AI Momentum Intensifies Digital Transformation in Life Sciences: Interview with Jürgen Bauer, Executive Chairman of Tenthpin
We spoke to Jürgen Bauer about the past year, the changes in the life sciences industry, and the outlook for Tenthpin. We hope you enjoy reading.
Question: With 2023 bringing digital shifts, AI breakthroughs, and geopolitical changes, how has Tenthpin navigated through these challenges?
Jürgen: 2023 was a complex year, marked by geopolitical turmoil and economic volatility. This environment made business planning increasingly challenging for our clients and, consequently, for us. Emphasizing agility in consulting has become more than a concept; it’s a necessity in this landscape. Technologically, the year stood out for the significant strides in Artificial Intelligence, particularly with ChatGPT and other Large Language Models (LLMs). They’ve notably impacted several sectors. In Life Sciences, while many AI applications are still rooted in traditional data pattern recognition, the AI momentum is encouraging companies to rethink and intensify their digital transformation efforts.
Question: What shifts are you observing in Life Sciences companies?
Jürgen: Digitalization is now a strategic imperative in Life Sciences. It’s no longer confined to IT or administrative functions but is central to business strategies, transforming key areas like research and product development. The industry is evolving into a more technology-driven, patient-centered, and data-focused sector. It’s an invigorating time for both our clients and us.
Question: How has this impacted Tenthpin’s business approach?
Jürgen: Our core business of SAP-enabled transformations is increasingly focused on transitioning to cloud-based SAP S/4HANA, especially amidst the growing need to prepare for new and open technologies. The ERP system must serve as a flexible and open digital core, ready to integrate new applications and adapt to market shifts. This is achievable predominantly in the cloud, with the added imperative of maintaining compliance and integrity. There’s also a growing demand for industry-specific applications that provide quick, sustainable business value. The industry’s shift towards personalized medicine is stimulating the development of targeted digital solutions, offering high ROI and effective data utilization. We’re witnessing a transformation of Life Sciences into a more tech-centric industry.
Question: How is Tenthpin preparing for these industry changes?
Jürgen: Having worked closely with our clients for many years, we anticipated these industry shifts. From the outset, Tenthpin positioned itself as a specialized consulting and technology firm for Life Sciences. Our approach is centered on understanding our clients’ needs intimately and providing bespoke expertise. Our deep commitment to the Life Sciences sector has become a significant differentiator. This focus has enabled us to accumulate unique digital transformation expertise, which is invaluable for our consulting work and allows us to deliver substantial value to our clients. This year, we started developing our own tech solutions with Tenthpin Solutions. We’ve really made good progress. We didn’t just create our first product; we also quickly brought on board our first customers. It all happened faster than we thought, ending the turbulent year on a high note for us.
Question: In the context of the current talent landscape, how is Tenthpin positioned?
Jürgen: We’re in a strong position. Tenthpin’s culture is distinctive – it’s about global collaboration and striving excellence. Our team is highly engaged and adaptable, even in a remote working environment. We pride ourselves on being a learning organization, continually enhancing our digital transformation expertise in Life Sciences. Our team comprises experienced consultants with deep industry knowledge and younger professionals bringing fresh technological perspectives. This blend is dynamic and effective. We foster this environment through Tenthpin University, which focuses on skill development through a combination of internal resources and selected external trainers. Our close engagement with clients on diverse and challenging projects also plays a critical role in our learning culture.
Question: Could you share a personal highlight from the past year?
Jürgen: The highlight was definitely our Tenthpin University events in Europe and India, and our global partner meeting in Copenhagen. The commitment and energy were exceptional. These gatherings reinforced our collaborative approach and culture. The dedication of our team was evident, with some managing to deliver impactful presentations after long nights at the bar with only 2 hours of sleep – a testament to their commitment and the spirit of Tenthpin.
Question: Looking ahead, what are Tenthpin’s goals for 2024?
Jürgen: While 2024 may be less turbulent than 2023, it promises to be equally significant for our growth. We’re focusing on expanding both Tenthpin Management Consulting and Tenthpin Solutions. Our aim is to strategically increase our presence in markets like Japan and delve deeper into sectors such as Health-Tech and Biotech. Leveraging our capabilities to drive value through S/4 and developing new Co-Innovations are topics that will undoubtedly influence us and our clients. Last but not least, we have several innovative solutions in the product pipeline. So, the new normal is exciting enough.
Thank you for the interview.