New industry research from Veeva reveals that while life sciences companies are accelerating their use of artificial intelligence, a poor data foundation is preventing them from achieving impact at scale.
According to the findings, the report reveals a critical industry paradox: 89% of companies have failed to scale more than half of their AI initiatives. The data shows that 96% of leaders believe their data is not well-structured or AI-ready, and 67% have had to abandon an AI project specifically due to bad data, underscoring the importance of foundational data improvements.
Other key insights include:
- 73% of leaders experience significant data quality issues
- 70% reconcile data across more than three sources
- 71% agree that GenAI alone won’t solve structural data issues
- Companies report spending up to 100 days annually on HCP matching
“While our survey confirms the industry is starting to capture value from AI, it also underscores that sophisticated AI is not a shortcut to replace a solid data foundation,” said Karl Goossens, general manager, OpenData Europe, Veeva Systems. “In order to scale effectively, companies need consistent, high-quality data powering every decision and every interaction. It’s not just about having AI, it’s about feeding it with the right data.”
As companies aim to scale AI across commercial and medical functions, the research underscores the urgent need to unify and standardize HCP/HCO reference data.
Read full report here: https://www.veeva.com/eu/resources/the-state-of-data-analytics-and-ai-in-commercial-biopharma/.
