London, 5th April 2017: Mohammad Ovais, founder/CEO, qordata was one of the keynote speakers at the 7th Annual Global Transparency Reporting Congress in UK. Titled, “Best Practices For Compliance Analytics,” the session provided guidelines for optimizing internal data for Transparency/Compliance in the global pharmaceutical industry.
Reiterating the importance of data scrutiny, M. Ovais described how pharmaceuticals are often challenged in this area by system limitations, and how they need to enforce compliance requirements by prioritizing it as a practice throughout the reporting cycle. “With the focus on submission and data collection, this is easily missed. You have to consciously allocate time in the process to do this necessary step.”
Analytics solutions may vary from simple to sophisticated. However, the minimum requirement each system must meet is the ability to visualize aggregate spend data and highlight outlier spend. These are basic components for high-level decisions. The ability to identify relevant spend outliers is another best practice and will include categories like distributor sales, high-risk vendors, missing and unusual TOVs.
Granting spend data accessibility to sales staff is another practice which varies by scale. Good systems allow sales teams to directly review and sign off on such data. Benchmarking and the ability to derive KCIs from internal metrics are two critical responsibilities compliance and transparency professionals within the pharmaceutical space need to undertake—if they are not doing so already.
Each year, subject matter experts from the pharmaceutical industry share their findings at the Global Transparency Reporting Congress. As a foremost provider of SaaS solutions for spend analytics, qordata has been a regular participant at this event.
For media queries, please contact:
Mr. Zafar Ahmed, Head of Marketing & Sales, qordata
+1 (888)-906-38282 | +1 (832)-220-3479
About qordata: qordata is an organization providing Data Management and Business Intelligence Solutions to clients in the Life Sciences Industry. It employs Big Data, analytics and integration and MDM to facilitate clients in decision making related to Compliance and Transparency.