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(AMERICAS) The “Egg Timer Challenge”: Faster Re-Forecasting in the Life Sciences

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November 07, 2017

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Summary

This webinar is for Americas timezones. Click here for Europe.

Rapid changes in the biopharmaceutical industry are challenging manufacturers to analyze and respond quickly to market events. Biogenerics, a crowded innovator market, new indications, policy changes and rapidly shifting treatment paradigms require continual re-assessment of forecasts and the need for many ‘what-if’ analyses. However, current forecasting techniques make it difficult to quickly change a forecast to analyze changes to market dynamics, requiring hours or even days to provide conclusions to management. These long ‘re-forecasting’ durations limit the number of scenarios leadership teams can consider, significantly reducing their ability to quickly react and respond to events.

In this webinar we introduce a new metric to measure this critical forecasting task, “Forecasting Cycle Time”. Cycle Time measures the time to alter a forecast, from when a scenario is requested by a manager to when that analysis can be presented. This is potentially the most critical metric in forecasting today, since it measures how quickly a company can react to a change. We show how forecasts can be constructed to allow re-forecasting to be done quickly and simply, in 3 minutes or less. Finally, we introduce the “egg timer challenge” to forecasting teams: to build forecasts that reduce cycle time (including regional analysis) to within a three minute window.

Speakers

Rick Johnston, Ph.D.
Senior Enterprise Software Lead
QuintilesIMS

David Wolter
Vice President
QuintilesIMS

Sam Keating
Senior Principal
QuintilesIMS