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Russell Goldsmith
Russell Goldsmith 8 October 2024

Podcast – Data-Driven Decisions: The Business Advantage

Recorded in partnership with SNP, a world leading data transformation company, and on location at GSK's London office, Russell Goldsmith is joined by Shobie Ramakrishnan, Chief Digital and Technology Officer, GSK and Alex Smith, Director of Strategy and Solutions, SNP to explore how companies are embracing innovation, metrics, and data to meet the challenges of today and tomorrow. They aim to discuss how businesses are using digital solutions to make sound, strategic decisions in an ever changing complex world.

Data-Driven Decisions: Insights from Shobie Ramakrishnan, GSK and Alex Smith, SNP

In a recent discussion on the c-suite podcast, we focused on data-driven decision-making, where Shobie Ramakrishnan, Chief Digital and Technology Officer at GSK, and Alex Smith, Director of Strategy and Solutions at SNP, offered valuable insights into the role of data in shaping strategic directions for businesses.

Their diverse backgrounds have shaped their unique perspectives: Shobie, with her roots in hardware and software development, transitioned to the realm of data and analytics, while Alex's early career as an analyst helped him realize the power of understanding data to truly understand a business.

The Significance of Data in Decision-Making

Alex Smith highlighted that for data-driven decisions to be effective, it is essential to have confidence in the quality of the data. Good data must reflect the reality of the situation it represents, as decisions made without reliable data can lead to misguided outcomes.

Shobie added that in the pharmaceutical industry, data is indispensable in many areas, from scientific research and clinical development to supply chain, sales, and marketing decisions.

Shobie also emphasized the potential of combining data-based insights with automation, leveraging the scale of computing power to integrate data into the core of business operations. This integration is a frontier that the industry is actively exploring to enhance efficiency and drive impactful results.

GSK's Vision and Strategy

Shobie shared GSK's ambitious goal of positively impacting the lives of 2.5 billion people by 2030 through the development of medicines and vaccines. She underscored the importance of technology as a critical element in achieving this goal, alongside uniting science and talent.

Over the next decade, GSK aims to place technology at the core of its strategy, using it to accelerate drug discovery and clinical development, optimize supply chains, and improve customer engagement.

For example, GSK has leveraged data and technology to identify genetic markers linked to diseases, resulting in a fivefold increase in data-driven validated targets from 2017 to 2022.

Additionally, the company has implemented "digital twins" in its manufacturing process, modelling real-time manufacturing scenarios to optimize productivity. One success story involves a 10% increase in the yield of a respiratory medicine and the early delivery of over a million extra doses of their shingles vaccine, made possible by data and AI.

Harnessing Data for Broader Impact

Alex expanded on the broader implications of data and technology, noting that organizations are shifting from process-centric to more human-centric approaches. This transition enables businesses to empower people to make data-driven decisions while being resilient to change.

He highlighted the rapid evolution of technology, such as the ability to get immediate answers from digital devices, compared to the slower, more manual processes of the past.

The conversation also touched on the impact of external factors on data-driven decision-making, such as climate change. Alex mentioned the development of carbon credits and the integration of corporate social responsibility into financial ledgers.

Data will play a crucial role in these efforts, allowing companies to combine datasets to identify previously unseen patterns, improve sustainability efforts, and achieve key performance indicators (KPIs).

Building a Data-Driven Culture at GSK

Shobie shared how GSK has integrated good data practices into its operations by fostering a culture of digital and data fluency.

They launched an internal data conference, DataCon, which began with 400 participants and grew to 7,000 in just three years, with a focus on educating employees about generative AI and enhancing their skills in prompt engineering. This initiative reflects GSK's commitment to developing its people and increasing their digital fluency across the organization.

Shobie emphasized that staying ahead in a rapidly changing technological landscape requires agility and clarity in leadership. Quoting futurist Bob Johansen, she stated that the future will reward clarity while punishing certainty.

This perspective aligns with the need for organizations to be adaptable and agile, embracing change while remaining focused on their core objectives.

The Role of AI in the Pharmaceutical Industry

Both Shobie and Alex acknowledged that AI has been a part of the pharmaceutical industry for years. GSK, for instance, has invested heavily in AI capabilities over the last five years to process vast amounts of data quickly and generate better-validated targets.

However, they also noted that ethical, defensive, and talent considerations are paramount in adopting AI, and governance needs to catch up with the pace of technological advancement.

To address this, GSK has launched an AI code of conduct aligned with its core values. According to Shobie, achieving a competitive advantage with AI requires alignment with the organization’s core purpose, recognition, and sponsorship from top leadership, as well as a focus on talent development.

Conclusion

The conversation between Shobie Ramakrishnan and Alex Smith provides a compelling view of how data-driven decisions are shaping the future of business, particularly in the pharmaceutical industry.

Their insights underscore the importance of reliable data, the integration of technology into core strategies, and the cultivation of a data-centric culture. As businesses continue to navigate an increasingly complex and dynamic environment, the ability to make informed, agile, and data-driven decisions will be more critical than ever.

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