The Fourth Industrial Revolution coined by Professor Klaus Schwab, founder and executive chairman of the World Economic Forum was to encompass the revolution underway “that is blurring the lines between the physical, digital and biological spheres. The Fourth Industrial Revolution aka Industry 4.0 is disrupting almost every industry in every country and creating massive change in a non linear way at unprecedented speed.
Augmented reality, automation, cloud computing, the Internet of Things (IoT) are just some of the technologies that make up Industry 4.0. These technologies support the creation of all new, digitally enabled business models, while holding while holding out the vital promise of improving customer experiences and boosting the productivity of legacy operations. Advanced technologies are essential to modern enterprises, and it’s fair to say that every large company is working with them to some extent. The explosion in data, connectivity, and cheap processing power and storage means that all companies should be looking to technology enabled transformations for their next horizon of performance improvement and growth
Palantir Technologies Inc is one of the companies harnessing the new technological wave.
Since Palantir was founded in 2004 with federal contracts and funding from the U S Central Intelligence Agency, it has strived to branch into the private sector. Announced in November 2018 Palantir in a joint venture with Merck KGaA, the German lab supplies company with offer cancer data analytics tools to research centres, called Syntropy Cancer is a leading cause of death, globally accounting for 1 in 6 Clients will pay a licence fee for the use of the software which enables the integration and end to end analysis of internal drug development data alongside external data sources and real world data. Studying drug outcomes with unprecedented granularity, identifying promising gene and biomarker combinations for clinical trial stratification and analysis and demonstrate cost effectiveness of drug therapy use cases for Palantir’s applications are endless.
Source and notes:
(1) CNBC, Bloomberg, World Economic Forum, McKinsey Insights and company data as at March 2018.
(2) Infographic: Shockoe.com