The piece also emphasizes the need for businesses to shift from traditional ROI metrics to value-based metrics for digital investments. This approach allows companies to understand the long-term value creation of AI, which often impacts diverse business areas with smaller, tangible outcomes. The author suggests that this value-based approach is not entirely new, as it aligns with existing industry methodologies for R&D and clinical trials. The article concludes by stating that as midsize life sciences companies continue to harness AI's transformative potential, they will play a significant role in reshaping the industry's competitive landscape.
Key takeaways:
- AI presents new opportunities for life science firms to advance into the next phase of their digital transformation journey, enabling them to improve current practices and adopt recent technology.
- Midsize life sciences businesses can gain a competitive edge by integrating AI into their processes, workflows, and business systems, leading to more efficient operations and faster, more strategic outcomes.
- Companies need to develop and adopt ROI metrics for digital investments that are unique to their business ecosystem, steering away from traditional quantitative metrics to deepen their understanding of value creation over a longer time horizon.
- As midsize life sciences companies continue to harness AI's transformative potential, they play a significant role in reshaping the industry's competitive landscape, redefining the boundaries of possibility in advancing healthcare and scientific endeavors.