AI-powered dashboards use artificial intelligence to show you important information about your pharma business. These include total revenue, profit margin, order quantity, etc.

For example, you want to order medicines for the next month. But you are unsure how much to order. Ordering more than necessary will waste money, and you might lose customers by ordering too little.

AI can train on your past sales data to analyze which medicines sell quickly and which don't. Based on this information, it can show you the quantity you need for each medicine in a simple chart or a table. Then, you can order just the right amount of medicine.  

This saves you money without running out of popular medications.

See it in action
‍Pharmaceutical Dashboards

Benefits of AI-powered dashboards in pharma

Real-time stock monitoring:

Traditionally, a pharmacist has to count their stock manually.

This takes time.

But AI-powered dashboards give you a real-time view of your product inventory levels. It tracks what medicines are coming in and going out. It crunches these numbers super fast and updates the inventory levels in real time.

So this means you can always monitor your stock levels and make sure you have what your customers want, which will keep them happy.

Demand forecasting

AI can analyze historical sales data and predict demand based on certain conditions.

For example, after analyzing the historical data, AI finds that the demand for cold, cough, and fever medicines has increased during winter and rainy seasons. You can use this information to restock the relevant medicines beforehand to avoid shortages and minimize waste.

Sales trend analysis

AI can show the pharmacist which products people buy most often. It can also show when sales of certain products go up or down. For example, sunscreen sells a lot more in the summer.

You can use this information to showcase and sell more sunscreen. It's called sales trend analysis, and it helps businesses understand what customers want and make smarter decisions to cash on the trend.

Supply chain management

Suppose you need a special medicine that needs to come from a long distance.

AI can follow the medicine's journey and check where and how fast it moves. If there is a delay, it can alert you, giving you time to find alternate solutions for the time being.

By tracking products in this way, you will always be one step ahead and prepared.

Related Read: The Ultimate Guide to Mastering Supply Chain Analytics

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The key features of pharmaceutical dashboards

Core components

Data integration:

The ability to combine data from various places like supply chain, staff, and sales is essential to get the complete data for analysis.

Data visualization:

You can only understand a data point in a particular visual format.

Every data has its unique visual representation. For example, you cannot convert table data into a pie chart and make sense of it. So, it is essential to have different visualizations for each data point in pharmaceutical dashboards.

Related Read: What are Data Visualization Dashboard

Customization:

The customization features allow you to use your brand colors, fonts, user roles, and permissions. It will enable you to present metrics and insights that are only relevant to them.

Key metrics

Pharma Inventory Worth

Pharma inventory worth is the total money value of all medicines, supplies, and materials a pharmacy owns. This includes products on shelves, in storage, and in transit.

To calculate the worth, you multiply the quantity of each item by its price. This number changes as products sell, expire, or arrive.

The more inventory is worth, the more money tied up in products. This costs you either for storage or loss of expiry products. So, you may want to convert the inventory into cash quickly.

Accurate inventory tracking helps companies decide about ordering, pricing, and managing their finances.

Pharma sales by prescription category:

It determines how many medicines are sold by category.

The chart makes it clear that supplements are the biggest sales category. You can use this information to focus more on supplements to boost sales.

Pharmaceutical vendor and supply metrics:

This chart shows how much the company buys medicines from different suppliers.

It is helpful to:

1. Identify the biggest supplier: The taller bars show the suppliers with whom they spend the most money.
2. Improve supplier relationships: They can see which suppliers are important to their business and build stronger relationships.

Expiry and manufacture dates for inventory:

This chart helps a company see how well it's managing its products.

By looking at this chart, the company can:

• See if they're making enough products: If the blue bars (products made) are higher than the purple bars (products expired) most of the time, they're making enough.
• Find out when products expire: The taller purple bars show the months when products go bad quickly.
• Prevent waste: If too many products expire, they can find ways to sell them faster or store them better.
• Plan for the future: They can use this information to decide how many products to make each month.

Drug stockpile vs. sale metrics:

This chart shows how many pills a pharmacy has in stock vs how many of each type they sell.

The purple bars represent the total number of pills, while the blue bars show sales of each type.

This metric helps you plan how many you need to keep stock to avoid overstocking.

Advanced capabilities

To maximize the value of pharmaceutical dashboards, you need advanced capabilities:

• Predictive analytics: With machine learning capabilities, you can predict sales or patient outcomes based on past data.
• Prescriptive analytics: AI can help you find the best drug doses, treatment plans, and stock levels.
• Benchmarking: You can compare performance to competitors to help you figure out where to improve.

User experience

A dashboard that's easy to use is super important for people to use it effectively.

• User interface: An easy-to-use interface makes it easier to work with and encourages you to explore the data.
• Access control: You must ensure strong security to keep all the sensitive patient and company data safe and sound.
• Mobility: You can check out the dashboards on your phone to monitor things in real time and make decisions quickly.
• Collaboration: When teams can comment and share easily, it helps them share knowledge and make decisions.

Common challenges in traditional pharmaceutical data management

Managing data in the pharmaceutical industry using traditional methods has many challenges. Some of them are:

1. Inefficient inventory management:

Many companies have a hard time keeping track of their stock levels, which can result in running out of products or having too much inventory. This impacts sales and profits.

2. Increased operational costs:

Traditionally, people use paper-based systems and outdated technology to enter data manually and manage stock. But this increases expenses and reduces profitability.

When you want to access specific data, searching through books takes time, which delays decision-making to respond to immediate customer needs.

3. Data overload:

Every day, a pharmacy generates a lot of data, such as customer preferences, timings, demographics, etc.

It's tough to make sense of all this data and get the insights you need with such a huge volume of information at the right time.

4. Limited financial visibility:

Companies often struggle to understand their financial performance because their data quality is poor and their systems are not integrated.

It's tough to do financial planning and control, slowing down pharma companies' efficiency and growth.

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DataBrain: Your AI-powered data platform

DataBrain is an AI-powered BI tool that uses machine learning to help companies make the most of their data.

It provides a solid foundation for building interactive dashboards by allowing you to integrate data from various warehouses, ensuring quality, security, and data governance.

DataBrain makes sure that your sensitive patient or important financial data is kept confidential by complying with the GDPR and HIPPA regulations.

On top of all these features, you can ask questions in plain English in chat mode and get the answers within seconds. It uses natural language processing to understand your questions and provide answers as relevant output, such as text, charts, or graphs.

In the next section, we will explore how DataBrain can help you create a dashboard with AI.

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How to build an AI-powered pharma dashboard with DataBrain

First, you need a DataBrain account. Sign up here.

Second, connect your data source, such as AWS, Redshift, Snowflake, etc. After you connect your data source, it creates a semantic layer and a knowledge graph. It means these two things combine to make the data unified and see how everything is connected.

Third, once you have an account, a connected data source, and a workspace, you can start creating a dashboard using AI as follows:

1. Click on the settings icon on the workspace.

2. Select chat mode, then data mart, and the LLM.

3. Save it.
4. Start asking the AI questions, and once you get the desired output, you can save the visualization to a dashboard. You can check how it works in action here. 

Keep creating metrics until you have all the necessary KPIs for your pharma dashboard.