Significant Advancements in Healthcare Technology

There is no doubt that the pandemic has sped up the digitization of the healthcare sector. Over the next five years, 80% of healthcare services intend to increase their investment in technology and digital solutions, according to the HIMSS Future of Healthcare Report. With companies utilizing artificial intelligence (AI), cloud computing, extender reality (XR), and the internet of things (IoT), we will continue to see growth in industries like telemedicine, customized medicine, genomics, and wearables. 

The following are the top three trends that will influence the healthcare sector over the upcoming years: 

• Telemedicine and remote healthcare. 

Health care practitioners may reliably track vital signs in real-time thanks to new generation wearable devices that are fitted with heart rate, stress, and blood oxygen detectors. The pandemic has even led to the creation of “virtual hospital wards,” where centralized communication infrastructure is utilized to monitor the care of many patients, all of whom are receiving treatment at home. The Internet of Things (IoT) and robots are key components of this trend, and machine learning-based smart technology will notify experts when sensors indicate that an intervention is required or when cameras identify an old person who has fallen in their home. Given that half of the world’s population lacks access to basic services, telemedicine has the potential to increase healthcare access.

• Simulations and digital twins 

The practice of building models based on actual data that can be used to recreate any system or process is known as “digital twins,” and it is swiftly gaining popularity across a wide range of sectors. To shorten the time, it takes to transition new medicines from the design stage to widespread use, this movement in healthcare embraces the concept of the “virtual patient”—digital representations of actual individuals who are used to test medications and therapies. This may initially be limited to models or simulations of specific organs or systems. However, development of practical models that simulate complete bodies is progressing. 

The possibility of digital twins of human organs and systems is getting closer, and they will allow medical professionals to study various illnesses and try out new treatments without endangering specific individuals and without the expense of costly human or animal experiments. Digital twin technology is seen as one of the most significant tech developments in healthcare for 2022 due to its ability to assist the healthcare industry in developing therapies more swiftly and affordably. 

• AI and machine learning for medical data interpretation 

Similar to other industries, healthcare has a high-level use case for AI in that it can help make sense of the vast amounts of messy, unstructured data that are accessible for collection and analysis. When it comes to healthcare, this can take the form of genomic data from living cells, handwritten doctor’s notes, information on the development of communicable diseases like COVID, data from vaccine distribution, and medical image data from X-rays, CT, and MRI scans, among many other sources. 

Current advancements in the application of AI in the medical industry frequently entail the augmentation and upskilling of human professionals. Automating initial patient contact and triage to free up clinicians’ time for more beneficial work is another important use case. Preventative medicine is another area of healthcare that will be significantly impacted by AI in the upcoming years. Preventative medicine seeks to foresee where and when sickness will arise and implement remedies before it even occurs, as opposed to responding to illness by treating it after the fact. With the help of AI, systems can be developed that can identify patterns across enormous datasets much more quickly than traditional analytics techniques, resulting in more precise predictions and eventually better patient outcomes. 

The Future of Healthcare 

Health care will no longer exist as we know it by 2040. A profound change will occur from “health care” to “health.” Even while we will never be able to entirely eradicate disease, science, data, and technology will allow us to detect it sooner, take proactive measures, and comprehend its course, which will allow us to support customers more successfully and actively maintain their well-being. The future will be centered on wellness and run by businesses that take on new responsibilities to add value to the altered health ecosystem. 

Ten archetypes are anticipated to develop and will replace and reinvent the traditional life sciences and health care jobs of today to fuel the future of health. These archetypes will be driven by increased data connectivity, interoperable and open, secure platforms, and rising consumer participation. 

The 10 archetypes will be divided into three separate but related categories: 

• The fundamental infrastructure that will serve as the framework for the future health ecosystem is data and platforms. They will produce the insights needed for making decisions. The tools and data that support consumer-driven health will serve as the foundation for everything else. 

• Wellness and care delivery: These archetypes, which are made up of care facilities and health communities (both virtual and physical), will be the most health-focused of the three categories and will offer consumer-centric delivery of goods, care, wellness, and well-being. 

• Care enablement: These archetypes will act as the regulators, financiers, and connectors that keep the sector’s “engine” running smoothly. For the future of health to become a reality, all three elements must be operational and integrated. 

