In the ever-changing business environment, many industrial sectors have now started leveraging different cutting-edge technological platforms to improve overall strategic and operational effectiveness, keeping a sharp focus on better stakeholder engagement for greater customer satisfaction.
These companies have accepted the inevitability of a paradigm shift in the algorithm of the traditional business process. It has dawned on them that it may not be possible to be in the pole position by tweaking the existing process with multiple incremental changes – a time is just right now to take a quantum leap in this direction. Placing the company ahead of the technology curve to acquire the critical X-factor in outperforming the competition is going to be the new mantra. This is likely to happen even in the sales and marketing domains, much sooner than one can possibly imagine, as the marketplace becomes increasingly tougher.
Moving closer to this direction, Artificial Intelligence (AI) based digital tools, I reckon, is likely to be one of the key game changers. The term AI was coined in 1956 by John McCarthy at the Massachusetts Institute of Technology (MIT) and is usually defined as the science of making computers do things that require intelligence when done by humans. AI helps to ferret out critical answers to many real-life issues and gain a competitive edge in business management, by creating and then effectively analyzing a huge pool of real life data.
AI is the fulcrum of business operations for several leading companies of the world, such as, Apple, Amazon and Uber. It has already started replacing human intelligence in a number key business operations in various industries. As a widely-known Indian business leader recently said, anything that can go digital will go digital. This wave is unstoppable in this modern era.
In this article, I shall restrict the scope of discussion to the application of AI in pharma sales and marketing.
A recent illustration from India:
The application of AI via a digital tool, called Chatbot – the short form of ‘Chat Robot’, is one of the ways in this direction. It is a complex computer program that simulates human conversation, or chat, through auditory or textual methods. Various industries have now started developing the Chatbot dialog application systems for a specialized purpose of human communication, including a variety of customer interaction, information acquisition and providing a range of customized services to the target group.
To illustrate the above point, let me draw upon a recent example from the banking sector of India. On March 05, 2017, a leading bank in India announced the launch of an AI-driven Chatbot named Eva, coined from the words Electronic Virtual Assistant (EVA), to add more value to their services for greater customer satisfaction.
According to reports, Eva is India’s first AI driven banking Chatbot that can answer millions of customer queries on its own, across multiple channels, immediately. It assimilates knowledge from thousands of sources and provide answers in a simple to understand language format in under 0.4 seconds. This is a good example of taking a quantum leap in improving operational efficiency by delighting the new generation of customers. “Within the first few days of its launch, Eva has answered over 100,000 queries from thousands of customers from 17 countries across the globe” – the bank reportedly claimed.
To do routine services more efficiently with a customer-centric approach, this AI-based Bank OnChat combines a disruptive technology platform for a human-like conversation, powered by AI, and the Bank’s deep domain expertise and long acquired insight of banking related customers. Earlier this year, for a similar customer-oriented initiative using AI and Robotics technologies, the same bank launched an interactive humanoidcalled Intelligent Robotic Assistant or IRA.
Although, these are just illustrations in the Indian context, an important question that surfaces: if these can happen in the banking industry, why not in the pharma sector of India?
Resisting changes versus finding innovative means to overcome challenges:
Coming back to the pharma industry, we all are aware that this knowledge sector, over the last four and a half decades in India, has been navigating through umpteen challenges, none of which has been easy, by any measure.
Nevertheless, as compared to the past, I notice a palpable difference today. Significantly more number of shrill voices with fierce resistance to changes are now outnumbering the out of box mindset, desire and efforts to still thrive, by overcoming those critical challenges. Since the formative years of the Indian pharma industry, it has been successfully overcoming the challenges of change, which are unavoidable though.
Such kind of indomitable ‘animal spirit’ within many leaders of the Indian pharma industry, created today’s national pharma behemoths like, Sun Pharma, Lupin, Cadila, Dr. Reddy’s, Alkem and many others. They are thriving despite continuation of immensely challenging business environment and tough socioeconomic demand in the country. By the way, the second richest person in India is from the Indian pharma industry and grew from a scratch, during this very period.
Making creative changes help, moaning doesn’t:
While facing the newer sets of challenges today, many industry greenhorns, I reckon, need to spend more quality time to effectively overcome these turbulences – provided of course they possess the requisite mindset, knowledge and other wherewithal.
Acquiring new insight through modern technological platforms, such as AI, will pay a rich dividend. Better customer engagement and relationship management with new genres of AI tools, furnishing stimulating and modern web-based content with personalized access, would help achieve the desired strategic goals in the changing paradigm – but just moaning won’t, surely.
A few global pharma players are now fathoming the scope and depth of this area, most others are still not sure about its usefulness for customer engagement and interactions, and commensurate real-life data requirements for AI related analytics.
A predictable pattern of a series of unpredictable challenges and developments:
According to Eularis, integrating AI based analytics with a pharma product offerings can provide substantial benefits including, among others, the following:............
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