The Value of AI
According to one article, ‘Masters in Data Analytics’ written by Maryville university, “The world was entrenched in big data before it even realised that big data existed. By the time the term was coined, big data had accumulated a massive amount of stored information that, if analysed properly, could reveal valuable insights into the industry to which that particular data belonged.”
Big data is here to stay and inevitably going to grow as the as the adoption of social media users rise and the frequency in which is is used grows. As a result, AI (Artificial Intelligence) will continue to be in high demand in the future as AI and data are being used to catapult some industries into a new way of working.
Where Does the Data Come from?
The internet now provides a level of concrete information about consumer habits, likes and dislikes, activities, and personal preferences that was impossible a decade ago. Social media accounts and online profiles, social activity, product reviews, tagged interests, “liked” and shared content, loyalty/rewards apps and programs, and CRM (customer relationship management) systems all add potentially insightful data to the big data pool.
Regardless of the industry, one of AI’s greatest assets is its learning ability. Its capacity to recognize data trends is only useful if it can adapt to changes and fluctuations in those trends. Through identifying outliers in the data, AI knows what pieces of customer feedback are considered significant and can adjust as necessary. AI’s ability to expertly work with data analytics is the primary reason why artificial intelligence and big data are now seemingly inseparable. AI machine learning and deep learning are pulling from every data input and using those inputs to generate new rules for future business analytics. Problems arise, however, when the data being used is not good data.
The most recent research indicates that a combination of AI and big data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks
Forbes, 2021
Gold vs Coal
In short, social listening is a process of analyzing consumer conversations and tracking mentions of your brand, competitors, or other brand-related keywords. This enables you to interpret brand sentiment across your social channels. There are many social listening platforms out there that monitor the voice of consumers…
However, the gold within our social listening is the Patient Voice. Social listening of patient voice has only been done once and that is by our product PatientMetRx®. Using AI to mine vast amounts of data in the social space, our AI machine has the ability to draw out what your patients say about their medicines so that we can apply our algorithm and generate the Patient Confidence Score. This score represents brand mentions, sentiment and contextual information (feelings and symptoms).
What can you analyze from the graph?
- Sudden Peaks and Troughs In Mention Volume
- Seasonal Trends
- Changes In Sentiment
- Overarching Themes In Emotions
How Does Social Listening by Medicine Benefit Pharma?
We believe that by understanding how your patients feel about your medicines, you will be able to ensure the content and messages you use in the healthcare space will support them and their HCP to make the most of their medicine. With content that resonates with patients, they can better understand their medicines and feel confident, we think that could make a big difference to their health and your commercial success.
To find out more about PatientMetRx® and the Patient Confidence Score, book a Discovery Session Here.
References:
Mordor Intelligence, (2021) ‘SOCIAL MEDIA ANALYTICS MARKET’ Available at: https://www.mordorintelligence.com/industry-reports/global-social-media-analytics-market [Accessed 20 August 2021]
Maryville University, (2021) ‘Big Data and Artificial Intelligence: How They Work Together’ Available at: https://online.maryville.edu/blog/big-data-is-too-big-without-ai/ [Accessed 20 August 2021]
Forbes, (2021) ‘Utilizing AI And Big Data To Reduce Costs And Increase Profits In Departments Across An Organization’ Available at: https://www.forbes.com/sites/anniebrown/2021/04/13/utilizing-ai-and-big-data-to-reduce-costs-and-increase-profits-in-departments-across-an-organization/?sh=2d5537f56af7 [Accessed 20 August 2021]
