Business intelligence vs. Predictive analytics
Manufacturing industries across the globe are increasingly adopting all the latest disruptive technologies of the 21st centuries including IoT, VR, automation, robotics, and big data analytics. Augmented reality is no exception to this statement. The outrageous success of Pokémon GO fueled the widespread acceptance of the augmented reality technology within numerous industries. The ability of this technology to augment digital information onto physical elements and objects has limitless possibilities in the manufacturing industry. It can also cut down operating costs and production downtime in addition to ensuring a smooth flow of operation.
Augmented reality in the Manufacturing Industry
Helps with Complex Assembly
The manufacturing process has grown complex over time, requiring the assembly of hundreds and thousands of components in precise sequence. Missing any small component or the sequence could severely compromise the product’s quality. Augmented reality eliminates the use of documents such as instructions and dynamically projects all information on the field of view all the times.
Cut Down on Maintenance Time
Today, companies have to rely on the availability of the technicians for any maintenance tasks. Augmented reality can enable any person to do mechanical tasks by guiding them through 3D models to carry out the maintenance tasks. Additionally, it also eliminates the need for any maintenance manuals and displays the machine’s status in real time for timely maintenance.
Even a decade back, it would be impossible for people to comprehend that a computer worn on the wrist could track your steps, heartbeat, body temperature, calorie burn, and sleep; and yet, here we are. The fitness enthusiasts and early adopters were skeptical on the accuracy, form, and function of a wearable fitness tracker; but at present, the usage of such devices is trending across the general population as well. Numerous successful Kickstarter campaigns have justified the promising future for wearable fitness trackers with innovations regarding form and function. So, what does the future for a fitness tracker look like? Let’s explore the future trends:
Advancements in Sensor Technology
What started as a basic step counter, has now evolved into a device that can monitor heartbeat, sleep patterns, calories, and body temperature. The wearables of the future promises much more by providing advanced health statistics and measure sophisticated health indicators. Apart from the usual advancement in the battery life, form, and function, researchers are working on devices that can track biometrics data that includes monitoring hydration, blood sugar, and other health indicators.
Widespread Use in Sports Analytics
Sports coaches around the world are relying on wearable fitness trackers to provide extensive player-related data. Analyzing data such as distance covered, speed, acceleration, form, movement, and limb coordination can differentiate your best players from the average ones. In addition to that, the data can also be used to make necessary changes to the training regime to optimize performance.
A New Promotional Medium
The number of people spending time on traditional media such as TV, print, and radio is dwindling. The continuous trend of people spending time on mobile mediums gives an opportunity for brands to push their marketing message through wearable devices. It would be hard to ignore promotions that are broadcasted on a device that is visible from an arm’s length.
A futuristic wearable fitness tracker equipped with machine learning abilities would be able to assess user health data and identify anomalies to detect certain medical emergencies. For instance, the iBeat fitness tracker can detect irregularities in heartbeats to identify signals of an heart attack and connect to emergency contacts. Also, with innovations in technologies, a fitness tracker will also be able to detect signs of fever, changes in blood pressure, and blood chemistry.
A fitness tracker can aid users in many ways. Get more insights here:
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The use of big data is no longer limited to transforming customer-facing functions such as sales and marketing alone. Manufacturers in the pharma industry, are constantly struggling with stagnant pipelines and low success rate in R&D activities – big data has emerged as a major game changer. Pharmaceuticals is one industry where an immense amount of data is generated from sources like patients, retailers, and R&D processes. Big data enables easy understanding of the complex business processes, which in turn results in improved clinical trials, better risk management by pharma companies, increased patient safety, and enhanced collaboration between pharma companies.
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Here are the top five ways in which big data can transform the overall functioning of the pharma industry:
Better sales and marketing
Until recently the sales and marketing was a grey area in the pharma industry. But by integrating the big data analytics to their strategy building, companies can easily focus on specific geographical areas to promote their medications. This way, pharma companies can come up with extremely targeted marketing and sales goals, thereby saving both on time and effort. Today, more than 30% of the marketing is done on the digital platform and this number will only increase in the next five years. The role of big data becomes even more critical in building marketing and sales plans.
