APRIL 2018CIOAPPLICATIONSEUROPE.COM 19PHILIPP DIESINGER, CHIEF DATA OFFICER, BOEHRINGER INGELHEIM INTERNATIONAL GMBH DATA SCIENCEHacking Business­How Big Data and Artificial Intelligence are Changing Business and the Pharmaceutical Industryur civilization's scientific and technological progress is largely founded on the application of mathematical model building. Mathematical models fundamentally enable us to understand and predict the behavior of parts of our universe. For instance, research in quantum mechanics helped establish models to describe the quantum work which then lead to the design and development of highly efficient hard drives which are now utilized to store vast amounts of data.In the past, the application of this scientific modelling approach has mostly been constrained to the fields of science and academic research. Models are developed from observations ("data") which had to be collected in specifically set up and often times complex experiments. This has fundamentally changed the ability to collect and store vast amounts of data in a cheap and reliable way has been improving dramatically over the past decade. Currently, the human race is collecting data at a rate of about 2.5 Exabytes (10^18 bytes) per day. The total data of humankind is expected to grow ten-fold within a few years until 2020. New technologies, infrastructure, and intelligent solutions have been improving exponentially and thus opened up the world of business for the first time on a large scale for scientific data-driven and model-driven decision making. This new approach to business is called "data science".On top of things, information is flowing faster than ever before to an extent that makes it impossible for humans to keep up. Many business decisions, such as financial transactions or online advertising, need to be made in real-time (<ms) today in order to gain a competitive advantage and not miss out on critical business opportunities.cXoinsightsO
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