Categories
Computers

Do Humans Think Computers Make Fair Decisions?

Do Humans Think Computers Make Fair Decisions?
Do Humans Think Computers Make Fair Decisions?

Today, machine learning helps us figure out what loans we qualify for, what jobs we get, and even who goes to jail. But can computers make fair choices when it comes to these potentially life-changing decisions? In a study published September 29 in the journal Patterns , German researchers show that under human supervision, people believe that a computer decision can be just as fair as a decision made by humans.

"Much of the discussion about fairness in machine learning has focused on technical solutions, such as how to fix unfair algorithms and make systems fair," says co-author Robin Bach, a computational sociologist at the University of Mannheim in Germany. "But our question is, what do people think is right? It's not just about developing algorithms. They must be accepted by society and conform to standard real beliefs.”

Automated decision making, where only the computer performs the inference, is best suited for analyzing large data sets to look for patterns. Compared to humans, whose biases can cloud judgement, computers are often viewed as objective and neutral. However, biases can seep into computer systems when they learn from data that reflects patterns of discrimination in our world. Understanding fairness in IT and people decisions is essential to building a fairer society.

To understand what people think is right in automated decision-making, researchers surveyed 3,930 people in Germany. The researchers presented them with hypothetical scenarios related to banking systems, work, incarceration and unemployment. In the scenarios, they compared different situations, including whether the decision resulted in a positive or negative outcome, where the evaluation data came from, and who made the final decision—a person, a computer, or both.

"As expected, we found that fully automated decision-making is undesirable," says first author Christoph Kern, a computational sociologist at the University of Mannheim. "But what's interesting is that when one controls for automated decision-making, the level of perceived fairness is similar to human-centered decision-making." The results showed that when people are involved in decision making, they perceive that decision as fairer.

People were also more concerned about fairness when making decisions about the criminal justice system or better paid job prospects. Losses were likely to outweigh gains, and participants rated decisions that could lead to positive outcomes as fairer than negative decisions. Compared to systems based solely on scenario data, systems based on additional irrelevant data from the Internet were considered less fair, highlighting the importance of data transparency and confidentiality. Together, the results show that context matters. Automated decision-making systems must be carefully designed when capital issues arise.

Although the hypothetical situations in the survey do not exactly correspond to the real world, the team is already considering next steps to better understand equity. They plan to conduct further research to understand how different people define fairness. They also want to use similar surveys to ask more questions about ideas like fair distribution and fair distribution of resources within the community.

"In a way, we hope that people in the industry will take these results as food for thought and testing before they design and implement automated decision making," Bach said. "We also need to make sure people understand how data is processed and how decisions are made based on it."

Source of the story:

Material reproduced with kind permission of Cell Press . To note that. Content is subject to change in style and length.

Use a random number table to make fair decisions

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Featured

Six Days In Fallujah Documentary To Be Featured At Londons Imperial War Museum

Six Days In Fallujah Documentary To Be Featured At Londons Imperial War Museum
Six Days In Fallujah Documentary To Be Featured At Londons Imperial War Museum

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Victura's video game based on the documentary Six Days in Fallujah will be featured in the Imperial War Museum's war-themed video game exhibition in London.

Victura has one of gaming's most controversial designs in Six Days in Fallujah, a first-person shooter set in the Second Battle of Fallujah during the 2004 Iraq War. The game was canceled once. Restored by Victura. It is still criticized as war propaganda.

Imperial War Museum War Games. real conflicts Virtual world | : Very funny. This mine warfare features a wide range of titles from civilian to realistic shooter Sniper Elite 5. The exhibit opens today and will run until May 28, 2023. The exhibit seeks to challenge perceptions of how video games interpret war stories. and conflict. I spent a day in this museum and it was very good.

Victura features exclusive gameplay footage and interviews in a documentary produced by the Six Days in Fallujah team. The game's developers and other people of Middle Eastern descent say the problem is too serious and the game should not exist.

Six Days in Fallujah Six Days in Fallujah, conceived by a seriously wounded US Marine, recreates the true stories of the Second Battle of Fallujah in 2004, one of the world's heaviest and most influential modern wars.

