By now everyone has heard the name AstraZeneca on a weekly if not daily basis if you are following the news, as they are one of the top 4 companies producing a vaccine for COVID-19. In a recent video presentation AstraZeneca's Dr. Weatherall presents how they are using AI to assist scientists comb through vast amounts of data and arrive at hypotheses through this data. The problem whether it be in healthcare or retail, there are vast amounts of information available to companies, and this information when sorted, understood and acted upon is the key to greater success.
AstraZeneca’s Use of AI
The goal is to understand diseases and create drugs to combat them. This process requires rigorous testing, and the whole process involves mass amounts of data, from understanding the disease, understanding the patients with the disease, to creating possible treatments. With each step there is a vast amount of data created, and some of this data is useful, while some is not, and the challenge becomes sorting through this data and determining what is important and what is not. This is where AI comes in and begins sorting the data and determining the possible connections saving the researchers weeks and months.
AstraZeneca’s Using AI to more effectively pick the winners
By using AI the company is able to move faster in order to choose the “winners” more effectively. A win is defined by speeding up the development time a medicine requires, and being able to get that medicine to patients in a shorter period of time. This dependence on AI requires the company to develop strong standards to deal with policies and privacy with the data. The other key that is mentioned in the presentation is that AI is not seen as a replacement for scientists but an assistant that allows the scientist to do their job more effectively.
Shrinking Budgets in Market Research
The market researcher faces similar challenges to scientists, in that there is vast amounts of information available and this information needs to be sorted, and understood in order to make effective decisions. Companies that are shrinking their research budgets with no plan to understand and act upon the vast amounts of user data available to them will in the near future be done away with. Market research online communities are a great way to gather and store user data in a safe secure environment and sort through that data to help understand what the customers are wanting. If you would like to find out how our MROC software can be used to gather and sort through large amounts of user data then please do not hesitate to contact us.