5 Tips for Transitioning to a New Data Vendor

Working with a healthcare data vendor is a challenge, but not just because of privacy of patient data issues. Healthcare organizations become dependent on data for growth, future strategies and day-to-day businesses tasks. Prescription products, pharmaceuticals and medical devices are just some of the ways that massive volumes of data are logged.

Dissatisfaction with or outgrowing a current data vendor – or a vendor that’s become too costly – leads health care organizations to pursue other options; however, many are dissuaded from investigating improved resources due to the complexities of transitioning to a new data vendor.

Research has shown that roughly 33 percent of data vendor transitions fall flat within the first year, while two-thirds of the organizations making the switch experience problems in the transitional stages. It’s not impossible to switch data vendors; however, the process can be made smooth by following these tips.

5 Tips for Transitioning to a New Data Vendor

1. Ensure the data is trustworthy.

Will it provide the coverage you need? Is it reliable? Will your employees be able to use essential tools they rely on for daily tasks? Investigate these factors thoroughly, as well as the cost factors for making a change, before proceeding.

2. Don’t compromise on quality.

Dirty or damaged data leads to bad information that causes organizations to lose revenue. Misinterpreted data is another common problem. Quality data and correct interpretation are must-haves for healthcare organizations intent on switching data vendors.

3. Make sure the vendor can integrate business intelligence tools with third-party data aggregators.

This ensures that the transition is seamless between existing associations and new ones.

4. Identify the timeline for the transition.

If the implementation period is too slow, will it affect your bottom line? Will it bring sales or revenue to a halt? Can the new data vendor swiftly stabilize operations and drive performance and cost, while you maintain the existing data relationship to drive operations?

5. Address communication during the process.

Often, after the initial vendor relationship is agreed upon, the CIO, manager or project lead backs off the transition process, which is exactly when regular, effective communication between parties is the most necessary. At this point, strategic planning, collaboration and execution are imperative for driving the project’s success in terms of transitioning, meeting deadlines and keeping within budget.

Healthcare organizations need deep insight into pharmaceutical markets, and aggregated healthcare market data helps them get there. Marketplace dynamics, educated business decisions, brand success – these are just of the few of the factors driven by data and data vendors. Ideally, the data vendor upon which you rely should lead to business intelligence solutions that improve decision-making via insightful analysis.

Because organizations gather information from different sources to drive business outcomes and predict future growth and strategy, data must be clean, comprehensive and trustworthy. Making the switch from one vendor to another doesn’t have to be an impossibility. A smooth transition to a new data vendor can often mean improved ROI, quick results, and better operational analytics.

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