In the game, players assume the role of real marines, army soldiers and Iraqi civilians as they engage in critical moments of the war.

More than 100 Iraqi Marines, soldiers and civilians who were present at the Second Battle of Fallujah shared their personal stories, photos and videos with the development team. The game gives voice to these stories through first-person gameplay narratives and original documentary interview footage.

"Six Days in Fallujah allows players to become virtual participants in a historic, world-changing event, providing context and insight," Victora CEO Peter Tamte said in a statement. It's encouraging to see how one of the world's most respected powers in conflict is bringing the interactivity of games like Fallujah to help our players understand the events that are shaping the world.

"Photographs, books, plays, films and TV programs tell compelling stories of the conflict," said Chris Cooper and Ian Kicucci, curators of the Imperial Museums' War Games exhibition. Video games continued this tradition into the 20th and 21st centuries and have become the largest and fastest growing entertainment industry today. We hope that this exhibition will encourage visitors to think about the impact of this medium on our understanding of war and conflict.

Six Days in Fallujah is coming to PC and consoles. It is developed by Highwire Games and does not have a release date yet. The five branches of the Imperial War Museum attract more than 2.5 million visitors a year.

GamesBeat's motto when covering the gaming industry is "passion meets business". What does it mean? We want to show you how important news is to you, not only as a decision maker in a game studio, but also as a game lover. Whether you're reading our articles, listening to our podcasts, or watching our videos, GamesBeat helps you learn more about the industry and enjoy being a part of it. Find our shortcuts.

"Al-Qaeda's Ambush With Thakur" Full Documentary HD National Gepgraphic 2015

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Finance

Financial Influencers: How A Plumber’s Son Became A Finance Entrepreneur

Financial Influencers: How A Plumber's Son Became A Finance Entrepreneur

© Provided by TheStreet

Alex Morris helps investors know when to wait and when to bet on success.

In the modern era, social media has created many new and exciting job opportunities for those with an entrepreneurial spirit. From the science of baker's yeast to trading stocks for personal gain, if you're knowledgeable and committed, going public is just a few clicks away.

That's a lesson Alex Morris learned. Morris currently runs his own website, The Science of Hitting, and a Twitter account where he chats with his 45.5k followers about today's stocks and more. He took the name of his website from the title of a book recommended by Warren Buffett. Written by baseball player Ted Williams, the book's philosophy was to wait for the right strike before swinging.

But Morris wasn't always on track to become a finance professional. In fact, he went to college and considered studying civil engineering. After all, his father was a plumber. he told TheStreet that he feels he belongs next to his father in the family business.

While Morris was in college, he began to suspect that becoming a plumber was out of the question. He had a "slight entrepreneurial bent" and joked that advanced physics classes helped him realize he was out of his cockpit.

Around this time, Morris, with his eyes set on an unknown future, began sharing some of Warren Buffett's Berkshire Hathaway ( BRK.A ) articles – Get Berkshire Hathaway Inc. the report . In 2007, he and some of his friends were inspired to start a company similar to StubHub, but for college events. As the company grows, so does its interest in financing. It was a year and a half or two years ago that he decided to change his studies.

Launch hits on social media

After graduating from the University of Florida with a degree in finance, Morris was again uncertain about his future. While he dreamed of working at a hedge fund or investment firm, several interviewers told him the same thing. he needs CFA or MBA to get a good job in this field. He said at the time he felt like he was struggling to figure out how to get to the next level.

Morris got work as a writer for several financial websites such as Find Alpha and Guru Focus while working on his CFA and MBA. And after nearly a decade of writing, he found it very useful for developing his ideas. He can also use his readers as a sounding board for his own ideas, which he has found very useful.

About five years ago, he began tweeting his writing and stock market ideas under a pseudonym. There, he says, he found an interactive community. As the world turned upside down in April 2020 and kept many of us safe online, Morris noticed many writers turning to paid newsletter content. After spending a year building his website, online presence and follower base, Morris was able to quit his job at an investment firm and eventually became his own boss. Today he writes the TSOH Investment Research Service newsletter and has hundreds of paying subscribers.

