How to Transform Life Sciences using Next Gen CX
Life sciences is a large and diverse industry comprising organizations that research, design, test, or sell pharmaceuticals, biotech, medical devices, and more. The industry pioneers new and advanced health products, treatments, and cures for a large consumer base. The demanding nature of this field and the unique set of challenges that accompany it requires a wide variety of skill sets and expertise.
Throughout the COVID-19 pandemic, the life sciences industry has demonstrated its resilience by acting quickly and delivering vital innovation, including a vaccine rolled out for public use in record time. We have all witnessed how agile the industry is, delivering treatments regardless of obstacles that may arise.
Critical Requirements for CRM in Life Sciences
Life sciences organizations rely heavily on maintaining customer relationships in a primarily B2B market. Meeting the evolving needs of companies and individuals makes customer relationship management all the more critical, as market changes and challenges must be communicated effectively to all stakeholders. From a CRM perspective, while each organization within the life sciences industry has a unique set of needs and requirements, most share common pain points that can be resolved with new technology adoption and digital transformation.
Relationship Management
Despite its rapid growth over the last several years, the life sciences industry remains a relatively close-knit community. As a result, building long-lasting relationships is critical to success, and relationship management involves managing vendors as well as customers. A CRM system must give sellers the information they need and enable them to focus on building relationships, whether engaging with large hospital systems or individual prescribers.
Real-Time Access to a CRM System
Sales team members must personalize every communication to deliver the most relevant and valuable content to each individual or client. As salespeople are always on the go, accessing this data in real-time is highly critical for an effective sales strategy.
Due to the time-restrictive demands on medical practitioners, a life sciences representative usually only has a short time to make high-volume sales. As a result, industry CRM requirements dictate real-time access to data while on the go is a high priority.
Global Footprint
Many life sciences organizations have a global footprint or at least seek to have one. This translates into the need for a CRM solution that can be implemented globally and scaled as the organization grows.
Omni Channel Reach
The life sciences industry is very competitive, so companies must deliver high-touch service where their customers want it and when it is needed. Customers need the option to connect with their service providers 24/7 when the need arises via the channel of their choice- web chat, call, social media, email, or message.
Oracle CX Suite Solutions for Life Sciences
The Oracle CX suite is fully capable of catering to the needs of the industry, making it possible for organizations to provide excellent service to customers and rapidly adapt to their changing needs. The following solutions have been specifically designed to fulfill the critical requirements for CRM in life sciences.
Oracle Marketing Cloud
It is easy to create targeted, cross-channel marketing campaigns with the Oracle Marketing Cloud. Automated marketing enables firms to segment markets and target providers and influencers for direct marketing campaigns, driving web traffic and sales interactions that grow the business.
New, best-in-class marketing capabilities enable companies to nurture inbound leads acquired from the internet until they are ready for sales representatives to take over. Oracle Marketing makes it possible to access and use real-time data to inform and guide future marketing initiatives.
Oracle Sales Cloud
In-depth customer knowledge is a critical tool for life science sales representatives. Oracle continues to provide a 360-degree view of the customer, enabling a deeper understanding of complex hospital, physician, and key opinion leader relationships. Oracle Sales Cloud supports the deployment of account and contact management functionality on mobile phones and tablets synced with the Oracle cloud application.
With Oracle Sales Cloud, sales executives, managers, and representatives have complete visibility to planned goals, current performance against those goals, and associated sales plans and execution. Oracle Sales Cloud can access real-time data from all departments to identify and prioritize prospects, build a sales plan, and improve sales conversion rates.
Oracle Service Cloud
As discussed earlier, life sciences is a very close-knit and interdependent community. Many of the industry's customers are repeat or even life-long customers - requiring the same or varied treatments over an extended period of time. Hence providing effective and proactive service is vital.
To develop long-lasting and quality relationships, life sciences organizations must deliver personalized service solutions to support their customers. The Oracle Service Cloud uses automation to quickly guide customers and individual clinicians to the answers they seek. This frees service agents to focus on complex questions and high-touch service to increase customer satisfaction, retention, and profitability.
Managing Customer Relationships
The Oracle CX suite is uniquely positioned to cater to the demands of a life sciences customer. From running marketing campaigns and managing customer events (seminars/ education events), to effectively managing sales efficiency and providing improved customer service- Oracle has secure and stable applications on a unified platform.
While the out-of-the-box applications have all the features required to cater to life sciences’ needs, custom solutions can also be built around these applications for unique situations. For example, building awareness campaigns around a growing demand for a specific medical device or implant may require artificial intelligence or internet-of-things solutions to track and predict the health of the medical device. Each life sciences organization will have a unique process for managing their customer relationships- Oracle CX suite is ideal for each one of them.
Talk to an Expert
We understand how critical applications can be to the success of any business, and we want to help you uncover the best way forward for your organization. Accelalpha's expert consultants can answer any questions you may have and guide your organization to the best solution to resolve your business problems.
If you want to learn more about what the Oracle CX Cloud suite could do for your organization, schedule a consultation with an Accelalpha consultant. At Accelalpha, our team takes time to answer your questions, provides unmatched expertise, and puts the needs and objectives of your organization first.