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So what is this technical debt? When outdated processes or deferred maintenance accumulates over time which makes it hard for companies in any sector including pharmaceuticals to be agile and innovative.
For instance, if your current laboratory information management system (LIMS) system is outdated, which lacks essential features such as automated workflows, real time insights etc., but owing to the lack of resources or budget constraints, you delay the decision to invest into modern solution and instead look for a temporary solution to meet the current need.
“Management consulting firm Protiviti surveyed more than 1,000 tech execs for its 2023 Global Technology Executive Survey and found that technical debt is a leading obstacle to innovation for nearly 70% of organizations. Executives also reported that tech debt consumes 31% of IT budgets and requires 21% of IT resources to manage.”
With a majority of these demanding situations being around tech adoption and management of debts related to it, a strategic approach is essential for CIOs to navigate short-term goals against long term ones within complex technological landscapes.
How can the industry fast-track adoption of Pharma 4.0 when new technology is continued to be seen as an isolated task and not a part of the broader digital transformation initiative?
Pharma 4.0 adoption
The call for digital transformation is louder than ever, as the industry is taking steps to adopt Pharma 4.0. Where new age digital technology merges with drug-making practices and fast track the process.
But, is this pace of adoption enough?
For this fast-paced industry, being compliant, speedy, and efficient means that you should always use findings obtained through data analysis if you want to stay ahead of others in the industry. CIOs need to quicken the move by embracing data-driven tools which integrate data from process automation solutions.
Speeding up decision making through digital tools
If pharmaceutical companies combine data analytics together with process automation solutions, it becomes possible for them to extract useful insights from large amounts of information. The actionable insights from these innovative tools will help make analyze, visualize and make intelligent decisions for faster go-to-market.
From speeding up drug discovery processes up until streamlining production systems and getting readily available actionable insights, there is a lot that can be done at different points within the manufacturing process by using these digital tools.
More than ever, in Pharma 4.0, the stakes are high. If CIOs accept digital transformation as a strategic necessity as well as utilize technology to enable innovation, they can guide their enterprises into an era where they will grow, thrive and succeed amidst digital disruption.
Innovation’s Tightrope: Understanding CIO Challenges
As the CIOs navigate the waters of innovation intertwined with technical debt, do enterprise insiders recognize the insurmountable challenges looming over them?
Consider this scenario: A CIO has a huge task on his or her shoulders, which is to fast-track setting up digital infrastructure in place to accelerate quality in drug manufacturing ensuring regulatory compliance, all while treading the tightrope between budget constraints and myriad other priorities at play.
Viewing this situation from an empathetic lens highlights the call for a collaborative backing not just from internal staff but also from strategic partners. Amidst the myriad challenges brought on by technical debt while migrating to Pharma 4.0, CIOs these strategic partners like Caliber technologies can support innovation and faster yet smarter decision-making.
Catalyst for CIOs to reach pharma’s north star
The digital partners are capable to offer not only the much-needed digital tools but also guide to steer these challenges. Their own unique capabilities and perspectives should be valued equally alongside those of one’s own team members within the organization’s context, where every stakeholder contribution counts significantly toward success.
Jasmin Kumar
The modern and intelligent solutions with cutting-edge features built on strong architecture will help CIOs rise above the limitations of their older systems and processes to comfortably transition to newer technologies vital for Pharma 4.0.CIOs may effortlessly travel the technical debt labyrinth while unlocking growth, innovation, and success opportunities in the digital era.
About the author
Jasmin Kumar is head of marketing at Caliber Technologies where she leads a team of professionals who deliver novel marketing strategies for the company’s New Age Digital solutions. With more than 15 years of experience, she has a unique blend of skills and knowledge that enables her to understand the needs and preferences of the company’s customers and stakeholders, and to create engaging and impactful campaigns that drive growth and loyalty.
Filed Under: Industry 4.0, machine learning and AI