Social media is essential to this business

Morris is clearly a big fan of using social media to learn about the financial landscape. His face lights up when he talks about how the financial industry has evolved over the years. When he began his journey, the approach was very narrow. You can become an analyst or manage your own fund, but there are no obvious alternatives.

With resources like Twitter and Substack, it's now easy for experts like Morris to chart their course. New generations of traders can take the traditional route and make it their own business, which Morris clearly sees as an exciting prospect. As the industry evolves, technology is a valuable resource for enterprising people looking at the financial world from a different perspective.

Morris is also a big fan of this less-traveled route. You make friends with people,” he happily told TheStreet. "In a sense, they have become your colleagues. If you are interested in a specific job, you can ask people who are professionals in that field."

Morris emphasizes that he likes answering questions very much. Their content is perfect for all types of followers, from budding DIYers to people who have been on Wall Street for a while. He jokes that Twitter allows him to gauge the opinions of people "smarter than me."

Symbolic worship. Evangelism and Personal Finance, Part Two

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Featured

‘Squid Game Star Jung Hoyeon Becomes First Korean Featured On Time100 Next List

This week, South Korean star Jung Ho Yin made history by becoming the first Korean to appear on the Next Time100 list.

On Wednesday, Time published a list of 100 people from various fields who it believes could shape the future, and Jung, 28, is one of those included in the list of phenomena.

Jung rose to fame after starring in the Netflix series The Squid Game, his first acting role. The show's Emmy-winning director, Hwang Dong Hyuk, recalls the first time he saw Jung auditioning for the role of Kang Sae Byuk.

Huang told Time that he spent "three grueling months " looking for the right actor for the role . He ended up watching Jung's audition tape, but "didn't have high hopes" at the time as Jungs had no acting experience.

More from NextShark: Cybersleuths believe the next "Valorant" agent will be Filipino based on a tip from Riot Games

About 10 seconds into the recording, Huang suddenly looked up from his chair and said he was "hypnotized by what was on the screen."

Her performance in the video is very unusual and strong compared to other experienced actresses. However, I saw that Hoyeon showed no sign of shame," Hwang said. "He doesn't want to hide the fact that he has no acting experience. He seems to understand and accept his weaknesses and is determined to overcome them.

September 17, 2021 The Squid Game on Netflix becomes the most-watched debut series on the streaming platform of all time . In early September , the series also received 14 Primetime Emmy Award nominations .

More from NextShark: K-pop band Ring the Alarm combo card for their first comeback in 2 years

Months after the show's success, Jung , who plays Song Ji Hoon's character , and his co-star Lee Jung-ja received several awards, including February 's SAG Award for Outstanding Breakthrough Performance.

" I think Hoyoung is still fighting every day – against the envy of fame, her hopes and her success and her desires," Huang said.

I jokingly called him "Warrior". There is no doubt that he has the skills and courage to fight many battles. And I hope that his acting career will not be a battlefield, but a real vacation spot.

From Shark Next: 'Foreigners Only': Hong Kong Actor Sparks Outrage Over China's Christmas Celebrations

Featured image by @hooooooyeony

Heo Young-jeong | Squid Games Star #067 | Where are you now

Categories
Computers

Traditional Computers Can Solve Some Quantum Problems

Quantum computing has garnered a lot of attention, and with good reason. Futuristic computers aim to mimic what happens in nature on a microscopic scale to better understand its quantum world and develop new materials, including medicines, eco-friendly chemicals and more. has the potential to accelerate discovery. However, experts say existing quantum computers are still a decade away. What should researchers do in the meantime?

A new Caltech-led study in Science describes how machine learning tools running on classical computers can be used to predict quantum systems and help researchers solve some of the toughest problems in physics and chemistry. Although this concept has already been proven experimentally, this new report is the first to demonstrate mathematically that this method works.

"Quantum computers are ideal for many problems in physics and materials science," said lead author Xin-Yuan (Robert) Huang, John Preskill Professor of Theoretical Physics, Richard P. Feynman and Allen WC Davis graduate student. Lenabel Davies, Executive President of the Institute for Quantum Science and Technology (IQIM). “But we haven't gotten that far yet, and we were surprised to learn that classic machine learning methods can still be used for a while. Ultimately, this work is about showing what humans can learn about the physical world.”

