Lights, Camera, Analytics: How Analytics Process Optimization Directs Data Success for Medical Device Companies

Raj Jayashankar, Andrea Traverso, Amol Joshi

You’ve heard this story before: outsourcing some or all of analytics can improve customer segmentation, pinpoint cross- and upselling opportunities, and find new ways to deliver value—and do so more efficiently and effectively than your current operation. As an executive or manager at a medical device manufacturer, it may sound a little too much like the clichéd ending to a movie: And everyone lived happily ever after.

For medical device executives, this distrust of analytics and analytics outsourcing is well-earned. Some medical device companies may find it too overwhelming to even consider sophisticated analytics when they struggle with routine sales and marketing reports. They may blanch at the cost of investment in technology and personnel. Most important, there has been little need for this type of analytics in the past, as the medical device industry was able to sell largely based on product features rather than delivering value to specific customers’ needs.

The reticence of medical device companies to outsource their analytics, however understandable, may prove to be a strategic blunder in the coming years. As analytics grows in importance, and the medtech industry slowly embraces it, outsourcing will become akin to making a major motion picture–do you outsource the project to an experienced director, who is far more likely to make a great film and do so under budget than a relative novice, who might ultimately figure things out, but not after a lot of struggle and expense?

> Download

About the Authors

Raj Jayashankar is a ZS Principal based in Boston. Raj has more than 15 years working with medical device companies and the pharmaceutical and biotech industries on their commercial operations. He has led transformational change on analytics solutions, business model innovation, business operations and organizational change for both high-growth and mature life science companies.

Andrea Traverso

Andrea Traverso, an Associate Principal based in ZS’s Evanston, Ill., office, has more than 14 years of experience in consulting. She has helped companies in the medical device and pharmaceutical industries across a wide range of issues, including go-to-market strategy, commercial excellence, analytics, operations and a variety of other sales and marketing issues.

Amol Joshi is a Manager based in ZS’s Philadelphia office. Amol has worked with a variety of pharmaceutical and medical device clients, focusing on sales and marketing operations and analytics outsourcing. Prior to joining ZS, Amol worked for a global management consulting technology services and outsourcing company.