What is CLM?
CLM relies mainly on data generated through closed-loop reporting. Closed loop refers to the internal reporting process that takes place between sales teams and marketing specialists after sales teams conduct client visits. Such reports include hints and insights gathered by the sales team to assist marketing specialists in the categorization of their clients and their impact on sales. Analyzing this data may help develop new methods or reveal updates for client data. In addition, reporting may indicate when clients are about to opt-out of the current contract or business deal.
The Types of Data Required for CLM Systems
CLM systems label service providers (physicians, dentists, therapists, etc.) as “Accounts.” Accounts may be either personal (e.g., a physician) or institutional (e.g., a physician in an institute). The system retains lists for these accounts. Needless to say, the sales team should update the lists to maintain accuracy. For example, no physician should be listed without their current contact information.
Every physician represents a client. The impact of this client or their importance to the sales team should be assessed, categorized, and listed in the database. Changes in a provider’s status could include death, travel, or retirement. Some physicians could also be irrelevant from the sales team’s point of view. Pharmaceutical companies should provide data about their sales team and what providers they are assigned to. Pharmaceutical sales jobs are also known for their high turnover rates that require continuous updates to the Salesforce data.
Challenges Facing CLM Systems
It is expected that pharmaceutical companies will provide their data in different formats (Excel spreadsheets, Microsoft Access databases, JSON files, etc.). Some data might be missing or duplicated. This may present a real threat to the software house handling the CLM system as the system can import standardized data only. All of these potentially thousands of records need to be standardized and cleaned.
Data science researchers estimate that cleaning such data may take up to 65% of a data scientist’s valuable time.
John Snow Labs has dedicated the last two years to developing United States healthcare and pharmacological industry datasets and recently added datasets for these markets from the United Kingdom.
Within our health datasets catalog, you can find over 1,800 datasets across 18 areas of human health and well-being. Whatever your business needs, you can schedule a consultation with the marketing team to obtain clean and accurate data fast that exceeds your expectations.