At the microscopic level, the physical world is becoming a very complex place governed by the laws of quantum physics. In this world, particles can be in overlapping states or in two states at the same time. And overlapping situations can lead to entanglement, a phenomenon where particles connect or come together without touching. It is very difficult to describe mathematically these strange situations and relationships that are characteristic of both natural and artificial materials.

"Predicting the low-energy state of a material is very difficult," Huang said. "There are many atoms, and they pile up and get entangled. You can't write equations to describe them all."

This new research is the first mathematical proof that classical machine learning can be used to bridge the gap between us and the quantum world. Machine learning is a computer program that mimics the human brain to learn from data.

"We are classical beings living in a quantum world," says Preskill. "Our brains and computers are classical, which limits our ability to interact with and understand quantum reality."

While previous research has shown that machine learning programs are capable of solving some quantum problems, these techniques typically work in ways that make it difficult for researchers to study how machines find solutions.

“Typically, with machine learning, you don’t know how machines solve problems. It's a black box," Huang said. "But now, with our digital simulations, we know what's going on inside the box." Huang and his colleagues worked with Caltech's AWS Quantum Computing Center to run extensive numerical simulations and validate their theoretical results.

The new research will help scientists better understand and classify the complex and exotic phases of quantum matter.

"The concern is that if a person creates a new quantum state in the lab, they won't be able to understand it," Preskill explained. "But now we can get classic data that makes sense to explain what's going on. Classic machines don't answer us like oracles, they lead us to a deeper understanding.”

Co-author Victor W. Albert, a physicist at the National Institute of Standards and Technology (NIST) and a former DuBridge Award-winning postdoctoral fellow at Caltech, agrees. "What excites me most about this work is that we are now closer to a tool that will help us understand the fundamental stages of a quantum state without requiring us to know much about the previous state."

According to scientists, future quantum learning tools will eventually surpass classical methods. In a related study published in Science on June 10, 2022, Huang, Preskill and their colleagues report using Google's Sycamore processor, the first quantum computer, to show that quantum machine learning outperforms classical approaches.

"We're still in the early stages of this field," Huang said. "But we know that quantum machine learning will ultimately be the most effective."

Don't get carried away by the hype

Categories
Finance

Live News Updates: OECD Cuts Global Forecasts And Predicts Fullyear Recession In Europe

If a severe winter exacerbates energy shortages in the region, a recession that could slow global growth awaits next year, the OECD has warned.

In its semi-annual economic outlook published last Monday, the Paris-based agency projected global output growth of 3 percent in 2022 – half of what it saw in 2021 – and cut its 2023 growth forecast from 0.6 percent to 2 percent. 2 percent.

The OECD previously said it expects the global economy to slow and remain in recession following Russia's invasion of Ukraine in February.

The steep decline was driven by forecasts for the US economy, which is now expected to grow 1.5% this year – lower than the percentage predicted in June – and 0.5% in 2023.

The agency highlighted that the shortage of oil from Russia to Europe could be "worse" than expected.

EU gas reserves, even at current levels of 80-90% of capacity, may not be enough to get through a normal winter without falling to dangerously low levels, the OECD said.

The cold winter could worsen supply shortages as Russia fails to secure supplies outside the EU as expected, leading to a "significant spike" in world prices.

If the EU fails to find alternative sources of supply and systematically reduce gas demand, the shortages "could raise global energy prices, undermine confidence and financial stability and require a temporary moderation in business gas use," the OECD said. .

The combination of shocks will push European economic growth above the OECD's baseline forecast of 1.25 percent in 2023 and inflation above 1.5 percent, sending many countries into recession for a year.

Global growth will be 0.5 percent lower and inflation 0.5 percent higher.

World Economic Outlook, April 2022.

Categories
Finance

This Week In Finance News: 10 Stories You Need To See

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A weekly roundup of the latest financial industry press releases from PR Newswire.

NEW YORK , September 23, 2022 /PRNewswire/ — With thousands of press releases released each week, it can be difficult to keep track of everything on PR Newswire. To help financial journalists keep up to date with the most important and popular news of the week, we have prepared a summary of the week's news.

