6 Reasons How Leveraging AI Can Put Pharma Companies Over The Top!

Brian Fitzgerald | January 11, 2022

It may not be surprising to many when a trendy technology buzzword goes practically viral. This is what happened with artificial intelligence (AI).It started in the late nineteen-nineties and took a spin in the twenty-first century. The gaining momentum and the ever-growing advancement in artificial intelligence left every company, marketing sector, and financial firms spell-bounded. New trends of AI are on the rise. Research from Gartner showed that by 2020, 85% of the customer interactions are going to be managed without human interference.

This innovative technology is focused on improving the business’s performance this year. Incorporating it in the world of business has become indispensable as the year passes by. According to the MIT Sloan Management Review, “The gap between ambition and execution is large at most companies. Three-quarters of executives believe AI will enable their companies to move into new businesses. Almost 85% believe AI will allow their companies to obtain or sustain a competitive advantage.” In result of these statistics, many companies of all sizes are eager to add it to their business strategy. Here are more reasons why they want to do that!

1. For The Insights and Analytics

The second reason why AI is crucial for business development is that it offers value-driven solutions from the data analyzed and insights gathered. The technology’s learning capability is utilized to generate a system using data that can predict the customer’s demand. Aside from predicting the behavioral possibilities, the intelligent system also learns from it. This makes it easy for the system to adapt when the market behavior alters. Thus, benefiting the company.

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2. To Ensure Personalized Customer Understanding and Experience

The importance of customers and fulfilling their needs is of much value in any industry. The entire marketing and business strategies are based on making the customers feel valued, important, and well-treated. Various companies are increasingly implementing chatbots. It’s a great example of how it serves the customers and offers them the best website experience. Other than this, the use of the technology to unlock unstructured data is very essential for businesses. It helps understand the conversations between consumers. A company named Mattersight uses this tech to find the customer’s personality. Then, they assign a dealer with a service who’s compatible to work with them. This ensures great user experience and the growth of the business.

3. For Compliance Management of the Tasks

The use of AI isn't limited to the start-ups and IT sectors, the finance sectors are also very interested in using it. It’s crucial for them as new technologies while AI and block-chain are taking over. This all while digitization is occurring. They are interested in implementing machine-readable policies. This will cut-down the labor-intensive processes and give time to the employees to focus on significant business development.

4. AI in the Cloud is Winning the Businesses

It took time for the cloud computing and cloud management platform of businesses to establish itself. Now they're one of the leading technologies in business. Together with AI, the cloud is irreplaceable. Companies acknowledge the potential of this deal and understand how much it positively affects businesses. Thus, all the large companies are eager to incorporate it into their business strategy before it’s too late.

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5. Automation is Going to Extend its Roots

Employers of any industry prefer automation that can complete the repetitive tasks they work hard on daily. This can spare them the time needed to be able to place more focus on business development. Automation is taking place in the e-commerce sector to offer and deliver the services promised. This includes Accounting and HR automation, with the help of AI. This is all being placed in businesses of all kinds within the pharma industry. The reason why it’s becoming crucial is explained by Xero. One of their researches suggests that by 2020, automation will become viral in accounting, and the financial professionals will be using analytical tools to add more value to the business models worldwide.

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6. Benefits in Terms of Security

Chris Farrelly, GM of Hand Business Solutions, believes that AI will enhance the security options for businesses. It will be used to understand the process of how the virus is working on networks and will offer solutions to deal with it. It’s going to introduce the age of cyber-security by monitoring and understanding the inside threat. Therefore, it will make businesses feel secure. These are the six reasons why companies are welcoming artificial intelligence technology wholeheartedly. It’s becoming essential to add it to the business strategy. In result, there will be more productive outcomes creating more business opportunities that it’s driving towards the business brand.