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Digg It - Information Quality & The Balanced Scorecard
In the 1990s Kaplan and Norton developed a new approach to strategic management based upon a multi-dimensional view of the organization. According to this approach, traditional financial measurements provide a "too little too late" snapshot of the organization, which is inadequate for companies in the new ec
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
onomy.
Today, efficient internal business processes, good customer relations, and long-term strategic investments in technologies and employees are what make companies successful.
The balanced scorecard proposes that companies be viewed and measured in each of four major dimensions1:
· The traditional fin
Today, efficient internal business processes, good customer relations, and long-term strategic investments in technologies and employees are what make companies successful.
The balanced scorecard proposes that companies be viewed and measured in each of four major dimensions1:
· The traditional fin
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ancial dimension
· The customer dimension
· The business process dimension
· The learning and growth dimension
The organization's overall vision and strategy are particularized for the various organizational structures within each of these dimensions-e.g., accounting for the financial dimensi
· The customer dimension
· The business process dimension
· The learning and growth dimension
The organization's overall vision and strategy are particularized for the various organizational structures within each of these dimensions-e.g., accounting for the financial dimensi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
on, marketing and customer support for the customer dimension, order and warehouse management for business processes, and human resources and business development for the learning and growth dimension. Metrics for gauging performance against the specific strategic goals of the organization's structures are t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
hen devised.
Finally, data is collected and analyzed on an ongoing basis to evaluate performance against the goals and to provide decision makers with the information needed to identify problems and trends and to make adjustments while the data is hot. Quality information is the foundation of a balanced sco
Finally, data is collected and analyzed on an ongoing basis to evaluate performance against the goals and to provide decision makers with the information needed to identify problems and trends and to make adjustments while the data is hot. Quality information is the foundation of a balanced sco
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ecard.
Getting Good Raw Data:
Producing quality information begins with getting good raw data. Above all, good data is data that is directly related to the larger informational needs as determined by the scorecard. That is, just because it is true and accurate does not mean it is good data. The data must
Getting Good Raw Data:
Producing quality information begins with getting good raw data. Above all, good data is data that is directly related to the larger informational needs as determined by the scorecard. That is, just because it is true and accurate does not mean it is good data. The data must
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
be relevant to the strategies within the scorecard dimensions. Rarely is there a shortage of data. Often we are overwhelmed with data, much of it not relevant or helpful, and we are forced to do our own faulty filtering. As a result, insignificant or misleading pieces of data are emphasized, and poor decisio
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ns are made.
Good data must be accurate and fresh. Getting "clean" data is often the greatest impediment to effectively using the sophisticated business intelligence tools now available. It is estimated that over 25% of critical data used by major corporations is flawed due to human data-entry errors and a
Good data must be accurate and fresh. Getting "clean" data is often the greatest impediment to effectively using the sophisticated business intelligence tools now available. It is estimated that over 25% of critical data used by major corporations is flawed due to human data-entry errors and a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
lack of corporate data standards2.
Companies are spending much more money and effort analyzing data than they are on ensuring its accuracy.
“Flawed data not only compromises customer service, marketing campaigns, and supply-chain forecasting, but skews the scorecard and misleads decision makers.”
A number
Companies are spending much more money and effort analyzing data than they are on ensuring its accuracy.
“Flawed data not only compromises customer service, marketing campaigns, and supply-chain forecasting, but skews the scorecard and misleads decision makers.”
A number
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
of data-cleansing software packages are available, but data quality degrades quickly over time. Obtaining clean data should be viewed as an aspect of ongoing business processes rather than as a one-time operation of IT organizations. Business units must take ownership of their data and treat it as a critica
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
resource and product of its operations.
Transforming Data into Information:
Raw data is not information. Data becomes information when it is analyzed and transformed using the scorecard information goals as a guide. Data must be grouped and placed into context. It must be compared to other data and to ol
Transforming Data into Information:
Raw data is not information. Data becomes information when it is analyzed and transformed using the scorecard information goals as a guide. Data must be grouped and placed into context. It must be compared to other data and to ol
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
der versions of the same data. How does the data relate to other aspects of the scorecard, and what trends are emerging overtime?
“Transforming data involves not only analyzing and distilling it into useful information related to the organization's strategic goals, but requires that the information be pr
“Transforming data involves not only analyzing and distilling it into useful information related to the organization's strategic goals, but requires that the information be pr
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
esented in a form that is best for the audience.”
Delivering the Data:
Information must be delivered to the right persons at the right time. This may seem obvious, but often it is the most difficult part of the information generation process, particularly for large organizations. For these organizations, d
Delivering the Data:
Information must be delivered to the right persons at the right time. This may seem obvious, but often it is the most difficult part of the information generation process, particularly for large organizations. For these organizations, d
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
elivery may mean more than simply making the information available. Such mass delivery can result in the information being overlooked. Targeted delivery to only those people who are responsible for acting on the information focuses the information process and highlights the importance of the information. If
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
no one is directly responsible, why is the information being generated?
In addition, the persons receiving the information must understand how it relates to their objectives. Without direct relevance to their organization, work, and goals, the information is little more than interesting reading material.
In addition, the persons receiving the information must understand how it relates to their objectives. Without direct relevance to their organization, work, and goals, the information is little more than interesting reading material.
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
inally, the timing of delivery is a crucial consideration, which may determine the type of data collected. If an operations manager needs to predict sales quantities in the future so that materials can be ordered in advance, historical sales data may not be as relevant as proxy information that is highly cor
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
related to sales. Timing may also affect data analysis when there are data dependencies.
What Information Quality Means for My Organization:
No matter what your organization does, it relies on information to make strategic and operational decisions, which ultimately determine its level of success. This in
What Information Quality Means for My Organization:
No matter what your organization does, it relies on information to make strategic and operational decisions, which ultimately determine its level of success. This in
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
formation most likely includes financial data. It should also include a broader spectrum of information related to other dimensions of the organization. Whatever the breadth of the information, it must be directly related to strategic goals or it is a distraction.
The quality of the information must similar
The quality of the information must similar
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ly be measured by how directly it relates to the strategic goals. Data which is not culled and cleaned as guided by the strategic goals will distract and mislead decision makers. And data analysis and delivery, which transform data into actionable information, can only be effectively performed when strategi
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
c goals are understood. The quality of the information generated by your organization is ultimately measured by its overall relation to the organization's goals.
1 http://www.balancedscorecard.org
2 "Getting Clean," CIO Insight, August, 2004
1 http://www.balancedscorecard.org
2 "Getting Clean," CIO Insight, August, 2004
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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