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The list below includes the titles (with links to the full text) and excerpts from each story. Click on the title of the press release to access media resources available for download.

  • The Rocket Mortgage Inflation Buster Program helps homebuyers survive higher costs through lower mortgage payments.
    The Inflation Eradication Program gives homebuyers peace of mind by reducing their monthly mortgage payments by one percentage point in the first year of the loan.
  • Despite the severe downturn caused by Bain & Company's new report, investment in technology remains important.
    Bain's third annual Technology Report shows that despite the current economic climate, technology will remain an important investment and a key driver of productivity in global business.
  • America's personal debt fell 25% in three years
    American adults with personal debt had an average of $22,354 in mortgages at the beginning of the year, when inflation was rising, but before a recent spike.
  • Invesco is adding a new ETF to its fixed income portfolio, offering targeted participation in the historically neglected fixed income sector.
    “Invesco offers a range of fixed income ETFs that aim to gain access to approximately 58% of the US fixed income market that is not covered by the overall US bond index,” said Jason Blum , Head of Strategy and Alternatives for Fixed Income. ETFs. in Invesco.
  • First Horizon Mortgage Launches New Diversity Scholarship Program
    The Diversity Grant is designed to provide down payment assistance to borrowers who purchase a primary owner-occupied home in majority and minority census areas in a combined area assessed by the bank.
  • According to the New Profitability Financial Trends Survey, CFOs prioritize supply chain resilience in the face of inflation.
    In addition, the survey shows that 72% of respondents' financial transactions experienced interruptions or delays in the past year due to supply chain issues, pandemic-related impacts, and/or inflation.
  • SkyBridge Capital Leads Metaverse Vulcan Forged Funding Round
    This funding will further accelerate the growth of Vulcan Forged's patented metaverse-as-a-service engine, MetaScapes, and allow the company to scale operations in North America and existing key markets.
  • Social entertainment streaming platform Clover Inc. SPAC has teamed up with FoxWayne Enterprises Acquisition Corp.
    Clover has a growing user base of over 9 million, with almost 90% of users between the ages of 18 and 39. Clover plans to launch virtual reality dating (“virtual reality”) and virtual reality live streaming in the third quarter of 2023.
  • House prices fall for the second month due to the weakening of competition
    Affordability drives market momentum: low-cost markets remain competitive while prices fall fastest in the most expensive markets and markets that experienced the biggest jumps during the pandemic.
  • Concerns about inflation hastened the emergence of a new tool for Edward Jones' team.
    Financial services firm Edward Jones provides its nearly 19,000 financial advisors with interactive tools and secure loan options to help clients cope with complex financial needs and changing market conditions.

    • Read the latest financial releases from PR Newswire and follow the latest from major press releases by following @PRNfinance on Twitter.

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    Former Fox News Politics Editor Slams The Company For Deceiving Its Viewers

    he is active cnn tonight Wednesday, ex. FoxNews This is what political editor Chris Stivalt says. They were released. Online, January 2021. Fox denies this, but some believe it's for a reason. Anger Following the trial, Stirwalt is holding the 2020 presidential election in Arizona. Joe Biden . Although Styrualt didn't hesitate to show it online, he thought Fox was harming his viewers.

    “I saw this audience and these people, they were very deceived, and they were very deceived, and they were hidden for years,” Stivalt said, “when they took away a plate of ice cream, and I, Mr. Green Bob, sat across from me. I told them:“ Oh shit, Donald Trump is not going to get re-elected."

    But Styrowalt said the network, along with others, gave viewers what they wanted.

    “And then, as news consumers, let’s face it,” Strualt said, “it’s not a supply issue, it’s a demand issue, right?”

    Video transcript

    Chris Stirwalt: I see in this audience and in these people that they have been very deceived, and very deceived, and very hidden for many years.

    KYLIE MAR: Former FOX News political editor Chris Stirwalt joined CNN Tonight on Wednesday. He spoke about leaving FOX in January 2021 due to viewer anger after he named the state of Arizona for President Biden in the 2020 election.

    Chris Stirwalt: As American journalists, we have obligations to our country. If we love our country and if we love our people, we must ensure that the work we do does not destroy these goals, but serves them.

