W2O recently hosted our second annual, Marketing Science Summit. The purpose of this event is fairly straightforward: to create a space for pioneers in the market research, social analytics and digital marketing fields to share the latest trends in marketing science, with a focus on the healthcare and tech industries.
From leveraging to data to the evolution of AI, there were plenty of key learnings from this year’s summit. I summed up the five that stood out to me below.
1. In healthcare, we’re dealing with data that isn’t really clean, nor does it connect easily.
Liz DeMatteis, Chief Marketing Officer, Aetion made a great point about this notion. She highlighted that the quest should not be perfect data, but rather the perfect understanding of the imperfections of the data. Imperfect data can still be used to fuel effective decision making
2. There have been significant advancements in Artificial Intelligence over the past decade.
From robotics to voice recognition, AI has continued to rapidly develop according to Tom Mitchell, E. Fredkin University Professor of Machine Learning and Computer Science at Carnegie Mellon University. What we always wonder about is whether or not those advancements will slow? The reality is that the advancements in machine learning and AI are only going to accelerate the continued innovation in these areas.
3. Digital data can be used effectively to understand physician behaviors.
We can all agree that digital and social information serves as a really effective data source. However, in order to truly understand physician behavior, we need to triangulate multiple data sources. Audun Utengen, Chief Executive Officer of Symplur noted, it’s important that we don’t overly rely on a single source of data when we’re making decisions.
4. Usage and data collection is still in its infancy.
We still have varying stages of maturity with data, the data doesn’t always connect very easily. Additionally, we consistently are getting more and more data, there are new decisions that can be made with the data, there is new legislation and other key factors. Once we solve one potential issue another pops up, so it’s important we work together to solve these challenges.
H/T: Joerg Corsten, Global Medical Information Leader of Roche
5. Data can fuel creativity.
We at W2O talk a lot about following the data to get to the point. While we advocate and practice for data driven creativity, one point that’s worth accentuating is that data is a guide, it isn’t a vice. Thank you Ellen Gerstein, Director of Digital Content, Pfizer and Mary Michael, Vice President, Patient Advocacy and Stakeholder Management of Otsuka, for highlighting that point.
That’s a wrap for the 2019 Marketing Science Summit! Thank you to our speakers and attendees for making this event a success, we look forward to seeing you next year.