapid iterative approach to the qualitative analysis uncovering the fact that this unmet need was largely unacknowledged due to the standardized methods of care.
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Quantzig’s patient journey mapping engagement served as the basis for the client’s new drug launch initiative by providing the necessary evidence and setting the groundwork for devising action plans around the clinical trials, drug launches, product positioning, and patient journeys. Establishing a robust patient journey mapping strategy helped them devise a roadmap that helped them make crucial decisions right from the clinical trial phase through launch and beyond. Our multi-step approach to patient journey mapping aided the client in gauging the impacts and prioritizing the commercial activities based on treatment pathways, disease progression, and the associated impacts.
The four-pronged approach to patient journey mapping helped the client to:
- Discover and quantify the key transition points along the continuum of care for patients
- Analyze the common patient treatment pathways and the drug discovery process from the provider, patient, and payer lenses
- Capture perceptions on different drug therapies in target cohorts and required evidence to change the standard of care
- Identify and analyze potential leverage points to impact the use and prescription of the new drug
- Devise a roadmap for underpinning future value propositions
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The client- A renowned medical products manufacturer, Revenue- $8 billion, Area of Engagement- Supply chain management
The current healthcare industry is witnessing the proliferation of partnerships, relationships, and joint ventured initiatives to meet the growing healthcare expenditure and deliver value to the customers. Despite political uncertainties and sluggish economic growth, the medical products manufacturers are planning to invest in innovations to redefine their business models and create a value proposition for the customers. The rapid transformation in the medical products manufacturing space is fueled by the aging population, proliferation of chronic diseases, and increasing emphasis on quality of care and treatment.
Amid the rapidly changing economic conditions, small and large players have been compelled to adapt and find new opportunities for development. Let’s look at some of the factors the may influence the growth of the industry.
- Cost of product development: The increasing complexity and sophistication of devices are further increasing the R&D expenditures, which, in turn, is increasing the cost of product development. Also, the growing demand for medical products among the consumers is increasing the need for reducing capital in the manufacturing process while negotiating on the expenses.
- Ensuring product quality: Medical products manufacturers need to ensure that they maintain quality in their products to avoid any issues related to product recalls. For any medical products manufacturer, product recalls can have a negative impact on the brand reputation and the company’s overall bottom line performance.
- Regulatory compliance: The growing safety standards and regulatory compliance are compelling medical products manufacturers to offer reliable and quality services to the end-users. Besides the regulatory guidelines, manufacturers of medical devices should garner government support to improve research and development and offer favorable tax reimbursements.
As medical products manufacturers are shifting from a transaction-based approach to a value-based approach that focuses on creating value for providers and practitioners, it becomes essential for the medical devices companies to go beyond the traditional business models to ensure better supply chain visibility. With the rising aging population and increasing health concerns, companies need to rely on supply chain management to grow by leaps and bounds and meet the demands of the end-user segments.
The Business Challenge
In 2012, the top twelve companies in the medical devices industry contributed to approximately 45% of the overall global market.
With operations becoming complicated, a renowned medical products manufacturer faced the need to increase the efficiency of their operations across the supply chain to remain competitive in the market space. With the growing concerns related to delayed shipments, inefficient plants, and inconsistent suppliers, the medical products manufacturer wanted to reduce operational costs to improve supply chain responsiveness and the product quality. In addition, the medical products manufacturer wanted to gain insights into the healthcare trends in terms of the people, processes, assets, and the entire value chain.
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The Solution Benefits and the Business Impact
Strategies that we recommend to improve supply chain visibility and ensure efficiency.
The supply chain management solution offered by Quantzig helped the medical products manufacturer gain relevant insights into the medical devices sector and the opportunities in the medical devices manufacturing space. The client was able to leverage the use of supply chain management to enhance their supply chain visibility, demand forecasting, and further improve the overall merchandising capabilities. In addition, the solution helped the client consolidate metrics into the overall supply chain to help the business optimize their networks and improve efficiency.
Supply Chain Management Predictive Insights
The client was able to gain better visibility into the supply chain process and increase efficiency, improve service levels, and reduce inventory levels. The solution offered end-to-end visibility into the supply chain from the procurement of raw materials to the distribution of medical products to the end-user segments. In the midst of the global competition, the medical products manufacturer was able to develop effective supply chain strategies and logistical capabilities to serve the needs of the customers in a timely and an efficient manner.