    Kylie Marr: Styrualt recently spoke out against her former employer promoting this story and believes it is detrimental to those who gave their lives for this country.

    Chris Stirwalt: When we use fear and we use hate and we use anger and we use paranoia to rank and unite people, then we don't live much – I mean, I think about it. all time. A million American men and women died defending, defending, defending this country.

    KYLIE HONING: But Stirualt says the network only delivers what its viewers want.

    CHRIS STRUWALT: And then, as news consumers, let's face it. It's not a supply issue. This is the side that interests us, isn't it?

    Texas sends immigrant bus to third Democratic-led city

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    Review: The Less You Know About ‘Barbarian, The More Youll Enjoy One Of The Years Best Horror Movies

    In 2007, Quentin Tarantino and Robert Rodriguez tapped up-and-coming genre filmmaker Edgar Wright to create a fake trailer for the double-feature documentary Grindhouse. Wright suggested, "Don't!", insisting in a stern voice. "If you're thinking about moving into this house, don't." If you're thinking of opening this door, don't. If you're planning to go to the basement, don't go." It was funny because it was so obvious and the audience wanted to scream at the screen. "Don't come in."

    This is basically the plot of Jack Crager's The Barbarian, where the less the better. In fact, consider this permission to stop reading this review and buy tickets. Skip the trailers, read the reviews, head to the theaters to see one of the best horror movies of the year.

    How to describe Savage without revealing the best twists? Well, this is the triumph of a new subgenre: Airbnb horror. It all begins on a dark and rainy night when a young woman named Tess (Georgina Campbell) tries to get into a safe Detroit rental house she's booked for a job interview the next day. A light shines within. There is another person at home.

    In a plot that shows the perils of outsourcing real estate management to no-name tech companies, the house is double-booked and Keith (Bill Skarsgård) has already taken up residence. Despite her best instincts, like most modern, independent women, Tess is on high alert, she has no choice and decides to kick him out of the house while he takes care of everything on his own.

    This is the first horror film from Krieger, who is a founding member of the comedy group Whitest Kids U'No, but clearly a fan and student of the genre, a masterful master of tone and scares, he's an exciting young horror director. get up She shows a knack for subverting expectations, so she gives us a horror hero who's smarter than the average scream queen, and a mysterious loner (who once played a famous horror monster) who's a good guy. .

    Throughout the film, the process of establishing and subverting expectations is repeated over and over again. Kreger slowly builds the chilling, thrilling sequences into poignant moments of operatic horror, then quickly moves into another chapter, taking a completely different left turn, taking us all to the mountains of Russia. His ease with comedy helps with those abrupt tonal shifts, and The Barbarian is as funny as it is scary.

    Tess and Keith look back on the awkwardness of their Airbnb mess, but the film broadens its scope to include the house's other residents and owners over the decades. Crager traces the suburban home's journey through time, through white flight in middle-class neighborhoods and subsequent abandonment, ultimately returning it as a free short-term rental market. Rumors of what goes on in this house are known only to locals, highlighting the dangers of a decaying community plagued by exploitative capitalism and creating the perfect anonymous environment to lure unsuspecting, tech-savvy millennials into their homes.

    Crager uses The Savages to explore women as victims, villains, and victors of the horror genre, and how they are endangered and empowered by empathy. The very caring Tess is the perfect victim, but she's also street smart, and her soft skills and ability to read others are her most effective abilities to fight any evil. Campbell's performance is perfectly calibrated, and Creger explains that Tess's emotional intelligence is what gives her a fighting edge.

    Kreger weaves together this multi-layered contemporary social commentary as a chilling horror film inspired by classic horror films and tropes. With fresh ideas and plenty of scary skulls, it's that returning charm that makes this a thrilling new and must-see horror movie of the year.

