- An overview of the industry
- Cognitive computing
Future of AI
Change is the only thing that doesn’t change! Right? Now it’s turn of Life Sciences Industry to bring innovation into their way of doing business. The Life Sciences Industry, one of the rapidly growing healthcare related industries with huge potential for improving human life. As we know, its major role is involved with the study of living organisms and inventing the solutions to make them better.
The Life Sciences Industry has generally had a good run being a profitable one but things are changing rapidly with the onset of a huge impact on its traditional business models, leading to the necessity for cost optimization and higher efficiencies using new age technologies. This coupled with the demand for a Patient centric healthcare model focused on outcomes has started to place a strain on Life Science companies to embrace newer innovative techniques such as cognitive computing.
Life Science companies have massive amount of data at their disposal and are looking for ways to extract the hidden information from these piles of data. The challenge is in trying to decipher the information from the current volume of data with the onslaught of additional data coming into these organizations.
Cognitive computing is best suited to handle this problem, it is a self-learning system that can resemble human thought process in digital world. It has the ability to extract the data from both the structured and unstructured data sources and build the knowledge base based on this data extracts, understand natural language and provide meaningful insights.
We believe that Life Science companies would focus their activities related to Cognitive computing to be aligned to discovering new ways to discover data, decide the outcome of these discoveries and engage with their stakeholders based on these discoveries. They should be able to provide better outcomes that are more personalized, generate evidence based recommendations that could transform for e.g., clinical trials or pharmacovigilance.
Life sciences executives agree that cognitive computing has the potential to radically change the industry and among those who are familiar with the technology, 87 percent believe it will critically impact the future of their business, 94 percent believe it will play a disruptive role in the industry and 96 percent intend to invest in cognitive capabilities. Finally one thing is sure, introduction of artifical intelligence into the life sciences will definitrly open the doors for new miracles.