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Client: A distilled spirits manufacturer, Size: $1.5 billion in revenue, Area of engagement: Supply chain analytics
Distilled spirits refer to an alcoholic beverage manufactured by distilling the mixture produced from alcoholic fermentation. The distillation process is majorly applied to increase the alcohol content by reducing the diluting components such as water. Major factors propelling the growth of this market include steadily growing adult and young demographic worldwide and increasing demand for alcoholic beverages among consumers. Additionally, the advanced distribution channel including outlets in airports, online sales, and separate counters for females is another factor, propelling the demand for alcoholic beverages, thereby, conferring a boost to the global distilled spirits market. Furthermore, new product development and the innovation plays an important role in the distilled spirits market as the demand for these products largely depends on changing preferences and tastes.
The Business Challenge
The client, a major in distilled spirits manufacturing with business units spread across the globe, wanted to develop an effective solution model to enhance end-to-end supply chain visibility to achieve high customer satisfaction during order fulfillment. Additionally, the client also wanted to develop a solution for end-to-end supply chain visibility and identify the areas of optimization to ensure greater product delivery.
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The Solution and the Business Impact
The distilled spirits manufacturer was able to overcome challenges that were affecting on-time and in-full delivery failure with the help of Quantzig’s supply chain analytics. The client also identified key factors to ensure that the on-time and in-full delivery was greater than before. Moreover, a multi-source data integration facilitated an end to end visibility on supply journey of each product right from manufacturing to order delivery.
Supply Chain Analytics Solution Insights
Quantzig’s supply chain analytics help firms in the food and beverage industry space to re-strategize their sourcing locations by analyzing the impact of supplier location and transit times on the design-to-market time of a product. Companies can also improve demand forecasting efficiency post automation of the sales-order process with the help of these solutions.
Our analysis of the global food and beverage industry shows that distilled spirits manufacturers are facing challenges in terms of:
- Altering consumer preferences: Today, consumers have become more informed and can gain access to a wide array of information in terms of the ingredients used in the final product offerings. Therefore, the altering preferences of the customers are compelling business providers to offer products that are in sync with the needs of the customers.
- High competition: The distilled spirits manufacturing industry is facing a growing competition with many companies offering innovative products. With the growing threat in the number of new entrants, establishments are facing the need to improve their production efficiency while promising the right quantity and quality at the right time.
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Price Optimization Engagement Outcome
Improved sales and profitability
Quantzig’s strategic price optimization solutions enabled the client to enhance understanding of the impact of price changes, enabling them to make well-informed, forward-looking pricing decisions.
Identified new growth opportunities
The price optimizations solutions offered empowered the client to identify and capitalize on new areas of opportunity to increase profits.
Improved quote turnaround time
The streamlined approach and advanced analytics solutions helped bring about drastic reductions in the turn-around time.
In today’s competitive and fast-changing business landscape, an optimal pricing strategy needs to be equally dynamic. In such a scenario, using ‘pricing’ as a strategic lever to improve profitability proved to be challenging for a European energy management and building automation systems manufacturer.
The client needed a comprehensive solution to automatically generate a category-specific prices at scale to meet the evolving demands and skilfully tackle the growing complexities of the operating environment. The manufacturer was alos looking at leveraging price optimization and automating price quoting to better match market conditions and customer expectations. Besides, due to the standard manual processes that they followed for price setting, they were able to analyze only a few price points per product category due to which the quote turnaround time was high. Compounding the client’s challenges were frequent swings in raw material costs including copper, iron, and nickel. As such, keeping up with the commodity cost volatility and recovering losses through pricing turned out to be an arduous task.
Quantzig’s pricing analytics experts have designed integrated, predictive analytics methods to help tailor the best-fitting pricing and promotion strategy for your business. Request a FREE Brochure of our analytics solutions to learn more about our price optimization capabilities.
Realizing the issue, the manufacturer set out to address this problem by leveraging advanced price optimization techniques. It was clear that they needed a solution that was responsive to all the complex factors involved in calculating their prices and could identify the areas of opportunity to increase margin. Also, they needed a scalable solution that could help them generate market-aligned, customer and deal-specific prices without compromising on accuracy.
To help the client tackle their challenges, we adopted a comprehensive five-step, price optimization based approach that levearged machine learning techniques and predictive algorithms to generate thousands of price segments and produce market-aligned, differentiated prices for each unique product catgeory.
Quantzig’s suite of pricing analytics solutions is comprehensive. Gain limited-time complimentary access to our analytics platform to learn more about the importance of price optimization in the manufacturing sector.
Step 1: Data Pre-Processing
The initial phase of this price optimization engagement focused on improving data quality and data accessibility. Our experts conducted a comprehensive data audit to analyze data sets and system infrastructure to bridge gaps and identify the required transformations.
Step 2: Price Gap Analysis
The second phase of this price optimization study focused on monitoring and analyzing price gaps in real-time. This helped them gauge the effectiveness of the existing pricing strategies and devise new strategies based on the demand for different product categories.