    Kathy Walsh is a film critic for Tribune News Service

    'wild'

    Rated: R for strong violence and profanity, disturbing material, strong language and nudity

    Duration: 1h43

    Playing: General release begins September 9

    Tomarc The Barbarian Atari 2600 Review – The No Swear Gamer Ep 465

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    The Digital Innovations Behind The Booming Life Sciences Industry

    Life sciences manufacturers are digitizing their operations to provide more personalized services and avoid supply chain disruptions while reducing costs and innovating for the future. IDC analysts have predicted that by 2023, 75% of life science manufacturers will invest in smart supply chain solutions to enable resilience and prevent future disruptions in health emergencies like COVID-19. According to Forrester researchers, precision medicine therapy accounted for 25-40% of all FDA approvals in the past seven years. They believe that precision medicine "has proven its worth with growing evidence of improved patient outcomes in oncology, cardiology, endocrinology and other disease areas." From the patient perspective, Gartner analysts propose a digital-centric vision of a "wellness journey" that prioritizes digital engagement and the use of digital interactions, products and services in a person's journey to health, wellness and illness.

    Data makes life science supply chains smarter

    Michael Townsend, research director for IDC's Life Sciences Business Strategy, sees the industry in the early stages of digitization and focuses on the value of technologies that bring intelligence to the supply chain.

    "Companies are starting to go digital, using technological intelligence to make better decisions," Townsend said. “For example, there has been significant investment in supply chain solutions such as digital twins, where digital models are created to experiment with performance scenarios at different points in the chain, such as: B. assembly, delivery or geography. You can try alternative options without having to make any changes.

    According to Townsend, segmentation is another center of intelligence in the supply chain, enabling companies to identify and store pharmaceuticals and packaging according to country-specific regulations, increase production time, reduce idle inventory and streamline shipments. . Some organizations also use control towers to track demand patterns based on material and component availability to avoid overstocks and shortages. For example, if cases of COVID increase in a certain area, vaccine manufacturers can act more quickly to purchase and distribute prevention and treatment products in that country. Linking data in the supply chain for rapid response time applies to all unforeseen disruptions, including natural disasters and political conflicts.

    Expert wisdom on the surface of the ecosystem

    Mandar Paralkar, SAP Life Sciences Industry Director, agrees that the company is shifting from a historical focus on fighting disease through mass-produced drugs to personalized therapies that improve outcomes for individual patients and involve greater ecosystem collaboration. In industries with longer product development cycles, collaborative consortia like SAP Industry Cloud are a way to share information for faster success.

    "From start-ups to established market leaders, life science companies are using technology to improve patient outcomes and business profitability while reducing costs and risks," said Paralkar. “They recognize the need to compete as an ecosystem through connected digital supply chains and smart factories. One example is SAP Intelligent Clinical Supply Management, a solution we developed together with a consortium of customers and partners. This collaborative effort demonstrates how collaborative cloud innovation has the potential to help life science organizations design, manufacture and deploy effective solutions faster, enabling an ecosystem of partners to deliver value-added services.

    Cloud-based technology revolutionizes life science

    The pandemic has shaken the life sciences, revealing a new vision for innovation through cloud-based collaboration. Almost overnight, companies have invested in technology to enable working from home, leading to new ways of thinking about using technology in areas such as process automation and distributed clinical trials, and relationship collaboration.

    "Collaborative centers where many trusted entities can share information, work together to learn from each other and solve problems are part of the life sciences vision," Townsend said. “Professionals involved in clinical supply chains and other aspects of the life sciences struggle to streamline processes, advise software vendors and share information across systems. Cloud-based software is essential. When using subscription software, updates are almost real-time and it's much easier to collaborate and access different data sources if they're available in the cloud.

    Achieving a healthier and more profitable vision

    As costs and regulatory pressures increase and informed patients demand personalized care, digital innovation will change the life sciences landscape. IDC researchers have predicted that within a few years, 75% of trials will be "patient-centric" distributed clinical trials, 90% will be hybrid and at least 10% will be virtual, thanks to the 30% increase in connected healthcare technologies. . . They say the digital prescription therapy market will triple by 2025, with a focus on mental health and chronic disease, blurring the line between healthcare and life sciences. Notably, Gartner analysts have advised life sciences providers to "prioritize clinical solutions that incorporate interoperability as a core feature, including easier content and data connectivity between clinical sites, sponsors, clinical research organizations and participants others in the ecosystem. Trusted intelligence is critical to a healthier future.

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