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17 06, 2013

What if Everyone Were a Statistician?

By |2017-05-23T15:42:02-08:00June 17th, 2013|Blog|0 Comments

There’s a nice blog post by statistician Jeff Leek on how more and more non-statisticians are finding themselves in roles that involve data analysis and visualization. Data are becoming more and more available, and less and less expensive to collect, and the tools for analyzing that data, from Excel to SAS to Spotfire, are becoming ubiquitous. It is essential that these non-statisticians have more than just data and tools however: they also need training to correctly interpret results and communicate them in a clear, compelling way to executives.

At Enrich, we couldn’t agree more with Jeff. Giving our clients the tools they need to communicate complex forecasts and outcomes in a clear, effective way is a critical first step. For twelve years, we’ve been building custom forecasting and portfolio systems that are tailored to the specific questions our clients’ executives seek to answer. Rather than providing an open-ended workbench, we create interactive dashboards that drive conversations to decisions.

The second step involves training users around building plausible, concrete scenarios, managing uncertainty, and communicating both upside opportunity and downside risks to management. You don’t need to be a Ph.D. statistician to estimate a market share range for your next product launch, but understanding forecasting shortcomings in human behavior and how to incorporate historical information will make you a better forecaster, and lead to better product and portfolio decisions.

So, while not everyone is a statistician, more and more people have access to powerful tools and insight-laden datasets. When our clients use the Enrich Analytics Platform to make complex, high-stakes business decisions under uncertainty, we know we’ve built a critical bridge between the data and the difficult decisions facing management.

See also:

Bringing Insights, not Just Charts, into Your Sales Meetings

Product Forecasting and the Planning Fallacy

3 06, 2013

Bringing Instant Insights (Not Just Charts) to Sales Planning Meetings

By |2017-05-23T15:42:02-08:00June 3rd, 2013|Blog|0 Comments

The starting point for most conversations about a candidate drug’s sales potential is a chart of drug sales by segment and time—month/quarter/year, depending on the planning horizon. Digging deeper, you are ‘treated’ to a huge table, or perhaps a bunch of bar charts, tallying the number of afflicted people, those afflicted who have insurance, those with insurance who are good candidates for a specific class of therapy, and so on, leading to an estimate of patients who will receive the firm’s medicine. Although it’s all the right information, visualizing across multiple time periods, multiple market segments, and multiple filters is an eye-crossing challenge. Like the visuals themselves, conversations jump and dart around unsatisfyingly, from “Wait, did we look at healthcare access in the out years?” to “What was the total incidence again?” until the topic is lost.

Having participated in numerous drug development review and sales planning meetings and having interviewed key stakeholders at multiple firms, we understand first-hand how long it can take participants to level-set on a drug’s go-to-market story. Yet without a concise go-to-market narrative, building consensus around how to improve a drug’s future prospects just isn’t possible. We had a hunch that the right visualization could make a big difference in these meetings, and that got us thinking…


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