#71: Pharma firms must abide by 10 articles to avoid foundering in a sea of data🌊
Hello,
This newsletter will take you about 4 minutes to read.
I. Spotlight: Pharma firms must abide by 10 articles to avoid foundering in a sea of data🌊
The market size for artificial intelligence (AI) in the pharmaceutical industry is projected to reach USD9.24 billion by 2030. For most organizations, the chief data officer (CDO) is at the helm of this spending on data and analytics (D&A). The role of CDOs has been steadily evolving and expanding over the past decade, with 80 percent of their performance now being evaluated on business outcomes. Yet only 53 percent of firms report establishing a corporate data strategy to realize business value.
It may seem surprising that nearly one in two companies has no definitive data strategy. Without a well-designed D&A strategy, organizations face chaos and risk wasting precious resources and losing their competitive edge in the market. No wonder 40.6 percent of D&A initiatives have reported a failure to deliver enterprise value or returns on investment. Clearly, formulating a sound data strategy is easier said than done for many organizations, even though D&A leaders who are operating without such strategies put their entire organizations at risk.
Such an approach is like a captain trying to maneuver a ship through stormy seas without a compass or rudder. Not only is this a wasted journey, but it could also put the vessel and all its passengers in danger. This is just one of the things that the data discipline could learn from sailing, an area that humans have been perfecting for millennia.
To tackle this problem, one should begin by unpacking data strategy and examining 10 critical elements of every winning one that delivers enterprise value from the perspective of D&A. This article will demystify each element by looking at a relatable, revealing parallel from the sea-faring world.
II. Industry Roundup:
1. Article: 2023 CEO of the year - Sam Altman
34 minutes | Â Time | Naina Bajekal
Sam Altman, CEO of OpenAI, faced a tumultuous year, including his unexpected firing and swift reinstatement amid company and investor backlash. This event underscored the complex challenges in AI governance and ethics. During this period, OpenAI, under Altman's leadership, made significant strides in AI development, notably with ChatGPT and GPT-4, highlighting its influential role in the industry.
->Â Read the Article
2. Video: Fireside Chat with Aravind Srinivas, CEO of Perplexity AI
53 minutes | Data Driven NYC | Matt Turck
Perplexity AI is a knowledge and answer engine for consumer search. Aravind Srinivas, CEO of Perplexity AI discusses the challenges of building a search engine and the importance of open source models in AI development. Srinivas envisions Perplexity AI as a tool for extensive web research and a personalized digital assistant, emphasizing the importance of synthetic data in future AI advancements.
->Â Watch the Video
III. From my Desk:Â
1. Announcement: Opportunity to be featured in a Forbes article
1 min
Exciting announcement! I'm working an article series on AI's transformative power across industries for Forbes. Are you an expert with an unique AI application idea that could revolutionize your industry? Share your insights with me via LinkedIn or over email for a chance to be featured in the series.
-> Drop an email: ganes.kesari@innovationtitan.com
Thank you for subscribing and reading the newsletter. I appreciate your attention,
Ganes.
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I’m Ganes Kesari. I publish ‘Data-Driven Future’ to help understand how data shapes our world, explore key trends, and explain what they mean for you today. I speak and write to demystify data science for decision-makers and organizations.
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