Better data analysis enables companies to optimize everything in the value chain -- from sales to order delivery, to optimal store hours. Here are six examples of how major enterprises are using data to improve their business models.
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Reduce Time To Market
Introducing new products or services involves many life cycle stages, some of which are easier to accelerate than others. For the past couple of decades, drug manufacturers have been using clinical trial simulations to speed learning, reduce costs, and limit unnecessary burdens on patients participating in the trials. Armed with the power of the cloud and big data, the clinical trial simulations can be done faster in ways that benefit the manufacturer and patients.
Bristol-Myers Squibb reduced the time it takes to run clinical trial simulations by 98% by extending its internally hosted grid environment into the AWS Cloud. The company has also been able to optimize dosing levels, make drugs safer, and require fewer blood samples from clinical trial patients.
Because clinical trial data is highly sensitive, Bristol-Myers Squibb built a dedicated, encrypted VPN tunnel to the Amazon gateway and configured a virtual private cloud so the environments would be isolated from public customers.
Before moving into the cloud, scientists were using a shared internal environment, so it took 60 hours to run hundreds of jobs. Now that each scientist has a dedicated environment, 2,000 jobs can be processed in 1.2 hours without causing an impact to other members of the team.
As a result of the move, Bristol-Myers Squibb was able to reduce the number of clinical trial subjects in a pediatric study from 60 to 40, while shortening the length of the study by more than a year.