Digitalization in the biotech industry through the eyes of a financial analyst
I have worked as a financial analyst for an international biotech company for 5 years. Digitalization can be seen in all aspects of my job. I work daily with an international team with whom I connect with through Teams and email. I utilize Excel to process and get meaning out of the data available at the firm which we extract from SAP using Business Objects. Many of the things I have done in the past have been automated through Excel macros or scheduled reporting from Business Objects. This has decreased the time used on routine mundane tasks and allowed more time for developing new reports and attending to ad hoc requests. AI, however, is yet to be utilised in my line of work but will most definitely be beneficial in the future while automating even more of the tasks in my job description. Therefore, I would say that so far digitalization has changed the job description but not made my job obsolete. Going forward, it is of utmost importance for financial analysts like me to embrace AI and update our skills accordingly.
Now let’s take a look at the future. My current team consists of my boss and the seven financial analysts that work for him. I believe that in the future my boss will not need as many subordinates but will instead be able to get assistance from AI. As we enter the Augmented Age, he can use computational systems instead of team mates to help him think and create. Although I see cognitive augmentation having an impact in our roles as financial analysts, I can see its potential even more so in the biotech industry in which the company I work for operates in. With a portfolio ranging from life sciences to diagnostics, there are many opportunities for collaboration between humans, robots, and AI. Technology can not only amplify our human cognitive abilities to better identify and develop biotechnological solutions but also make it more cost effective and efficient.
Chat GPT
I asked Chat GPT about the future of the biotech industry with AI. According to Chat GPT the future of the biotech industry with AI is promising and transformative and it continued to list 10 ways in which AI can be utilised in the future. As a summary it said that the future is marked by increased efficiency, improved patient outcomes, and greater accessibility to healthcare solutions. I found Chat GPT’s answer to be overly positive. I was very careful with the phrasing of the question because I wanted to see if it would also list some of the potential negative effects of AI like losing jobs, but it did not. Although I agree with Chat GPT that the potential of AI in this field is greater than the possible negative outcomes, it would have been beneficial to also talk about those.
I also asked Chat GPT what the key competencies are for a financial analyst. Its answer consisted of the following 16 competencies: financial analysis, data interpretation, risk assessment, valuation, financial modelling, investment analysis, market research, accounting skills, quantitative skills, software proficiency, communication, ethical standards, time management, critical thinking, adaptability and continues learning. I think that the answer given was quite accurate albeit generic since skills like communication, time management, adaptability etc. are applicable to pretty much any job out there. I would have maybe hoped for a more forward-looking answer. The only mention of the future was included in competence number 16, i.e. continues learning, where it was listed that it is essential to stay updated on industry trends, new financial tools, and technologies. Since it is expected that more will change in the way we work in the following 20 years than it has in the past 2000 years I think it would be essential to consider the key competencies of the future in the answer.
In general, I think Chat GPT can be a very useful tool. It can help with your though process, but I would not count on it for the correct answers just yet. When using Chat GPT, or any internet source for that matter, it is essential to look at the results with a critical eye. Also, you need to be very careful with your phrasing as it cannot guess what you had in mind and will only answer exactly what you asked.
Open digital society
Technological developments have changed the way we communicate, work and live. It has increased the level of data sharing and collection as well as cross-border data flow. The downside to this is that the amount of data available online on an individual is shocking and ever growing and we as humans have lost ownership of that data and our privacy. Personal information has been made public which in turn has made it necessary to tighten the laws on personal data protection while allowing for said data to still move freely.
GDPR was created as an answer to this. Its purpose is to ensure that everyone in the EU has the fundamental right of personal data protection as well as access and a right to rectify that data. GDPR establishes common rules for all companies which means better control of personal data for individuals. A uniform set of rules also guarantees a level playing field for the companies operating in the EU and allows for further developments in the field of digital economy. Without such legislation digitalization would be concentrated to countries with minimal rules which would promote harmful competition. Although companies might feel that the introduction of GDPR has complicated the way they operate, the impacts of this should overall be positive as it forces all actors to evaluate and rectify their behaviour in regard to creating, collecting, using, and sharing data.
I have seen some effects of GDPR in my own personal life. First, each website I enter now requires me to accept or decline cookies. I am embarrassed to say that this has made little to no impact on the way I operate on the internet as I click accept without as much as a hesitation. Second, while working on my thesis this year I was faced with multiple hurdles regarding data privacy that were not a concern while completing my master’s degree in 2017. Third, I have exercised my right to access my personal data on a few occasions. Although the impacts have been minimal on the surface, I am certain that GDPR has had a lot of positive effects on the protection of my personal data that I am just not aware of.
Further reading
If you are interested in reading more thoughts on this matter below are a couple of other student entries discussing the same topics. I left a comment of my thoughts on both.
Self-evaluation
It was interesting to read and hear more about big data, IoT, cyber security, data protection and future vision. I was already quite familiar with GDPR as it has been discussed in multiple courses as well as being a reoccurring topic in the news, but I definitely learned new things about cyber security especially. I would have hoped that the videos on the future visions would have been more up to date since some of them dated back to more than 10 years ago. However, it was interesting to reflect on the videos with the knowledge we have today. The people on the videos were talking about drones as an exciting new thing while they are commonplace today. That just shows how fast the world changes. One of the most interesting things about this assignment was to get to read what kind of impact digitalisation has had on the fields of the other students on this course. I will continue to read these entries as a way to further educate myself of the potentials of AI.
Veera Marjasto 