Traditionally, the Pharmaceutical & Life Sciences industry has been slow on uptake of emerging data analytics tools and technologies. This is largely due to complex processes, data deluge, organizational silos, regulatory constraints, intellectual property issues, and a traditionally conservative culture. That said, it is now developing strategies for Analytics transformations.
Technology roadmaps for actionable insights
Through this blog series, I will try to unlock the potential the role of AI and Advanced Analytics in the sector. Each chapter will offer you more clarity and insights that could help make your AI investments succeed and pay.
We will be looking closely at analytics, which has evolved by leaps and bounds over the last decade. Today, it is the core of most digitally oriented businesses, and allows them to uncover insights and make data-driven decisions. Fortunately, the Healthcare & Pharma sector has been blessed with both, quantity and quality of data. Thus, the industry is fertile ground for AI and emerging advanced analytics, which are now becoming potent drugs to remove human biases, automate statistical tests and give insights by combining cross-functional data. These would provide the most cogent answers to all business related problems.
Another important aspect of the series would be about storing, mining and analyzing large volume of data, thanks to mushrooming of several tools and techniques across the data-to-decisions analytics landscape. We’ll also uncover some of the challenges of organizations. For instance, overdependence on data scientists to prepare data for analysis and build statistical models. Another barrier, I see is to derive full value of data and combining it with industry and functional expertise.
Described by Gartner as ‘Augmented Analytics’, this new concoction in bridging gaps and accelerating data-to-decisions journeys for organizations. It transforms and democratizes exploring, analyzing and acting on insights through ML and AI-assisted data preparation, insight generation and explanation. Augmented Analytics is said to be a one-stop solution for organizations that handle huge amount of complex and unstructured data. We’ll be exploring how tapping this new opportunity will help leverage its abundant and diverse benefits.
Stay tuned for the blogs in this riveting series as I uncover the various facets on the role AI & Analytics can play in the Life Sciences & Pharma industry.
Other topics covered in the series:
The AI Remedy Series: Reformulating the Industry with Artificial Intelligence
The AI Remedy Series: NLG – Accelerating Data-to-Decision Journey
The AI Remedy Series: Decoding the DNA of Data Deluge with NLP
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