Tag Archives: AI/ML

Thriving in an Age of Tech Disruption

tech disruption by mindfire solution

Since the past decade, the pace of tech disruption has significantly grown with the increasing applications of technologies like AI, ML, and IoT. The global pandemic has only accelerated the wave of tech disruption by creating the demand for innovative and dynamic solutions.

Companies are constantly experiencing the need to innovate faster while keeping up with customer expectations so as to stay competitive. According to McKinsey, businesses adopted digital solutions 25 times faster than their own estimates during the pandemic.

In this blog, we will explore how IT firms are helping customers thrive during this period of rapid change and what they should do to prepare for further disruptions.

Leveraging Cutting-Edge Technologies

One of the key ways IT firms are allowing their clients to overcome tech disruption is by leveraging cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT). These technologies enable IT organizations to create innovative solutions that can address problems quickly and efficiently.  

  • Artificial Intelligence & Machine Learning

AI technology is used to automate manual processes, while ML algorithms provide a way to analyze large volumes of data at high speeds. A survey has revealed that 72% of business leaders believe AI gives a focused edge on scaling enterprises. The AI market is expected to grow from $89 billion in 2022 to $407 billion by the end of 2027.

With the help of AI and ML, IT firms offer several solutions like customer segmentation and targeting, fraud detection, inventory management, behavior prediction, product recommendations, testing software, and many more. These solutions can enable their clients to maximize the value derived from their data.

  • Natural language Processing

Natural Language Processing, or NLP, is a subfield of AI that deals with analyzing and generating text and speech. IT companies leverage NLP to allow their clients to offer customized customer support services by using conversational bots. These bots can understand natural human language and respond accordingly.

In addition, tech companies are leveraging NLP to develop solutions like voice biometrics, automated content moderation, and sentiment analysis. With the rising application of NLP, its market capitalization is compounding at a CAGR of 18% and is projected to grow from $26 billion in 2022 to $161 billion by 2029.

  • Internet of Things

The Internet of Things (IoT) is another technology that IT companies are using to help their clients overcome tech disruption. Reports suggest that by the time we reach 2030, there will be about 30 billion IoT-connected devices.

IoT solutions enable IT firms to build connected systems which gather real-time data for their clients from any device in the network. Businesses can then use this data for predictive decision-making, such as identifying when a machine needs maintenance.

Additionally, these technologies are combined with existing business intelligence tools, such as analytics and reporting software, for deeper actionable insights into customer behavior.

IoT devices have applications across different industries. For example, IT firms are utilizing IoT with a combination of technologies like AI, ML, and cloud computing to offer improved healthcare services so that healthcare providers can monitor and treat patients remotely.

  • Cloud Computing

Cloud computing has been one of the most transformative technologies over the past decade. According to studies, the cloud computing market is currently worth $480.04 billion and is predicted to reach about $1.7 trillion by 2029.

Cloud solutions make it possible for IT companies to offer scalable and secure services that can be accessed from anywhere in the world. With cloud technology, tech companies can facilitate agile business operations by allowing their clients to scale their resources depending on their requirements.

Future-Proof  Your Business: Prepare for Tech Disruption

Along with leveraging cutting-edge technologies, IT firms also need to be proficient in the tech that is set to transform the market in the coming years. This will allow their clients to stay ahead of the curve. Some of these technologies include:

  • Blockchain Technology

Blockchain technology is a distributed ledger system that can be used to store data in an immutable way. It is a decentralized form of record-keeping that makes it difficult for cybercriminals to breach confidential data. IT companies can leverage this cutting-edge technology to help their clients protect sensitive data from unauthorized access.

It can allow IT companies to offer services like smart contract creation, asset tracking, and digital identity management.

  • Web 3.0

Web 3.0 is the upcoming generation of the internet that has been designed to provide users with complete control over their data. It utilizes technologies like blockchain, AI, and ML to provide a better and more dynamic web experience than the current version of the internet. This will enable IT firms to offer web-based services that can be used to create secure digital ecosystems for businesses.

As Web 3.0 becomes more prevalent, IT firms will have to focus on developing decentralized applications powered by blockchain technology to deliver integrated functionality.

The market cap for Web 3.0 was estimated to be $1.36 billion in 2021 and is projected to reach $64 billion by 2029.

