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Data Integration in Life Sciences Companies
Frost & Sullivan, Feb 2007, Pages: 22
Data Management and Integration Solutions Gain Significance in Life Sciences Companies
In the modern age, businesses are completely driven by knowledge. Due to the wide range of data lending itself to a variety of depictions and end usages, there has been a slow and steady evolution of the need for effective tools to store and view data. The requirement for constant access to up-to-date and actionable business intelligence information can be called the ‘phase one’ in the need for effective data utilization. This necessity has been well appreciated and there have been numerous commercial solution providers offering effective data management solutions. Data integration is the next phase in the life cycle of information products. Life sciences organizations are positively anticipating the adoption of data integration, which offers a wide range of applications in areas including customer relationship management (CRM), product data management, supply chain management (SCM) and enterprise resource planning (ERP).
'The global markets for varied data quality tools are not clearly delineated or disjoint from the market for data integration tools,' notes the analyst of this research service. 'Solution providers in the data integration market cannot ignore the importance of data quality as the first stage in their integration project life cycle.' As a result, integrators inevitably are propelled into the data quality market and forced to offer quality solutions. Another reason for this is the end users’ preference for common single vendor support to tactfully resolve their enterprise business intelligence data requirements in one effort.
Customized Solutions Ensure Significant Benefits to Adopters
The data integration market is currently in the initial stage of maturity. While there are a number of participants in the market, the level of competition is not very significant. Although data integration has been serving various industrial sectors including financial firms, its penetration in life sciences companies has not been significant. Competition in the data integration in life sciences market exists among the tier 1 participants, which hold the maximum share of the market.
Notably, the unique feature of the market is that solution providers offer customized solutions to adopters. The process of customization enables end users to choose according to their requirements, allowing the solution to fit into the needs of the diverse sectors within the life sciences market. Although most of the companies specialize in data integration, there are certain participants that provide both, data quality and integration. There are also few firms, which provide hardware, as well as software solutions. In the future, the data integration market is expected to witness the foray of several entrants, as it offers immense growth potential. 'The need for data integration is certain and this 'need' phenomenon will characterize not just a few but the entire bulk of life sciences and pharmaceutical/ biotechnology/ medical device firms,' explains the analyst. 'Hence, the activity currently witnessed in the area is a minuscule subset of the potential application sectors that data integration can serve.'
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