Cloud cost optimization for pharma with data platforms

A modern data platform for pharma is a cloud system that manages data collection and analysis for enhanced decision-making.

Because of the accelerated digitization process, though, data generation is increasing exponentially, making resource management a complex task.

In other words, the pharma industry is facing challenges with cloud cost management.

If you're looking for solutions to optimize these costs, you’ve come to the right place.

Let's explore these challenges and solutions together.

Understanding the challenges of cloud cost management

A modern data platform for pharma is a cloud system that manages data collection and analysis for enhanced decision-making.

A modern cloud data infrastructure offers flexibility and scalability, but it also presents challenges, particularly in financial management.

For the pharmaceutical industry, where data security and accuracy are crucial, a lack of visibility into cloud resource usage can lead to unexpected expenses which are difficult to justify.

According to the Cloud Radar 2023 study by Infosys, executives from many companies in the United States, Europe, and Australia reported difficulties in controlling cloud costs, especially regarding on-demand services and unmonitored usage.

If you're facing similar challenges, read on to learn how a data platform can benefit your business.

Benefits of data platforms for the pharma industry

Modern data platforms are a promising solution to these challenges.

They centralize and facilitate data access, enabling more detailed analysis and informed decision-making.

For the pharmaceutical industry, this means not only more efficient resource management, but also improved regulatory compliance and data management and security.

Adopting advanced data technologies may also lead to significant cost savings and greater agility in business processes.

3 strategies to optimize cloud costs with modern data platforms

Here are three basic strategies to optimize cloud costs. Check them out!

1. Automation

Automating processes helps reduce operational costs and avoid manual errors, increasing efficiency.

It is made possible thanks to factors such as the integration of artificial intelligence into the MDS, minimizing manual intervention in routine processes and streamlining them.

This is what happens when you have a data platform based on the Modern Data Stack.

2. Predictive analysis

Predictive analysis helps forecast resource consumption patterns and adjust capacities as needed, avoiding overloading costs.

3. Smart scalability

Scalability means having the ability to extend contracted functionalities to meet higher demand or even reduce them when necessary.

When you work with a modern data platform, scalability is efficient and intelligent—whether to increase or decrease resources based on demand— ensuring the company only pays for what it uses.

How to implement a cloud data platform with cost optimization for the pharma Industry

Traditional data storage processes do not allow file sharing among your team. They also limit access, have less security, and much higher costs.

In order to change that, you will need to:

• map all systems, data, applications, and information that need to be transferred;
• look for a cloud provider that offers the ideal solutions for your business;
• prioritize which data should be moved first;
• update and train teams to fully leverage the potential of your new data platform.

If you want to successfully implement a cloud solution that optimizes your decision-making, contact Indicium.

To explore more on this topic, read our new Modern Data Stack blueprint.