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.
Artificial intelligence (AI) is THE buzzword of 2017, and is quickly reaching the dizzying heights of ‘cloud computing’ and ‘big data’. And like the game-changing technologies that have preceded it, AI’s implications on marketing are extensive. All the biggest martech vendors are rapidly adding AI into their arsenal: From IBM’s Watson cognitive computing platform, to Salesforce’s Einstein, Oracle’s Adaptive Intelligence, Adobe’s Sensei, and Marketo’s Adaptive Engagement platform. Equally, there are plenty of new companies entering the space – Conversica, Ampsy, Sentient and Complexica, to name a few.
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.
Complexica Pty Ltd, a leading provider of Artificial Intelligence software for optimising sales and marketing decisions, announced today that it has won a tender at Pfizer Australia for the deployment of its What-if Simulator & Optimiser, powered by Complexica’s award-winning Artificial Intelligence platform, Larry, the Digital Analyst®.
“After evaluating a number of software companies in the marketplace that possess advanced prediction and optimisation capabilities, we have ultimately selected Complexica as our vendor of choice.” said Andrew Endicott, Brand Manager for Pfizer Australia. “We have found that answering complex “what-if” questions is a challenging and time-consuming endeavour, and we believe that Complexica’s What-if Simulator & Optimiser can provide Pfizer Australia with a platform for scenario analysis that will improve our decision-making in the future. We look forward to working with Complexica to address some of the analytical and “what-if” challenges facing our business and operating environment.”
Pfizer Australia is part of Pfizer, Inc., which is the world's largest research-based pharmaceutical company, employing more than 96,000 people globally and turning over in excess of $52 billion annually. The company's key areas of focus are immunology, oncology, cardiology, diabetology/endocrinology, and neurology. Since being founded in 1849, the company has been committed to applying science and its global resources to improve health and well-being at every stage of life. For more information about Pfizer, please visit: www.pfizer.com
Pfizer Australia is rolling out artificial intelligence-based digital analyst tools from Complexica in a bid to improve the pharmaceutical company’s data-driven sales and marketing decision making.
Based on its digital analyst engine, dubbed Larry, Complexica’s What-if Simulator allows Pfizer to test and optimise a range of scenarios based on internal and external data sets. In a statement, the company said it plans to use the software to simulate the impact of sales and marketing strategies, investigate assumptions and hypothesis difficult to test in the real world, and compare the outcome of various what-if scenarios in order to understand what’s contributing to business results.
Pfizer said the software will also help to understand deterministic and non-deterministic factors presented in its business operations, as well as see how variables within different questions impact one another. Pfizer brand manager, Andrew Endicott, said the group evaluated a number of predictive and optimisation offering before opting for Complexica.