The lack of lab personnel has been an issue for many years and has now reached a critical stage. An estimated 20,000 to 25,000 laboratory technologists are needed nationwide, with vacancy rates as high as 25% in some US regions. This is occurring because of a decrease in training programs, low lab professional incomes given the expenditures and prerequisites for education and rising turnover rates due to stress and heavy workloads.
Forecasting, budgeting, and variance analysis have historically relied significantly on manual tasks and historical data. The need for more data-driven and flexible techniques has grown due to market changes and complexity. AI in financial modeling and forecasting processes data from many sources, uncovering hidden patterns and producing predictions that surpass human capacity.
According to NCBI, every year, 6 to 7% of the world’s gross domestic product (about 8.5 to 9 trillion US dollars) is spent on healthcare. It can take up to 14 years and significantly exceed $1 billion to bring a novel drug to market. Across all therapeutic categories globally, the success rate in drug development is extremely low; for instance, 97% of cancer treatments fail during clinical trials.
The World Economic Forum projects that by 2030, AI in personalized healthcare will be valued at $188 billion worldwide. Due to the increased healthcare needs of the aging population, it is anticipated that the market will have a shortage of almost 10 million doctors, nurses, and midwives in that same year.
Sponsors and clinical researchers should anticipate using AI in clinical trials. AI software development solutions have the potential to revolutionize clinical trials by streamlining and improving the patient experience. 30% of patients leave clinical trials on average after they start, and 80% of trials fail to enroll patients by the appointed time.
When it comes to the latest technologies, the ecommerce sector has always embraced them first, whether it be Generative AI, AI, or IoT. It has transformed online commerce and offered creative ways to improve almost all facets of online enterprises. Businesses can use generative AI in ecommerce for customer data analysis, AI-driven analytics, inventory, and supply chain management to provide a more personalized buying experience.
Ecommerce and retail businesses frequently encounter operational issues such as overflowing stockrooms following a significant sale or missed sales because of underestimating demand. In this sector, predicting consumer behavior might seem like a never-ending game of guesswork.
People aren’t machines. They don’t always behave in the same ways, which can cause problems for an eCommerce business. For instance, a product that did well in sales the previous month may collect dust in a warehouse. Businesses must be knowledgeable about ecommerce demand forecasting to prevent this.
AI in eCommerce is being embraced more than any other industry. AI use cases in e-commerce include smart logistics, pricing optimization, sales/demand forecasting, and personalized product recommendations. Businesses implementing AI business strategies see at least a 20% increase in revenue and an average 8% decrease in expenses.
E-commerce businesses rely heavily on their supply chain management to thrive. Profitable and satisfied consumers are intimately correlated with efficient supply chain management. Good supply chain management techniques directly improve the foundation of e-commerce businesses when they are applied correctly.
Optimizing productivity, raising business profitability, and maximizing overall equipment effectiveness (OEE) all depend on knowing what is occurring now and forecasting what will happen in the future on the manufacturing line. Digital twins in manufacturing let businesses accomplish these goals.
With its ability to foresee energy demand—particularly by anticipating machinery usage and malfunction, AI reduces energy consumption in manufacturing industries and improves process efficiency. To maximize energy efficiency across sectors, infrastructure, and buildings, artificial intelligence will become an increasingly important differentiator.
What if machines could think, learn, and make decisions like humans? AI is already here and is revolutionizing the manufacturing industry, so don’t worry if it sounds like a sci-fi idea. Experts estimate that AI in manufacturing industry will reach a staggering $16.3 billion by 2027, expanding at an average annual rate of about 47% between 2022 and 2027.
Deepak Mittal, CEO and Founder of NextGen Invent, and Partha Anbil, Advisor at NextGen Invent, conducted an insightful interview on the transformative impact of Generative AI in healthcare for 2024. Partha is a long-time Life Sciences consulting industry veteran, currently working as SVP & Practice Leader for Life Sciences.
The days of manually mining, organizing, and managing vast amounts of heterogeneous data or conducting tests to verify theories are long gone for data scientists. By 2026, the big data in manufacturing is expected to grow to $9.11 billion. Manufacturers can predict business outcomes, improve product quality, and lower equipment downtime…
IoT in manufacturing is now a key factor that is changing the ever-changing Industry 4.0 landscape. The way industries use data, interact, and function has changed as a result of IoT. In fact, according to a survey of executives in the manufacturing industry, 86% of them thought that smart factory projects would propel the industry during the next five years.
Consider a scenario in which data is more than just numbers and figures. Rather, it is a dynamic force that molds the fundamental essence of business activities. That is the exact contribution that generative AI in manufacturing makes. Disruptions in the supply chain, however, have seriously affected the revenue of certain businesses.
Many times, people ask whether there is a distinction between data governance vs data management. Obviously, the response is yes. Organizational structures, data owners, rules, procedures, business language, and metrics for the entire lifecycle of data are all defined by data governance. Data management is the technical execution of data governance.
Ever contemplated ways to increase the bottom line of your business? Cognitive analytics is the solution. With the use of artificial intelligence and machine learning, it analyzes enormous volumes of data and produces insights that can spur growth for businesses. A study found that applying cognitive solutions reduced customer service expenses by 50%.
On June 4th, 2024, Deepak Mittal, CEO and Founder of NextGen Invent, and Duane Kotsen, Partner at Marlborough Street Partners and Advisor of NextGen Invent, partnered to delve into the critical topic of supply chain resilience. In this comprehensive interview, Duane shared why robust supply chain strategies are indispensable year-round.
One of the most revolutionary things the world is seeing right now is the sheer amount of data we are gathering. Approximately 2.5 quintillion bytes of data are created every day, according to research. The success of a company depends on all this data, as well as how companies preserve it.
Businesses are gathering enormous amounts of data in today’s ever-changing business environment. They have access to a multitude of data, ranging from website traffic and social media marketing to consumer contact and sales information. The amount of data in the globe is predicted to reach 175 zettabytes by 2025.
One of the most essential abilities for business success nowadays is the ability to derive significant insights from large amounts of data through data-driven initiatives. Fundamentally, data mining is more than just a trendy term in IT. It’s a game-changing technology that reveals hidden connections, patterns, and trends in the data repositories of your company.
Recent times have seen tremendous advancements in technology. One major advantage of technology in healthcare is that it can improve people’s quality of life. Additionally, it effectively enhances patient health while lessening the workload of hospital staff. Automation, digitization, and technological enablement are the three main factors in the healthcare industry.
In a recent interview, NextGen Invent took a significant step in reimagining the supply chain industry through modern technologies. Our digital marketing manager, Tarun Mittal, had the opportunity to sit down with our CEO and Founder, Deepak Mittal, to delve into the transformative potential of Artificial Intelligence, Generative AI, and automation in supply chain and logistics.
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