Pharma and Life Sciences firms have access to huge amounts of data from medical and health records of various types, and the total is growing at a rapid pace. In fact, current estimates are that about 750,000 terabytes of healthcare data are created every day.
All that information could yield valuable insights when properly collected, correlated, and analyzed. And that’s exactly the task that Business Intelligence (BI) tools have been created to perform. Yet, in its Annual Global CEO Survey report, the tax and consulting firm PwC characterizes the current situation concerning BI this way:
Mountains of data, molehills of intelligence
Somehow, there’s something of a disconnect between the multitudes of data available to pharma and life sciences firms, and their ability to derive actionable intelligence from it.
But help is on the way. Artificial Intelligence (AI) is paving the way to greater insights from data than ever before. AI is already having a big impact on pharma and life sciences companies, particularly in terms of sales and marketing. An Economic Times HealthWorld article puts it this way:
“AI is already disrupting the way many healthcare industry sales and marketing teams are approaching their go-to-market strategies, enhancing their experience-based decisions with data-driven insights.”
In this article we want to look at how AI is impacting BI among pharma and life sciences companies today.
IBM defines AI this way:
“Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.”
In fact, in some use cases AI can surpass human capabilities by identifying subtle patterns and connections in data when those correlations are not obvious, or even detectable, to the human mind. This allows AI to not only draw insights from current information, but also to predict trends and future outcomes to generate actionable insights in real time.
BI, on the other hand, is essentially limited to drawing inferences from the data as it currently exists. As Michael Dixon, Managing Director at Selerity, says:
“As useful as BI is, there are some shortcomings that hamper the value it contributes to businesses… BI can process and visualise big data, but cannot predict trends or generate real-time insights.”
In a sense, AI stands on the shoulders of BI, and expands its functionality. The basic difference between them can be summed up this way:
Pharma and life sciences companies are using AI in many ways to better serve customers and improve market share. Examples include:
Codrin Arsene, CEO of Digital Authority Partners, declares that:
“Over the last five years, the use of artificial intelligence in the pharma and biotech industry has redefined how scientists develop new drugs, tackle disease, and more.”
Here are three areas in which AI is having a major impact:
Using predictive analytics and a wide range of patient health data, including even individuals’ social media postings, AI allows researchers to quickly identify the best candidates to participate in clinical trials. This can substantially lower recruitment costs.
AI allows sales reps to highly personalize their interactions with healthcare professionals. For example, Novartis supplies its reps with an AI-based virtual assistant that highlights “the most relevant data and conversation topics” for their meetings with individual healthcare providers.
In a 2020 survey conducted by OpenText, the number of pharma executives who expressed interest in AI increased from 47% in 2018 to 85% in 2020. But many respondents were reluctant to begin implementing AI solutions in their companies because they thought it was “too complex” or they “don’t know where to start.”
But that need no longer be the case. WhizAI makes using artificial intelligence simple.
Because it’s specifically designed for the life sciences industry, WhizAI provides significant advantages over traditional business intelligence solutions. For example, although WhizAI has highly sophisticated artificial intelligence capabilities, it requires almost no specialized training to tap into those capacities. Its NLP interface allows you to get answers simply by asking it questions, by either typing or talking, using your normal, everyday vocabulary. Rather than having to get a data sciences expert to set up queries for you, or having to interpret the information presented on a dashboard to get the answer you need, all you have to do—literally— is ask.
And WhizAI is fast! It can survey large volumes of data to supply the specific answers you need 100 times faster than a traditional BI application can. Just ask your question, and you’ll get an answer based on analysis of billions of records, literally in milliseconds. That means you can answer a healthcare professional’s questions on the spot, with just the information they need.
If your company could benefit from the advantages a highly sophisticated yet easy-to-use AI solution can provide, please contact us today for a free demo.