Making Sense of Market Research
The company’s sales division sources IMS Health data periodically to review sales efforts and course-correct strategies based on reported numbers.
Each month the firm received IMS Health information stored in large excel workbooks. Vast amounts of data were scrubbed, prepped, analyzed, and presented by the analytics team. The team generated extensive reports to present their findings to the sales field force comprising 8000+ medical representatives and their respective managers.
The traditional reporting system failed to highlight important insights related to outliers, anomalies, and emerging trends if any. Also, the time taken in data preprocessing, analysis, and reporting led to a lag in market evaluation by almost a week.
- Time lost in data cleaning and preprocessing
- Lack of personalized reports across team hierarchies
- Complex reporting style required data interpretation and hindered comprehension
- Inability to identify hidden trends and insights from data reported
A plug and play solution that requires no manual analysis or data expertise
- The solution was an automated yet agile reporting system that delivered actionable sales insights, easily understood by the entire sales team, regardless of experience or expertise
- Phrazor enabled the data analyst team to replace manual reporting with end-to-end automation
- The team could now produce reports with dynamic commentaries using natural language generation technology
- The reports generated were personalized and documented written insights from the research data
- This included a detailed competitive analysis of high contribution brands; information related to average and non-performing brands; and forecasts and recommendations based on prescriptive analytics
- Distributing the reports too became a lot simpler with pdf and excel files being sent over email
- 234 reports were generated monthly based on brands and categories. Each division could identify top-performing and non-performing regions based on actual sales vs monthly targets. This helped evaluate performance effectively
- The reporting transformed — from being a manual process that took up significant time and effort, with no assurance of accuracy or actionable insights — to an automated, efficient one that provided customized reports at scale with insightful commentary on sales performance, peer comparison, and recommended next steps
- The automation led to 56 man-hours being saved each month
- It provided consistent and comprehensive reporting of key business metrics
- Market Intelligence Analysis presented as insights in natural language prevented data misinterpretation
- Reports provided critical inputs and prescriptive recommendations that supported decision making and enabled corrective measures
This multinational pharma player is one of India’s largest generic and specialty pharmaceutical companies. The firm has over 800 brands marketed in over 50 countries, by a 14,500+ strong workforce.