Forrester’s Primer On Data Science, Machine Learning, And AI
Yes, Forrester is marketing this report towards Tech leaders and IT teams, but in 2021 and beyond, Procurement leaders should be taking a lead role in digital transformations. As the report says, misconceptions and a lack of understanding of the tech is limiting success in effectively leveraging the powers of data science, machine learning and AI to reach corporate objectives.
"All executives need to make strategic decisions about how and where to leverage these technologies, but few leaders have experience with them, so misconceptions abound, causing poor outcomes, wasted resources and resistance to future initiatives," says the report.
Here are a few key highlights from the report we thought you should know:
- Don’t expect AI to look like it does in the movies, if it does, it’s probably not actually AI. AI products that can do as they say have limited autonomy and intelligence. Here’s a great article from Slate magazine on IBM Watson and what “real AI” looks like.
- The human aspect of data. Algorithms are only good as the data it has to work with. It’s critical to remember there are human aspects to the data, such as race, gender and biases, that will affect the outcomes. "Above all, test multiple hypotheses, validate models and monitor them over time for bias and, when applicable, fairness. If you do, your resulting models will almost certainly be less biased than human decisions. If you don't, you risk reinforcing and proliferating bias," the report says.
- Everybody worries about dirty data, but don’t let it hold you back. Your data can be improved over time, and once you start working with your data, you will gain a better understanding of what you need from your data and in what form.
- Tech selection. Just as you shouldn’t choose tech for tech’s sake, Forrester says it’s also not about taking an objective first approach and that you must meet somewhere in the middle. The report says, "Start purely with the business value, and you'll choose use cases that play to AI's weaknesses and miss its strengths (think fully autonomous vehicles). Start with the data, and you'll find true but worthless insights (e.g., bookings drive revenue)."
- People first. Involve your team from the start. Tech is a tool your employees should want to leverage to help them improve organisational outcomes. It doesn’t matter how good the tech is. If you want the outcomes, you need your buy-in.
"Usually, that involves deploying your AI solution, getting it into the hands of end-users and training folks. If you haven't planned for how that will happen, be prepared for lengthy delays at best; at worst, you'll discover that deployment is impossible. Increase your likelihood of success by planning your project from end to end and involving the solution's intended end-users from the start and throughout the process," the report said.
There’s a lot of technology and a lot of information out there. Check out Forrester’s The Tech Executive's Primer On Data Science, Machine Learning, And AI to help you weed through the hype and clarify the ambiguities.
JAGGAER: Advancing Procurement Technology in Healthcare
JAGGAER has revealed the latest technological advancements in its cutting-edge, ground-breaking system at this years Arab Health, hosted by Informa Markets, as the industry-leading all-in-one procurement platform provider continues to provide support for the global healthcare industry as it struggles to recover from a year and a half tainted by the novel Coronavirus, and the ongoing pressure that it is putting on hospitals and pharmaceuticals.
With new technology and innovation taking centre stage this year’s edition of Arab Health, JAGGAER announced the launch of its new ‘Digital Mind’ strategy. The strategy features a core set of advanced strategies, including embedded intelligence, predictive data analytics, and real-time user guidance that can all be used to support healthcare procurement teams with the necessary and oftentimes difficult strategic decision-making involved in the acquisition process. It’s set to better efficiency across the sector, reduce risk, and better customer service capabilities.
The Exponential Growth of IoMT
This development comes at a time when the Internet of Things (IoT) has started to infiltrate all industries in an elaborate way. In a report published by Deloitte, it has been suggested that the global market for the Internet of Medical Things (IoMT) is projected to exceed US$158bn by 2022, with the IoMT market specifically in the MENA region, expected to hit US$9bn.
Hany Mosbeh, Vice President of Sales Middle East & Africa, JAGGAER, said: ‘The healthcare sector is increasingly adopting disruptive technologies into the IoMT ecosystem including artificial intelligence (AI), augmented and virtual reality (AR/VR), and robotic process automation (RPA). From a procurement perspective, these technologies are also being utilised in our systems, having far-reaching benefits for the healthcare industry.’
JAGGAER’s Digital Mind
The new Digital Mind strategy incorporates JAGGAER Adopt, Assist and Advise. The latter of which enables users to be more proactive in recognising potential areas of improvement and mitigating challenging situations such as supplier risk. By leveraging a combination of advanced predictive analytics, machine learning, and customer-specific business rules, JAGGAER Advise empowers procurement professionals to identify steps that could improve performance or results and take corrective action on behalf of users.
The software also provides its users with data-driven actionable insights and recommends the next steps to mitigate the risk of supply disruptions, supplier qualification, performance issues, and underperforming sourcing events.
Speaking at one of the sessions during the event, Microsoft Research’s Chief Medical Scientist, Dr Junaid Bajwa, outlined the role of data in the healthcare sector, he said: ‘Today’s story is one of automation of processes, aggregation of data, moving to intelligent analysis and AI, and then repeating that cycle. If we get this right, it has the potential to reduce costs and support clinicians by unmasking occult disease types, generalising new associations and perhaps even generating new novel hypotheses and new mechanisms.’
Right now, JAGGAER supports over 120 healthcare organisations globally. They do so by modernising and transforming their procurement capabilities through digitalisation─an action that is propelling the industry forward at pace. To name just a small number of companies that JAGGAER services: Dubai Health Authority, Uniting Care, NHS England, HCA Healthcare, and Bright Horizons.
‘During Arab Health, we heard from a range of experts who highlighted the challenges directly linked to COVID-19, from developing enough vaccines to combat the infection to the flow of raw materials to make the vaccines. In an era of technological advancements in the healthcare industry that are saving lives, it is also important to utilise this technology from a business perspective so that we can identify future risk and improve performance’, Mosbeh added.