Enhanced clinical trials
Clinical trials are an integral part of the pharma industry. The patients undergoing these trials must meet some prerequisites before undergoing the trials. Big data merges the databases from multiple sources, to filter out patients who do not meet the basic requirements. It also helps researchers monitor the patients on a real-time basis and predict the side-effects of drugs.
Early detection of drug toxicity, along with improving the chances of patient survival are the two main goals of every pharma company. Predictive analysis provides a clear picture if a drug will suit a patient by taking details like genetics, lifestyle, and existing diseases into account. The algorithms used by predictive analysis considers all the minute details on the patient’s health and helps deliver personalized care to the patient.
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It is imperative for the pharma industry to go digital and reach out to their end-users in a better manner. Digital apps are one of the best solutions for building relations with the target audience. The data collected on these apps are linked to various verticals of the pharma and healthcare industry which provides first-hand data on patient compliance and instant feedback on patient’s health.
The pharma industry, the healthcare sector, the insurance companies, as well as the data management firms – these are all inter-related. The need of the hour is to bring all these various industries on a common platform so that information sharing gets easier and pharma companies can seamlessly widen their database for future clinical trials.
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As farmers turn to technology, agriculture chemicals manufacturers are bracing up to meet the new challenges in the agriculture industry. Especially when it comes to the agrichemical supply chains, the industry is still struggling with synchronizing the entire work process and meeting the ever-growing demands for the chemicals cost-effectively.
Is going digital the ‘panacea’ for problems in the agriculture chemicals supply chain?
Supply chain disruptions and changes in customer needs are the two major pain points faced by manufacturers of agrichemicals. Along with this, providing end-to-end services is another area which calls for focused planning of players in the agrichemical market.
By switching to digitization and investing in the Industrial Internet of Things (IIOT) technology, industry experts believe that the loopholes in the supply chain can be easily tackled. IIOT and predictive analytics facilitate better redressal of the supply chain woes. As predictive analytics makes use of machine learning to decipher patterns in the unstructured data, it becomes easier for market players to respond to changing demands from the customers in an automated manner.
Secondly, by aligning business and digital strategies, agri-chemical companies can gain better ROI. At the moment, majority manufacturers are using digital technology on the front end alone. The result is a decrease in production costs, increase in yields, and sustainable growth. Such improvements in the work process is advantageous for farmers as well as players in the agrichemical industry.
However, to gain long-term results, experts recommend the use of digital technology in strengthening the back-end mechanism as well. The supply chain is the major back-end mechanism which needs to be highly agile to deal with the fluctuating demands from the customers’ end. A digitally-enabled supply chain is sure to leverage the changing market dynamics to the company’s advantage.
Lastly, it will be wrong to assume that adoption of digital technology alone is sufficient to add value to the business. Manufacturers of agrichemicals must realize that it is essential to build a platform which is a synergy of the local resources, regional culture, and digital operations. On its own, digitization is not going to bring in any huge change in the functioning of the businesses. What is needed is an intelligent placement of digital solutions in the organizational structure, so that an element of flexibility is added to the entire work process.
Infiniti’s take on digitization of the agriculture chemicals market
The agriculture chemical industry is undergoing one of the most exciting changes in the past one decade. Digital disruption has in fact added more dynamics in the supply chain and opened up avenues for increased innovation as well as competition.
As the traditional healthcare industry is moving towards an era of open information, big data has emerged as a potent tool to provide smart, data-driven thinking. Until recently, most stakeholders in the medical industry had underinvested in information technology. However, with technology seeping into the life sciences industry, there has been an enormous collection of data which can be used to bring down the treatment costs, prevent diseases, and improve the overall quality of life.
Big data in patient monitoring: The tipping point
The quest for innovation in patient monitoring, along with the convergence of several changes in the health care industry are the two reasons for the adoption of big data. Five major changes which created a tipping point for the adoption of big data are:
- High demand for better data
- Availability of relevant data in the form of EHRs
- Adoption of analytical tools for patient care
- Market-friendly policies by governments across the globe
Top three ways in which big data is transforming patient monitoring
- Electronic health records (EHRs)
EHRs use big data on a huge scale. These digital records store crucial patient information like their medical history, results of lab tests, demographic detail, among others. The data collected in these electronic documents, enable doctors to get a clear picture of the patient history and facilitate better and timely delivery of the healthcare services.
