Unleash clinical data from silo, study says
If you're trying to convince the executive suite to automate clinical trial functions and share data among other corporate resources, a new study can help you make the case. Researchers surveying senior managers in portfolio management, corporate strategy, and clinical operations found that 87 percent of respondents complained that they lack visibility into project-level operations, hampering long-range planning and portfolio decision-making.
Portfolio management involves assessing the big-picture view of a company's products and pipeline, and then incorporating that view into strategic planning. Planners use data from clinical operations and other departments to assess budgets, resource demand, and timelines across the portfolio, and to conduct what-if scenarios to inform strategy.
"You can't fix what you can't see," says ClearTrial CEO Mike Soenen, in an announcement. And planners need to see, now more than ever: Three-quarters of survey respondents say they are under increasing pressure to improve portfolio management efficiency.
Two years ago, the study finds, only 7 percent of respondents had to manage to a tight 5 percent acceptable variance on portfolio budget. Today, that figure has climbed to 33 percent. And for the remainder, it's a 10 percent max variance--still little room for error. Insight Pharma conducted the study on behalf of ClearTrial
It's easy to understand ClearTrial's interest in the study subject matter, given its offerings of clinical trial operations software that reaches across traditional corporate functions. Nonetheless, the study reflects the current business environment, making a strong case for freeing trial data from its clinical trial silo to intermingle with data from other enterprise resources.
- download the report here