  • IPA

Cloud computing has been one of the most transformative technologies over the past decade. According to studies, the cloud computing market is currently worth $480.04 billion and is predicted to reach about $1.7 trillion by 2029.

Cloud solutions make it possible for IT companies to offer scalable and secure services that can be accessed from anywhere in the world. With cloud technology, tech companies can facilitate agile business operations by allowing their clients to scale their resources depending on their requirements.

Conclusion

Technology is constantly evolving, and IT firms must stay ahead of the curve by implementing cutting-edge technologies in their services. Blockchain technology, Web 3.0, and IPA are some of the technologies that have the potential to transform the market in the coming years. IT firms should invest in these new technologies and focus on developing integrated solutions that utilize these tech disruptions for better results.

At Mindfire Solutions, we understand the importance of staying ahead of the curve and preparing for the future. That’s why we are always working on new and innovative technology solutions that can help our clients thrive in an age of tech disruption. Whether it’s using artificial intelligence and machine learning to make better business decisions or harnessing Blockchain technology for enhancing process flow, we have a team of experts who can help with your every business needs.

If you are looking for looking to leverage cutting-edge technology to fulfill your business goals, contact Mindfire Solutions today.

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AI for healthcare

How Do AI Applications Improve Healthcare And Wellness?

The COVID-19 pandemic overwhelmed the existing healthcare infrastructure. It has been a rude reality check for clinical administrators worldwide. Now, as the contagion subsumes, the persisting rise in the global burden for non-communicable ailments like lifestyle disorders is likely to keep medical practitioners on their toes in the days ahead. With this, the demand for preventive measures is increasing. By using AI for healthcare, we may step ahead in this crisis.

A Looming Crisis In Healthcare

Today, the demand for preventative intervention is skyrocketing. But limited growth in clinical ranks indicates an ever-widening talent gap with cascading implications. WHO assessed a projected shortfall of 18 million healthcare workers by 2030. This gap is likely to be manifested primarily in low and lower-middle-income geographies. Medvocation, in one of its recent studies, found that nearly 44% of doctors worldwide are already breaking under the immense workload and are unable to live happy and healthy lives.

The existing state of affairs can portend a crippling impediment as the global population ages. Reactive healthcare becoming more costly adds to the worries of the patients and clinical professionals.

AI For Healthcare: Reimagining Wellbeing

Fortunately, advancements in data-driven technologies like AI and machine learning have brought preventive medicine much closer to high-risk and healthy individuals. It has improved the possibilities of self-care and wellness like never before. For instance, today, AI applications can monitor every heartbeat and predict congestive heart failure (CHF) with remarkable accuracy. It permits the prospective patient a significant head start in seeking expert advice long before ending up on a gurney in an ICU.

Due to this the global market for intelligent self-care medical devices ($13 billion in 2020) is expected to reach a valuation of more than $30 billion by 2027, with a CAGR of over 8%.  

AI in Medicine: A Comprehensive Approach

For some years, AI-powered applications have made significant inroads across various clinical procedures and treatments, from automating medical front desk services, drug repurposing, vaccine development, building Smart EHR systems, and improving pathology to successfully predicting drug reactions. Today, at least 90% of healthcare establishments have an AI strategy. Indeed the benefits are substantial as cognitive computing allows practitioners to delegate repetitive tasks like clinical data extraction, assimilation, and report creation to the machines. Effectively AI for healthcare professionals can help with better decisions and focus on what they do best: care for their patients. 

However, the role of AI on the demand side of the story is equally spectacular! Proper self-care, yet elusive, is now feasible as wearable devices embedded with machine intelligence enable individuals to listen to their vital signs better. As algorithms operating on the edge get more intelligent and more emphatic, they will only expand the chances of proactively and precisely diagnosing physiological parameters and assessing the likelihood of acute events for individuals with chronic conditions. It, in turn, will preempt health risks, transform clinical deliveries and ease the pressure on the existing medical infrastructure worldwide.