Another major advantage of adopting big data is that now patients can easily keep track of their prescriptions and lab tests. So, by integrating the EHRs across various medical facilities, patients have experienced reduced number of unnecessary hospital visits and lab tests.
Digitization, smartphones, wireless devices, and online video conferences have set the ball rolling for delivery of remote clinical services. Telemedicine is in full bloom today, all thanks to these technological innovations. The data collected from these devices can be easily shared which makes diagnosis a lot easier. Apart from remote patient monitoring, big data also helps in predicting acute medical events and prevent deterioration of patient’s conditions.
Another major way in which big data has changed telemedicine is by providing real-time data with which operations from remote locations using robots.
- Predictive analytics and informed strategic planning
Quick decisions need to be taken when it comes to treating patients suffering from multiple complex conditions. The role of data becomes even more important in this context. Big data provides insights which help doctors make informed decisions and improve the overall treatment process. These insights also help in predictive analytics, as it becomes easier to foresee which patient is at the risk of diabetes or cardiovascular diseases.
Most of all, the use of big data in patient monitoring enables academics and care managers to review the healthcare delivery strategy and work towards informed strategic planning.
For more information
The recent customer intelligence study by Infiniti Research helps a leading player in the energy drinks sector assess the pick-me-up products segment at a global level. The study offers insights into consumer purchase behavior and brand preference patterns while buying pick-me-up products.
Customer intelligence study on the energy drinks market
Energy drinks are considered the best alternatives to carbonated drinks with the millennials being the largest consumer of these drinks. Energy drinks available in the market constitute caffeine, sugar, and other energy enhancing products that athletes and millennials use to prevent fatigue and dehydration. Leading food and beverage companies are innovating and reinventing energy drinks to expand their business to the new group of the target audience. Vendors are investing in new marketing strategies to boost the sales of these products. The customer intelligence team at Infiniti helps clients formulate effective growth strategies by analyzing consumer purchase behavior and brand preferences. The study also analyzes existing trends, challenges, and drivers across the target region in the energy drinks sector and help the client understand the marketability of their products.
The introduction of a variety of flavors and drinks with additional ingredients is revolutionizing the energy drinks market. The vendors are producing drinks with no sugar, no carbs, no calories, and no caffeine to meet the changing requirements of the consumers and to stay competitive in the market. The additional ingredients added in these drinks include branched-chain amino acids (BCAAs), protein, n-acetyl-l-tyrosine, beetroot extract, and creatin that increases the nutritional value of these products. Introducing new flavors will create more variety and increase the consumer appeal of the energy drinks.
Adoption of strategic marketing
Since the largest consumer segment for energy drinks are the millennials, it is pertinent for vendors to adopt innovative marketing strategies to reach the targeted end-user. Endorsements, ownerships, and promotions associated with athletes and sports clubs are gaining popularity in the global market. Interactive advertising and social media promotions are the quickest way to reach the targeted audience. Leading brands are also adopting buzz marketing and creative television ad campaigns as tools to create awareness and brand loyalty among consumers.
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The best way to understand consumer buying pattern is by accumulating data through IoT. Smartphones and mobiles devices are data sources vendors use to analyze data that helps them understand brand preferences of consumers while buying pick-me-up products. These customer intelligence tools offer valuable information on product shoppers’ preference, buying patterns, and trends for pick-me-up products in the target regions. By using descriptive and predictive analytics, suppliers are developing effective future strategies and programs to boost productivity.
Solutions and recommendations
The customer intelligence team at Infiniti Research helps analyze the end customer value and develop an inclusive strategy for reaching out to a larger customer base. Some of the solutions offered are listed below:
- Generate actionable insights on purchase decision-making process and criteria for buying pick-me-up products
- Provide a holistic overview of buying behavior, trends, and patterns of consumers for pick-me-up products
- Help analyze consumer expectations and likeliness for the products
- Develop strategy for reaching out to a larger customer base
Read our comprehensive case study on how we helped a leading player in the energy drinks sector assess the pick-me-up products segment at a global level