Step 3: Pricing Model Analysis
The price optimization solution enabled the client to review and interact with price models that predict the P&L impacts of various pricing strategies, allowing them to choose the strategy that best aligns with their business goals for revenue and profit maximization.
Step 4: Pricing Model Development
An exhaustive list of factors potentially affecting the quoted prices was created, allowing our team to develop a framework to explore and validate the source data and synthesize an improved predictive pricing model.
Step 5: Simulation and Implementation
A tree-based machine learning model was developed, and results were compared to the algorithms and data used to build and implement a robust pricing model.
In this success story, the price optimization solutions offered tremendously improved the client’s ability to use price as a strategic lever to meet business goals and empowered them to capitalize on the complexity within their business. Laern more about the benefits of price optimization by getting in touch with an expert.
Quantzig’s price optimization solutions helped the client devise a robust framework to optimize the brand’s pricing strategy by analyzing customer reactions to different price points and price changes. The systematic approach helped unravel new opportunities for improving profits and avoiding price leakages. This resulted in a significant improvement in revenue and profit margins and a measurable reduction in quote turnaround time and authorized price quoting.
About the Client
The client is a leading player in the retail and CPG industry based out of Canada. The firm sells from 700+ retail outlets operating in 80 sales markets across the globe.
The Business Challenge
In today’s highly competitive retail and CPG market space, many factors affect sales revenue. Campaign analytics solutions help companies to examine the major factors which are responsible for explaining the sales variation in a given period by categorizing them into- base factors, macroeconomic factors, and promotions.
A Canadian retail and CPG industry firm was finding it difficult to evaluate the effectiveness of their digital marketing initiatives. Constant sales variations prompted the retail and CPG industry player to leverage campaign analytics solutions to examine the major factors affecting sales. The client wanted to assess various touch points in order to identify the effectiveness of each channel. By leveraging campaign analytics solutions, the client wanted to collect and analyze data about customer intentions and gain insights on how they could update their specific campaign strategies and tweak their marketing campaign criteria.
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Solution Offered and Value Delivered
Quantzig’s campaign analytics solutions helped the retail and CPG industry player gauge and understand the effectiveness of their marketing initiatives by assessing the strategies adopted by the key competitors in the market. Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.
Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.
The first phase of campaign analytics engagement focused on campaign planning and scheduling optimization. This helped the retail and CPG industry client to optimize their campaigns to drive growth and maximize campaign effectiveness.
In the second phase of the campaign analytics engagement, Quantzig’s analytics experts leveraged machine learning algorithms and predictive modeling techniques to help the retail and CPG client optimize marketing campaigns and improve campaign response rates.
The third phase of the campaign analytics engagement revolved around creating customized dashboards to integrate real-time data sources with historical data sets to analyze and optimize campaigns.
Our campaign performance dashboard helps retail and CPG firms to monitor and track campaigns success factors and boost sales. Gain limited-time complimentary access to our analytics platform today.
By analyzing campaign data and by gleaning insights into the frequency and strategy behind successful campaigns, the retail and CPG industry player was able to:
- Witness an improvement of 38% in return-on-ad-spend (ROAS).
- Quantify marketing effectiveness of different channels
- Improve sales by 3X
Learn more about how our analytics solutions can help you improve business outcomes in the retail and CPG industry.
About the Client
The client is a leading player in the hospitality industry in Finland, with over 1,500 staff and a network of 20+ luxury hotels, theme parks, and resorts spread across Europe.
The Business Challenge
The hospitality services provider collaborated with Quanztig as they wanted to leverage sentiment analysis to understand the social sentiment of their brand using contextual text mining. Since its inception, the client’s business objective revolved around customer-focused innovation and customer service management. This not only increased their popularity but also led to a sudden surge in the global customer base.
Witnessing a surge in the customer base, the client realized that steering effective customer-led change required a system that could not only collect and analyze all the customer data available within the business, it also had to deliver comprehensive insights about their members. Analyzing the information collected from customer touchpoints – such as call centers, resort operations, and post-stay surveys – was made more complex due to the global nature of the business and the different countries and cultures involved. Importantly, the executive team and other key stakeholders had to be taken on their customers’ journeys via advanced analytical techniques and authentic reports.
The client’s challenges spanned three core areas including:
- A growing customer base
- Inability to comprehend unstructured text
- Need to analyze brand reputation on social platforms
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Solution Offered and Value Delivered
Quantzig’s dedicated ‘Social Media Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and analysts designed an innovative three-pronged approach that leveraged text mining and sentiment analysis to tackle the challenges faced by the client. The crux of this engagement mainly revolved around the use of advanced data mining algorithms and sentiment analysis techniques to automatically transform unstructured sentiments into structured data of public opinions about products, services, and brands.