Research into artificial intelligence (AI) started in the 1950s but the technology has only recently been put to use by industry. In fact, this time last year, just 15% of businesses were using AI and 31% planned to use it within a year. According to Veeva, the technology could transform pharmaceutical sales in 2019. Put simply, AI is the development of ‘intelligent’ computers that can perform a number of human-like tasks. The technology should develop traits, such as reasoning, problem-solving, perception and planning, and learn from past experiences. Overall, AI should think and behave rationally, in a way that is similar to humans.
Business leaders in pharma and life sciences have more specific business intelligence needs than peers in other industries. In addition to common business drivers like marketing, profit and loss, and customer churn, pharmaceutical companies need information regarding patients and clinical trial results. Pharmaceutical corporation Pfizer’s Australian branch chose Complexica to improve its business decision-making process. Its chosen solution was the What-If Simulator and Optimizer, which uses Larry the Digital Analyst to model sales, marketing investments, and market conditions. Marketing conditions could include a seasonal rise in demand for a certain drug or which retailers are seeing the most sales of that drug.
The hype around artificial intelligence (AI) is at an all-time high, with the AI technology market forecasted to reach $37 billion by 2025. Indeed, there has also been a great deal of discussion around the opportunities and threats to business management and workforce in general. When it comes to AI, there’s a reason for the hype – the potential payoff of embracing it is enormous. In this article, you will gain insight into how companies are already using AI, and find out what can be accomplished with AI in business management.
Now let’s look at how AI can help your business today. Better analysis of insights can improve your business’ return on investment by 10 to 20%, and drive average profit growth of 14%, according to McKinsey & Company. However, in an age of information overload, the human brain is incapable of processing the vast amounts of data to translate that information into knowledge – to make better decisions in business processes optimisation.