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The modern customer does everything virtually and has started to see the world differently. Therefore, retailers must develop unparalleled innovations to provide unmatchable online shopping experiences that meet customer expectations and changing demands.  

Emerging technologies such as Artificial Intelligence, Machine Learning, Big Data Analytics & Augmented and Virtual Reality have paved the way for digital transformation solutions in the retail industry for years to come. This article will take you through the top technologies and trends that are transforming the retail industry and helping businesses to stay afloat in the current circumstance. 

1. Omnichannel customer engagement  

Omnichannel customer engagement goes beyond making physical stores’ products available online. It is about engaging customers on new online channels such as social media, marketplaces, brick-and-mortar stores, and offering a frictionless shopping experience across various touchpoints. According to a study by eMarketer, cashier-less checkouts, curbside pickups, and streamlined digital experiences contributed to increased shopping frequency and improved sales in 2020. Therefore, omnichannel customer engagement is vital to interacting with customers and providing a consistent shopping experience across channels. Retailers must synchronize various channels such as social media, phone calls, online searches, chats, and physical stores, ensuring customers interact with the business at various points and are provided a personalized experience on each of them.  

2. Data Analytics to track customer behavior  

It is essential to track the customers’ behavior and activities across all channels to create a more intuitive shopping experience for them. Data Analytics allows retailers to monitor the customers’ in-store and online store activities. It gives insights into various metrics such as the number of visits to their store per day, new and returning customers, and the success of their marketing initiatives. These insights allow retailers to make more informed decisions and better engage their customers.  

3. Contactless payments and seamless checkouts  

The need of the hour for retailers is to provide a frictionless customer experience while keeping human touch as limited as possible. Cashier-less checkout technologies and contactless payments are in high demand due to the security, speed, and convenience they offer. Touch-free technology provides a convenient retail experience by scanning each item that a customer picks up using an app and sensors and automatically charging them for the things they have picked. Contactless checkouts will flourish in the retail sector, and retailers are working closely with FinTech companies to build quick and efficient contactless payment models.  

4. Demand forecasting with Machine Learning  

There has been a vast difference in customer demand due to the pandemic. As a result, it has become a significant challenge for retailers to understand and predict customer demand and take necessary actions to meet the shifts in the market and stay on top of the industry. Data and Machine Learning can make forecasting customer demand more accurate while improving inventory management and supply chain management. Machine Learning-based demand forecasting lowers logistics and warehouse expenses, prevents overstocking, and supports sustainable production and consumption.  

5. Hyper-automation with Artificial Intelligence  

Speed, agility, and efficiency are the critical factors that determine the success of a business. Artificial Intelligence-led automation makes the retail processes more cost-effective and the shopping experience more convenient for customers. AI systems can assist the customers by directing them to the store’s exact location and suggesting related items that might interest them. Robotic Process Automation (RPA) enhances inventory management and distribution and warehouse management processes. It eliminates repetitive daily tasks that do not provide any additional value and improves service quality and compliance across the retail value chain. Soon, driverless vehicles and drones will also play a vital role in retail transformation.  

6. Immersive shopping experience with AR and VR  

AR and VR enable retailers to make shopping more powerful and experience-driven. According to a recent study, by 2025, the AR and VR market will reach 1.1 billion globally. Since customers now shop more online than in brick-and-mortar stores, it is vital to give them a seamless ‘try-on’ experience to help them make quicker and better decisions. With Augmented Reality, customers can use their smartphone to bring products to life and see how they will look on themselves or in their homes. Companies like Sephora, IKEA, and Lego use AR and VR to make digital shopping a lot exciting and personalized. In addition, retailers can use experiential marketing and virtual fitting rooms to reduce their operating costs while providing safe and engaging experiences to their customers.  

The future of retail  

The adoption of emerging technologies has saved the retail industry from drowning and help in tackling the disruptions caused by the pandemic. As customers continue to shop and work online, these technologies show no signs of slowing down anytime soon.  

Black Rock IT Solutions is helping retail businesses in adopting new technologies to redefine their processes and offer their customers a safe and immersive shopping experience. We are digital architects, domain practitioners, and technology experts working towards fostering a digital retail world. To know more about our services and offerings and discuss potential growth opportunities, get in touch with us. 

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