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Evolving from Multichannel to Omnichannel: The Crucial Role of Master Data Management Excellence
Francesca D'Angelo, Director, Global Information Management Offering, IQVIA
Robert Bloor, Senior Principal, Information Management and Analytics, IQVIA
Nov 10, 2023

The advancement of data technology and its capabilities is taking place at an incredible speed. Life sciences organizations can unlock new opportunities to gain insights by effectively managing complex data sets through creative modeling. To handle the vast amounts and diverse types of data from an increasing number of sources, a fully integrated Master Data Management (MDM) system at the core is imperative.

From multichannel to omnichannel

One of the most impactful recent technological trends, which for many companies is still unfolding, is the transition from multichannel to omnichannel operations. While access to new data and technology made multichannel engagement possible, individual channels and the departments using them remained fragmented and siloed. Inevitably, isolated data sets being used for isolated channels produced a disjointed, disharmonious engagement experience. The need to improve engagement engendered the need to:

  • Connect fragmented channels and resolve disparate data into a single source of truth. Mastering core entities information enables complete transparency and a deep understanding of each individual’s actions, history, patterns and current status across digital and human interactions
  • Host the accurate master records in a centralized repository, manage accessibility and publish the cleanest most up-to-date golden record to the appropriate subscribing systems
  • Orchestrate and optimize communications across all channels to connect with stakeholders in customized and personalized ways

Successfully implementing these three functions enables the transition from multi- to omnichannel operations; and from uncoordinated to coordinated interactions. Companies that have fully made this transition have already gained a massive competitive advantage.

Effective omnichannel engagement empowers organizations to:

  • Gain a 360-degree view of stakeholder interactions across digital and offline channels
  • Understand behaviors and preferences and return an optimal, customized experience including highly personalized, well-timed messaging through the ideal channel mix
  • Test and quantify the ROI of UX experiences, messaging variations, promotional campaigns, and other variables

It’s important to note that as technology, and specifically artificial intelligence (AI) and large language models (LLMs) continue to evolve, establishing a well-organized and well-functioning omnichannel solution built upon a superior MDM platform will be an absolute necessity.

Enter AI

The next stage in the evolution of life sciences data technology is already being integrated by disruptors and early adopters from both pharma and medical technology companies. Many future possibilities have not even been imagined, but today’s preliminary iterations already reveal that generative AI (GenAI) can significantly accelerate many data-driven tasks. A 2023 McKinsey article, “The Data Dividend: Fueling Generative AI,” suggests data management is a key enabler for generative AI applications.

Unstructured data as an insight multiplier

Another clear and impactful change is that AI combined with tailored LLMs can greatly expand the capabilities and value of data with their cumulative ability to ingest, process and leverage unstructured data from previously untapped sources like online chats, customer text, email and phone exchanges, videos, code, and a rapidly growing list of touchpoints. And as data professionals become increasingly proficient in feature engineering, improved machine learning and model training will rapidly gain greater levels of accuracy and provide deeper levels of insights.

Quality data and data management are essential

A close examination of the effectiveness of any AI use case will always produce the same conclusion – there is a direct relationship between the quality of the input data and the capabilities and effectiveness of generative AI’s output.

"..72 percent of leading organizations note that managing data is already one of the top challenges preventing them from scaling AI use cases."

McKinsey Data and AI Summit 2022

 

As the power and capabilities of data technology continue to explode, the need for data management excellence becomes exponentially more vital. For companies that have yet to invest in an effective MDM, or need to rework an outdated MDM strategy, now is the time to put a robust MDM strategy in place. Just as it would be impossible to attempt complex math equations without first learning to add and subtract, the prospect of managing and processing the quantities and varieties of data made possible with generative AI and LLMs will become virtually unthinkable without a solid MDM foundation established to facilitate feature engineering for selecting and transforming the variables that drive the models.

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