Streamlined technology has been rapidly propelling the life sciences industry forward and for the past few years, it’s hard to imagine a world without it.
In 2023, the growth will only continue and is leaving companies and individuals to wonder what groundbreaking technology trends are coming next. Here are three technology trends in life sciences we can anticipate to see in 2023.
1. Business Intelligence (BI) Tools
According to McKinsey & Company, managers at a typical Fortune 500 company can waste over 500,000 days a year on ineffective decision making. A solution: Natural Language Generation (NLG) powered business intelligence add-ons. NLG utilizes advanced AI to turn complex data sets into high-quality written narratives accurately, quickly and at scale. Business intelligence add-ons are designed to help reduce heavy-lift administrative burdens for business users. Plug-ins connect directly with data to automate reports, allowing professionals to focus on higher-stakes research and decision making.
Business intelligence tools and add-ons will only continue to rise in popularity over the new year, helping companies work smarter, not harder.
2. Artificial Intelligence (AI) and Machine Learning (ML)
AI technologies and scalable automation solutions will only continue to skyrocket in necessity. In life sciences, AI and machine learning are used to streamline research and drug development, while notably reducing costs and accelerating processes. Particularly, the use of natural language generation (NLG) and natural language processing (NLP) can significantly impact the life sciences industry as a whole, and simplify a variety of workflows across clinical, preclinical, and quality.
A hybrid NLG approach combines LLMs and symbolic AI to automate the creation of rules for narratives, and is anticipated to change the way people work in a variety of industries. These tools are positively impacting the way human workers function and the need for them will only continue to grow. For instance, Yseop’s tool acts as a copilot for highly skilled workers providing unseen productivity gain, higher document quality and accelerating drugs to the market.
3. Digital Transformation
While the concept of “digital transformation” has been a buzzword over the last five years, the ramifications of acting (or not acting!) on digital initiatives is more relevant than ever moving into 2023. A digital transformation has a myriad of benefits by providing solutions at a rapid pace.
According to Deloitte researchers, the need to accelerate digitization is a “burning strategic priority.” A survey of 150 biopharma leaders revealed that 77% see digital innovation as a competitive differentiator. When implementing new digital technologies, it’s essential for employees and organizations to be mindful of sharing best practices in order to embrace these technologies.
When it comes to 2023 technology trends in life sciences, artificial intelligence, machine learning, and advanced research and development will continue to play an imperative role. With all of the scrutiny the industry faces from regulators, governments and customers, technology will continue to play a critical role in addressing some of the apparent obstacles.
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