Embedding new analytics in decision making
The business analytics team in the affiliate of a leading pharmaceutical company required support in embedding an event-based revenue forecasting approach and in articulating the forecasts and implications to the leadership team, as part of the business planning cycle. The SiLS team were engaged because of their experience in developing and implementing forecasting approaches, including event-based forecasting, and in succinctly presenting quantitative analysis to leadership teams.
The SiLS team supported the client in embedding event-based forecasting through three activities:
Refining the forecasting tool, which involved reviewing the original approach and amending the tool to enable robust projection of revenues based on past performance and the explicit incorporation of commercially relevant events. This approach, which complements patient-based forecasting, enabled teams to readily identify, quantify and manage the events that will impact commercial performance;
Developing and running workshops on how to use the tool and how to interpret the event-based forecasts, which included the development of a guide for current and future users;
Working closely with the analytics team on how to present the forecasts to leadership teams to efficiently communicate the commercial issues, risks and opportunities as a basis for decision making. SiLS developed a framework for presenting forecast outputs for the business planning cycle and briefing senior management.
Recommendations and outcomes
Recommendations on how to use and interpret the tool have led to it becoming a standard part of the client team’s analytical armoury and SiLS’ recommendations on presenting the forecasts have established an enduring framework for presentations to leadership teams.
As a result of the project the affiliate is taken as a best-practice example and its approach served as the basis for a regional roll-out programme to improve the communication of insights and ultimately decision making.