“The goal is to turn data into information and information into insight.” That quote by the former CEO of a multinational information technology company might sound simplistic, but businesses that lack quality data face myriad repercussions, from increased workloads and more errors to inaccurate reporting and a higher risk of noncompliance.
Then there are the steep costs. Poor data quality costs businesses an average of $12.9 million annually.
Even when quality data is utilized, inconsistent formats across numerous sources make it difficult to combine effectively. That’s the struggle previously experienced by a global gene therapy leader.
Although this multinational company successfully managed its data and analytics initiatives through a department-driven approach, the data was siloed and often inconsistent. It sometimes lacked integrity and couldn’t be utilized for every function, thereby driving up operational costs and requiring additional resources.
The Challenge
The biotech business’s IT team wanted to scale the successes achieved through its data and analytics initiatives while implementing a top-down approach to replace its project-by-project model. As the company’s Vice President of Information Technology explains, “We were working to make things as efficient as possible to do more with fewer people. We started outlining the type of data management processes we wanted to put into practice with the goal of establishing a Data and Analytics Center of Excellence (CoE).”
The overarching goal of the CoE is to support future requirements, set standards for consistency and foster data sharing and innovation across the business. A sound and detailed framework would guide the long-term vision for the CoE and provide guidance and best practices for the company’s various data-related initiatives. The framework would encompass various processes to:
- Encourage the biotech company’s various business units to have shared ownership of the data
- Implement standards to improve data quality and integrity and ensure compliance and security
- Provide business units with a standardized playbook for their initiatives
Having previously collaborated with Stratos Consulting on another project, the gene therapy company’s IT leader knew Nicho Mann and his team were the best choice for spearheading the development of the CoE framework. Stratos is a leader in helping businesses across the life sciences, retail, manufacturing and financial services industries scale their successes using modern technology and automation.
How Stratos Consulting Helped
The initial phase of the project involved Stratos facilitating CoE workshops for a steering committee created by the biotech company. It was important to the vice president of IT that every business unit was included because the framework would benefit the entire enterprise.
During the next phase of the project, the Stratos consultants partnered with the gene therapy company’s IT team to design the CoE framework. Key to this framework was a focus on:
- Vision and strategy
- Governance and data management
- Technology and infrastructure
- People and skills development
- Culture and change management
- Operating model
“The biggest benefit is that Stratos helped us put our ideas on paper,” remarked the IT leader. “They met with various departments and groups to explain what they were going to do and how they were going to do it.”
The Result
The enhanced data governance and management component of the framework improves the biotech business’s data quality, leading to more confidence in the data sets and less time spent correcting errors within them. The strategic alignment ensures that data-related initiatives are aligned with organizational goals and strategies, and the best practices and process standardization reduce the chances of any data quality issues — all of which add to the framework’s overall business value.
As the Vice President of IT notes, “People thought this was going to add more work, but the feedback has been positive because team members have taken ownership of it. Instead of employees focusing solely on their function, we’re thinking holistically as an organization, and everyone is on the same page. It’s not just an IT thing.”
The CoE framework promotes optimized resource allocation by providing clearly defined roles and responsibilities and outlining the expertise needed for data-related implementations. Stratos included regular training schedules to bolster continuous skill development and ensure data owners’ knowledge about their systems and compliance regulations is always up to date.
The Impact
Implementing the updated operational model has enabled the gene therapy company’s IT team to not only spend less time making data quality corrections and collating reports but also utilize fewer engineering resources and procure less technical debt. There’s less effort required for them to deliver projects, allowing them to focus on other operational tasks and initiatives.
“I trust Nicho and his team because I feel like they’re doing what’s best for our company and not just trying to grow their business,” expressed the head of IT. “I recommend them all the time to my peers in the biotech industry.”
At Stratos Consulting, our strategy-first approach means listening, researching the data and drawing a roadmap for your project’s sustained success. Contact us today to learn how we can help you employ the best strategies for using data and technology to drive your company’s growth. Also, check out our other data strategy case studies.
