AI Strengthens Analytics for Life Sciences, Healthcare
Enterprises seek specialized solutions, comprehensive strategies for using data to stay ahead of the market, ISG Provider Lens™ report says
Life sciences and healthcare enterprises are boosting investment in advanced analytics capabilities that are becoming increasingly critical for competitiveness, according to a new research report published today by Information Services Group (ISG) (NASDAQ:III), a leading global technology research and advisory firm.
The 2024 ISG Provider Lens™ global Specialty Analytics Services — Life Sciences and Healthcare report finds that rapid improvements in AI, including generative AI (GenAI), promise to help companies better understand customer needs and make more informed decisions. Firms in these sectors are incrementally applying advanced analytics and AI to research, operations and product commercialization as part of far-reaching data modernization strategies.
"The unique challenges of life sciences and healthcare require more than standard, off-the-shelf analytics software," said Jenn Stein, ISG partner and life sciences industry lead. "Specialty analytics providers empower these companies to implement custom-built advanced analytics solutions with confidence."
A strong data foundation can give companies a comprehensive view of clinical and commercial data coming from both internal and external sources and make it available to non-technical employees, the report says. With advanced analytics, they can use this data to accelerate R&D, find hidden patterns, forecast trends and optimize responses to the market.
Life sciences firms are using modern analytics in a wide range of applications, including forecasting drug demand, monitoring supply chains and assessing medication benefits and risks, ISG says. AI is proving especially powerful for analyzing clinical data to identify potential drug targets, and large language models (LLMs) can help companies design and monitor clinical trials.
Healthcare providers are beginning to use AI tools to boost efficiency and deliver better care, among other applications, the report says. AI can help providers analyze medical records and other patient data to produce accurate diagnoses more quickly, better predict the course of a disease and shorten the time to treatment. GenAI solutions may streamline care delivery by extracting and summarizing clinical notes.
The report identifies several key advancements likely to shape the life sciences and healthcare industries in the coming years, including increased use of telehealth to improve patient outcomes and personalized precision medicine using data from wearables and other sources. Development of GenAI solutions is expected to continue, with specialty analytics providers already investing in LLMs trained on healthcare-specific datasets.
"Life sciences and healthcare companies continue to partner with specialist providers on AI and advanced analytics," said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. "Providers with proven expertise in areas like GenAI, compliance and governance are making this future possible."
The report also explores other life sciences and healthcare analytics trends, including the growing use of advanced analytics to personalize market outreach initiatives and detect abuse in claims processing.
For more insights into the analytics challenges facing life sciences and healthcare enterprises, including how to get maximum value from complex and growing datasets, plus ISG's advice for addressing these issues, see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ global Specialty Analytics Services — Life Sciences and Healthcare report evaluates the capabilities of 19 providers in one quadrant: Life Sciences and Healthcare.
The report names Axtria, CitiusTech, Fractal Analytics, HARMAN Digital Transformation Solutions, MathCo, Quantiphi, Virtusa and ZS as Leaders in the quadrant.
In addition, Marlabs is named as a Rising Star, a company with a "promising portfolio" and "high future potential" by ISG's definition.
Customized versions of the report are available from Navikenz, CitiusTech and Marlabs.
The 2024 ISG Provider Lens™ global Specialty Analytics Services — Life Sciences and Healthcare report is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Information Services Group) (NASDAQ:III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world's top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry's most comprehensive marketplace data. For more information, visit www.isg-one.com.
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