AI Tool Tackles Bad Data
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News
Liverpool-based Impact Data Metrics have launched a powerful artificial intelligence (AI) data research tool to provide the first accurate view of business in the UK life sciences sector, to better inform policy-makers, investors, and companies, reports The Business Desk.
IDM Life Sciences was created to overcome the limitations that have restricted obtaining a full picture of the sector, as the industry and the government say reports have contained inaccurate and out of date information.
The new application makes use of IDM’s machine-learning/AI technologies to take on the deficiencies from data sources. Existing reports typically rely on registered office addresses for companies which are not necessarily the same site where work is actually done.
IDM Life Sciences uses a company’s business database that lists the operating locations of businesses in the UK, which benefits researchers viewing the UK distribution of business on a map.
It also tackles a long-standing issue of reliance on Standard Industrial Classification codes (SIC codes), the indicator used to identify companies. The inherent flaw in SIC codes is that companies self-select which category they belong to, which has led to the inaccurate assignment of companies to the sector.
IDM generates a classification that is much more relevant to the shape of the industry, allowing insights to sub-sectors such as diagnostics, R&D, manufacturing or MedTech, which will provide users of a more detailed understanding of the life science sector.
Neil Murray, a director of Impact Data Metrics, said: “With our extensive knowledge of Life Sciences and using our data analytics expertise within IDM, we have created IDM Life Sciences as the first of our industry sector dashboards to simply and intuitively allow users to investigate the elements of the sector that are important to them.”
IDM Life Sciences presents data in interactive maps, charts and tables with options for users to export data to other formats.
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