IOT/Automation

IOT/Automation ?

Industry 4.0 and smart manufacturing are top of mind for manufacturing leaders and analysts alike. Associated with the cloud, big data, artificial intelligence (AI) and machine learning (ML), the Industrial Internet of Things (IIoT), and predictive analytics, this new wave of connected digital technologies offers manufacturers unprecedented levels of data-driven insights, efficiency, optimization, product quality and productivity that empower workers to make meaningful improvements and even innovations in their area of the business. The potential ROI is so promising, in fact, that more than half of all industrial companies have already invested in IIoT technologies as part of their digital transformation journey.

The pandemic era has shown us the importance of doctors, sciences, medicines, and pharmacists in our daily lives. Especially when it comes to medicines. We all had craved for corona vaccines and drugs to relieve its symptoms. There is no second doubt that medicines are the soul of the globe. And the pharmaceutical sector is the soul of medicines. The pharmaceutical sector is responsible for manufacturing of several drugs and medicines. It is one of the most leading and progressive economic and social activities.

Digital transformation in the pharmaceutical industry is no longer an innovative vision but is becoming a strategic imperative for companies to be competitive in the market. Pharma executives are noticing the impact of digital technologies and realizing that it is crucial for their businesses to implement a strategy around it. The application of smart and digital technologies such as Artificial Intelligence (AI), cloud solutions, informatics platforms, and the Internet of Things (IoT) are enabling pharmaceutical companies to create connected digital ecosystems.

Digital ecosystems are improving existing business and operational models as well as offering new ones. The creation of a digital ecosystem involves the evaluation of short and long-term strategies, and companies are beginning to create a new C-level position, Chief Digital Officer (CDO), to determine how best to execute on these goals. A series of drivers are behind the need for digital transformation: avoiding the creation of data silos, connecting global teams and partners, and enabling research, development, and manufacturing teams to work more efficiently. However, the biggest driver for pharmaceutical companies is placing new, possibly life transforming treatments, into the hands of patients as quickly as possible. Pharmaceutical companies are beginning to rely more heavily on digital enablers such as the use of AI and data lakes to answer complex questions, laboratory information management systems (LIMS) to automate laboratory workflows, cloud enabled technologies to make data more easily accessible, and platform technologies to connect disparate laboratory instruments and software systems.

The rise of the digital factory

As customers expect these kinds of interactions, companies must enable their enterprise to achieve it. Telus, Scotiabank, Lloyds Banking Group and many other enterprises are recognizing that they generate the greatest amount of competitive advantage when they unite their formerly siloed tech, IT, developer, business and marketing departments into fast- moving, cross-disciplinary digital teams. Digital products are now core components of businesses, brands, markets and customer value. Companies are moving to provide employees and teams with the modern tools to create these engaging experiences for their customers. Now, even marketing teams need developers.

When we first wrote about it, digital transformation was a slow process with a high rate of failure: 84% as reported by Forbes in 2016. There are many reasons for this, but one could argue that digital transformation initiatives lacked a sense of urgency. The pandemic changed that almost overnight. Digital initiatives that were on a slow roll, were suddenly needed right now. Teams had to find ways to work remotely and digital became the only way to engage with many customers. During this time, companies accelerated the digitization of their customer and supply-chain interactions and internal operations by three to four years, and accelerated the share of digital or digitally enabled products in their portfolios by seven years, reported McKinsey & Company.