Abbott Laboratories’ Data Analysis Fuels Artificial Intelligence and Machine Learning Tools

Author photo: Greg Gorbach
By Greg Gorbach
Category:
Technology Trends

The second annual ARC Industrial Digital Transformation Top 25 report continues to highlight companies that are succeeding at integrating digital technology into all areas of business, fundamentally changing the way they operate and deliver value to customers. This year’s Top 25 companies include many who made the list last year, together with some new companies. Positions were reshuffled due to the changing business dynamics and weighting components of the analysis: financial indicators, transformation indicators, and collective community intelligence. Abbott Laboratories’ data analysis fuels Artificial Intelligence and Machine Learning tools, and the company ranks #25 in this year’s report.

The last few years have been particularly challenging ones for industrial growth. We’ve been cornered from all sides: pandemics, political unrest, climate change, and macroeconomic uncertainty. The world as we knew it a few years ago has capsized and the boundaries of the new normal are constantly shifting and realigning. Digital transformation is now an imperative and digital transformation leaders can be found across many different industries, sharing common traits and visions, helping organizations overcome complex challenges to innovate and stay agile. Several key trends were identified in this report: importance of sustainability, actively seeking to scale solutions in multiple dimensions, benefits of focus and prioritization, empowering the operational front line, recognition that culture change is required, and active outreach to others.

ARC Advisory Group defines digital transformation as: “The integration of digital technology into all areas of business, fundamentally changing the way companies operate and deliver value to customers. The organization is typically charged to innovate and improve across multiple dimensions such as: digital/disruptive technologies, culture and leadership, operational agility, workforce engagement, customer experience, environmental, social and governance, and competitive performance.”

This is the twenty-fifth in a series of blogs in the digital transformation space.

Abbott Laboratories

Abbott Laboratories manufactures and markets a wide variety of healthcare products and services including diagnostics, medical devices, pharmaceuticals, and nutrition. The company operates in over 150 countries and has a strong presence Machine Learning Toolsin developed and emerging markets.

Abbott’s data collection and analysis fuels AI and machine learning tools. With vast troves of data collected from customers through websites and apps, Abbott has a clear picture of what customers want and need – and when they need it. Abbott learns from this data and predicts next generation products. Abbott states automation is one of the most impactful technologies being applied to shorten time to market and continuous process improvement.

Road Ahead

Digital transformation is a continuous journey and ARC will continue its research in all areas related to digital transformation. We want to learn more about what is working – and what isn’t – as companies pursue their unique digital transformation activities. A lot is happening both on the supplier and user sides, and we would like to know about the pitfalls and success stories. The ARC Industrial Digital Transformation Top 25 report will be published on an annual basis. With this being our second year, your feedback is very important to us as we will continue to investigate new approaches and measures to adjust our methodology, identify successful digital transformation initiatives, and help the industry as a whole digitally transform. We are on this journey together!

 

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