What is insight management software, and why is it important to the life sciences sector?

What is insight management software, and why is it important to the life sciences sector?

You don’t know what you don’t know 

The life sciences IP and patent landscape shifts constantly and rapidly, and to keep up, research teams have historically dedicated enormous amounts of time and valuable resources to manually monitoring emerging developments in the field. The stakes are high – missing a patent thicket, failing to identify potential research duplication or losing track of competitor activity can render costly trials and R&D efforts instantly redundant, no matter how far along they are, or how much money has been sunk into them to date. 

To mitigate these risks, and to help apprehend the staggering amount of data emerging every day in their arenas of enquiry, researchers are turning to AI-enabled insight management software to augment their research efforts. 

Here’s why the right insight management software is mission-critical in the life sciences sector.

What is insight management software?

AI-enabled insight management software is able to monitor millions of disparate data points, many of which are invisible to traditional search engines, moment-to-moment, as the data emerges. Where traditional search analytics platforms leave it to the researcher to curate results, decide what is and isn’t relevant, and manage multiple disparate data sources, insights management software does this heavy lifting for you, extracting and interpreting data to deliver actionable insights.

In short, where traditional search methods favor the broad view, insight management software goes deep, learning from the user over time and adapting to suit their needs. 

With the right insights management platform, research-related processes which historically take weeks or months are now completed in minutes and seconds.

What problems do insight management software platforms solve?

AI-enabled insights management software platforms address a number of key challenges in the life sciences arena.

Big data is only getting bigger

By 2025, the amount of data created, captured, copied and consumed globally is forecast to reach 180 zettabytes. A zettabyte is equal to one trillion gigabytes.

The life sciences sector is responsible for a good portion of that data. Quite simply, the sheer volume of data life sciences researchers need to monitor is far too big for human researchers to apprehend without AI assistance.

Finding the gap

According to Deloitte, 91% of life sciences organizations plan to invest heavily in R&D in 2023, which means the sector is set to experience a significant amount of movement in the near future. The search for true white spaces in the midst of a flurry of R&D activity is a top challenge for researchers. By analyzing trial data, patents, publications, press releases and other emerging data in real-time, insight management software can equip R&D teams with the information they need to make informed strategic decisions around viable targets and resource allocation.

Relieving the skills shortage

Talent availability is currently not keeping pace with growth in the life sciences industry. According to recent research by Randstad, it takes an average of 105 days to fill a position in the US life sciences industry, with only 12 available candidates for every open position. A shortage of data talent in particular is hitting the sector hard. Through the efficiencies insight management software delivers, researchers are freed up to apply their time and skills to more important areas of focus, and fewer data experts are required to cover data monitoring requirements. 

Reap the benefits of AI-enabled insights management with Similari

With a powerful AI-enabled insights management platform like Similari, you can offload up to 80% of your data monitoring time, while gaining access to the competitor and IP intelligence you need to drive effective strategic planning and maximize research performance. 

Similari not only monitors millions of emerging and dynamic data points in the arena of your choice, it also analyzes and presents them to you as actionable insights in seconds via the intuitive Similari dashboard.

Find out how Similari can drastically augment your research and competitor intelligence capabilities by booking a free demo with our team today. We’ll take you through the platform and show you just how much value it can add to your day-to-day operations.


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