The basics of cannabis are fairly simple. A couple of genetic libraries in Canada are conducting advanced research while there are also a few startups coming up with AI integration in the industry. The next big thing for the cannabis industry is here.
Market leaders invest in the AI and machine learning research to offer better than the best to their customers. What will the new tech trends bring to business industries?
Artificial Intelligence is gradually getting into every sector of the industry. Be it farming or architecture AI advancements are growing rapidly. You may not feel its presence but AI technology and machine learning are the two trends which are subtly becoming a major part of our everyday life
Speaking of businesses, this technology is becoming the open secret of every leading firm’s next move in the industry. Research reports have shown a significant number of market players are investing in the AI research and development, healthcare and communication being the some of the top AI-driven industries.
Google’s parent company Alphabet has shifted its AI emphasization to the healthcare sector apart from its ‘other bets’ investments. The tech-hub has begun applying Artificial Intelligence in the healthcare solutions while partnering with some of the renowned insurance companies. They are venturing into gadgets that can manage and detect patients risks.
Another AI development booming this year is the robot-assisted surgery. The first such surgery has already taken place in March this year in Kazakhstan. The da Vinci technique has made several complex methods easy to perform offering greater flexibility and precision to surgeons. A couple of virtually assisted nursing AI tools have also been introduced to the market attracting the healthcare technology trend.
Niti Ayog, the think tank of Indian economy has partnered with a tech giant to employ AI technology driven agri-assistance for the farmers of India. The company will use satellite and sensor images, real-time weather data and machine learning to offer the advisory assistant.
Robotic harvesting tools and yield-boosting algorithms are some more AI advancements of the year making a big hit in the agriculture sector. Taking it further, the technology is creating chatbots specially designed for farmers. Using this technology, farmers can communicate in their regional language and solve their doubts through virtual assistants. These chatbots will have advanced voice modulation data to understand the local language of farmers.
Education is rapidly getting integrated with Artificial Intelligence creating advanced academic solutions for students which complement their classroom learning. The advancements are making the education more interesting and interactive with personalized doubts solving and question answering. Although technology cannot replace the conventional teacher-student education, it is certainly adding a methodological application to make the learning easier and better.
Not only students but also the teachers are getting benefited from the advancements in Edtech AI domain. One such development helps instructors to determine the weak areas of a student to help them focus more on that area eventually raising the overall learning bar of a student.
AI has been majorly revolutionized in the field of corporate communication making it more efficient and easier. Artificial Intelligence is contributing to establishing the trust determining factors of consumers. If your consumer does not trust the answers received, the credibility of your firm can be lost. AI technology is using advanced techniques to offer personalized yet accurate information to the customers and build a trustworthy communication with them.
Identity-based communication is also an emerging advancement in the field of corporate communication which will help understand the customer requirement through data fetched and will be able to guide consumers to get their needs fulfilled. In the same manner, AI and machine learning are improving the internal communication of companies to ensure smooth flow of work. It will make faster and precise response to the queries raised and may lead to greater conversions as well.
Already in the trends, the automobile industry has started thriving even more after the automated technology came in. Along with big automobile undertakings like Tesla, BMW and Volvo the AI technology in this industry has also attracted the E-commerce giant Alibaba.
There are certain drawbacks in the development, although, 2018 may become the year to overcome all shortcomings of self-driving cars heating up trends in the next few months.
Artificial Intelligence will be here to stay and will continue astonishing us with its marvelous contribution to every sector. The journey, however, is so astoundingly rapid that people are getting accustomed to interacting with technology in their everyday life.
We depend on market research to give us the necessary industry insight so that healthcare brands can get a competitive advantage by creating marketing campaigns and interventions that are more targeted to create certain type of behavior.
Gone are the days of traditional research methods. They are not adequate enough to provide brands, the boost they want.
The challenge is set. Thankfully, we have in-depth information regarding what makes people tick and a point of view that can be applied to an entire program of market research to prompt the desired behavioral outcome- like for e.g. brand loyalty, change, compliance and uptake etc.
Whatever the necessary behavioral shift may be, we can apply a simple model, framework and checklists to enhance the utility of insight and effect of the advised actions on outcomes.
Optimizing Research Design
Behavior shift principles are important at the first step. How market researchers unpick a business issue or a brand challenge needs to put attention on the goal behavioral outcome.
Three questions that need to be asked are – what are particular behavior we are hoping to create or change? What are the present, principal behavioral biases at play? Which behavioral biases could we leverage?
Model for behavior change
Behavioral outcomes – To guarantee actions can be significant you need to start here and work backwards.
Mental processing – To determine current obstacles and drivers of behavior, market research report needs to discover why individuals behave as they do today – which of the 6 crucial biases are at play?
Default – We follow habits and have ingrained behavior pattern
Self-Efficacy: We need to believe we can do something to do it
Loss Aversion: People favor evading losses to obtaining equivalent gains
Affect: Our feelings influences how we think and make decisions
Effort: We are inherently lazy and want to expend minimal energy if we can.
We can afterwards discover what can be done to vanquish or leverage the crucial biases to influence the desired behavioral result.
Once the information is collected, applying a focused behavior change analysis framework [along with traditional measured as apt] is the crucial point. There is no “one size fits all’ method.
The framework is an indication and grounded on customer success criteria took during the research itself. Looking at current behaviors of user’s vs/ non-users can assist to recognize the behavioral prejudices you need to vanquish or those you can more easily leverage.