Factors Fueling The Influx Of AI For Healthcare

The trend is in no way isolated and wholly synced with the cognitive technology maturity curve. Several factors advocate making personal devices like Blood Glucose monitors, Insulin Pumps, Sleep Apnea Devices, Blood Pressure Monitors, and Smart Watches intelligent enough to improve self-care and wellness for their owners. None is more telling than the dichotomy that although there has been an explosive growth of health data collected institutionally in recent years, it may still fall short in enabling patient outcomes.

For instance, an asthma patient typically visits the physician every three months and spends over 2,100 hours in between when the symptoms are not actively monitored, undermining realistic assessment. Now, data continuously ingested through smart devices can bridge this gap. Other factors include:

– Advancement in cloud computing: 

The computational power available for training AI models and algorithms has grown exponentially in recent years with the GPU revolution. Today, with easy access to bare metal servers from cloud infrastructure providers, it is easy to configure systems for running high-performance healthcare workloads.

– Development of Deep Neural Networks: 

The development of Artificial Neural Networks today is supplementing ML capabilities, providing for much better and more precise modeling. ML procedures like Capsule Neural Networks and Transfer Learning can transform how ML models are built and deployed, leading to far more accurate predictions even when trained with limited datasets. It will indeed make self-care medical devices smarter and more cost-effective.

– Shift in the healthcare delivery philosophy: 

As AI systems become more readily available, institutions worldwide are unmistakably considering how care is delivered and how precious healthcare resources and infrastructure are utilized. For instance, the National Institute of Health in the United Kingdom has launched an initiative to encourage the use of AI for healthcare of individuals to self-diagnose the onset of chronic conditions. The broader objective is to eliminate unnecessary outpatient visits and save operating costs, optimizing the resources available to the frontline care workers.

AI In Self-care: Use Cases

This research paper published by Nature.com manifests the overall apprehensions of patients around the role of AI in healthcare. However, advancements in cognitive technologies can bring in early and reliable insights and even formulate an effective response to some of the most prevalent chronic health conditions worldwide. These includes: 

– Diabetes: 

While the retroactive insights on blood sugar levels are currently derived from lab tests like A1C and self-service glucometer readings, AI-enabled devices can completely upend the diabetes treatment pathway. Intelligent insulin pumps can monitor blood glucose levels and other health metrics in real-time and auto-administer appropriate insulin doses based on the patient’s health condition and symptoms.

– Hypertension: 

Collecting blood pressure readings periodically through cuff-based devices is only half the game, pending further diagnosis. However, with Smart wearable devices connected to the cloud, blood pressure data can be assimilated with multimodal data sets like genomics and behavioral to pinpoint anomalies and preempt acute instances.

– Asthma:  

Asthma patients must regularly visit clinics for pulmonary function tests. They are monitored for environmental variables like air quality and moisture profile that can adversely impact their health. AI algorithms can extrapolate heart rate and blood oxygen level data from pulse oxymeters. Utilizing other pointers like pathophysiological analysis, natural history, seasonality, phenotypes, genetics, environmental monitoring, disease biomarkers, etc., AI predicts the possibilities of an asthma attack.

– Congestive Heart Failure (CHF): 

Conventional detection for CHF is done through a clinical diagnosis like ECG and studying factors like hereditary prevalence and lifestyle choices. Nevertheless, AI algorithms can accurately predict heart health through raw electrocardiograms to predict the possibilities of CHF, almost with 100% accuracy.

– Depression: 

Screening for mental health conditions depends on subjective evaluations to detect the root cause and respond to symptoms. However, AI algorithms can eliminate this subjectivity and clinical bias from the equation by evaluating symptoms through facial expressions, voice patterns, and online habits. Moreover, they can objectively assess treatment progress by interpreting brainwave profiles unique to patients with depression.

Final Thoughts

Bringing AI to improve the state of self-care and wellness is an idea whose time has come. Cognitive technologies can play a pivotal role in preventing catastrophic health events and saving lives. However, considering the wide range of variables and the risks involved, expert implementation becomes as crucial as the technology to ensure the first-time-right outcomes. Therefore alongside investment in technology, it becomes a strategic necessity to find an experienced technology partner who can aptly demonstrate the viability of self-care through AI.

Mindfire Solutions is one such leader in AI/ML, well-acclaimed in the global health tech market. Get in touch with one of their AI consultants to discover how the company simplifies self-care and wellness for millions worldwide.

 

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