Focused outputs and interventions
The behavior switch model guides the growth of the most apt [ & most focused] intervention. This process, again is bespoke and grounded upon biases in landscape, play and initiatives scope. A few best tips to keep in mind at this point along with to the analysis output are –
- Re-ascertain the desired behavior you are hoping to change- what is the objective of your intervention?
- Be particular- think about who, what, when, where, why and how?
- Keep your eye on the contextual factors, social norms – when possible use these factors to advantage.
A minutely designed campaign/ intervention can be inadequate if the implementation is not carefully lined up with the design strategy. A huge part of this is appealing all main internal stakeholders so that the route to brand success is mutual with those involved, especially at the coalface.
With tightening budget consideration, we need to be careful not to miss the value of a more targeted approach to communications research. Although taking more investment- especially in terms of time, this has the power to bring greater success in both long and short term goals.
One of the market research industry trends, that everyone in the industry is excited about, is ‘Automation’ given the range of benefits it has brought across diverse industry platforms. In fact, the global Healthcare automation market is predicted to have a fast CAGR [ Compound Annual Growth Rate] in the coming years. Therefore, a lot of speculation has been made as to what automation implies and should be applied to healthcare market research.
Automation has been a boon for various sectors, saving time and thus increasing productivity and efficiency. They say that what can be automated, will be automated sooner or later, but what does it mean for healthcare market research reports?
Here are the foremost four market research features that need to be speculated bearing in mind the automated solutions-
One of the reason, the traditional surveys take weeks to assemble and report the enormous amount of time and human resources used of sifting and cleaning info sets. New survey technology applications handle this issue head on by authenticating responses as they come in.
By another name, it is called ‘real time’ data quality assurance and it utilizes software to clean data sets as soon as surveys close or during fielding to offer high standard quality, real-time survey information. With large number of healthcare market research companies adopting this approach, the survey technology providers are advancing the art of survey data analysis.
With physicians busier than ever, getting them to offer high-quality response while occupied is a puzzle. Meanwhile, how do you fill a survey with the correct respondents and how can it be done quickly?
Besides, market research healthcare reports note that 1/3rd of respondents are already using automated sampling and out of them, many were concerned regarding the impact of this automation on information quality. Advanced sampling algorithms however let you optimize speed and answer quality, today.
The better sampling automation used a methodology that goes out to smaller respondent subsets at a time in order to decrease the number clicking through only to find out that the survey has closed. Such methodology means an improved survey experience for physicians, which results in faster responses and growth in rates of participation all in the facility of advanced info quality.
Translation and Transcription
Application program interfaces [API], that allow different software programs to be interconnected, have experienced boom in utilization in the recent years. For instance, looking up local hotels in Yelp by using google maps, while staying in Yelp the entire time, is done through APIs which assures seamless user experience. Similar is in qualitative and quantitative interviews where translation and transcription are required. Therefore, the API creates an interconnected network of services which does everything from collecting survey data, to uploading files on a third party transcription or a translation service supplier, and receiving the material translated, all through a singular user interface.
Market research applications are applying a similar algorithm that to of a social media time line [ algorithms to automate shares, tags and tweets] for tracking study. Automation can take the arduous task out of the monotonous fielding of aggregate responses, tracking surveys and offering visual contrasts of several waves. In simpler terms, automation can do the repetitive tedious work so that market research teams can use their time to analyze KPIs and make quick/ smart decisions with that information.
The world has seen a surge in diabetic population past many years, and combined with R&D activities, technological innovations, the global diabetes drug therapy market has registered a 5.9% CAGR for 2013 to 2019. The industry medications coupled with relevant devices can grow to US$83.0 billion by 2019. The medication possibilities are segmented as oral anti-diabetes, non-insulin injectable drugs, and insulin. These derivatives involve premixed rapid/short acting/long acting and intermediate acting insulin.
In 2012, long insulin acting varieties had a major share of 42.77%, and expected to scale the highest CAGR until 2019. In oral diabetes drug industry comprises of Sulphonylureas, Meglitinides, Biguanides, Thiazolidinediones, Alpha-glucosidase inhibitors, SGLT-2 inhibitors, and DPP-4 inhibitors. The SGLT-2 inhibitors are leading at 76.8% CAGR from 2013 to 2019 with promises of fastest growing segment. The GLP-1 analogs from non-insulin injectable drugs may also catch up a strong wind in the forecasted period.
Who are taking over the Diabetes Drugs Industry?
The key regions that concentrate on anti-diabetes medicines are Asia Pacific, North America, Europe and Rest of the world. North America is in the forefront while Asia Pacific is rapidly expanding in matters of anti diabetes medicines, as per the industry research reports. The market driving aspects are increased awareness about the health condition, ease of self management of the disorder, healthcare technology, and rise in medical expenditure. The competitive landscape is overseen by several key players.
Some of the major competitors for both medicines and devices are Bayer HealthCare AG, AstraZeneca plc, Johnson & Johnson, Novo Nordisk A/S, DexCom, Inc., GlaxoSmithKline plc, Medtronic, Inc., F. Hoffmann-La Roche Ltd., Takeda Pharmaceutical Company Limited, Merck & Co., Inc., Becton, Ingelheim GmbH, Dickinson & Company, Lupin Limited, Abbott Laboratories, Inc., Eli Lilly and Company, Boehringer Novartis International AG, Sanofi, and B. Braun Melsungen AG.