Transforming Business Using Digital Innovations: AI, Blockchain, Cloud and Data Analytics

This report discusses the importance and development of AI, blockchain, cloud and data analytics in transforming businesses, specifically in the medical industry in the UK. It covers the technological platforms and software used, theories and models of digital technology, and their impact on the industry.

Digital Business &
New Technologies
(Transforming business using digital
innovations: The application of AI,
block-chain, cloud and data
analytics)

Table of Contents
Introduction......................................................................................................................................1
Part 1................................................................................................................................................1
Why is this topic important....................................................................................................1
How has topic developed........................................................................................................1
A detailed description of the technology used in this topic and what it is used for...............2
What technological platforms and software are used in the topic..........................................2
What type of business and organisation uses the technology.................................................2
How is it used as business tool and is this effective...............................................................3
Part 2................................................................................................................................................3
Theories, models and concepts of digital technology............................................................3
Impact of digital technology on an industry...........................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

Introduction
The chosen topic is “Transforming business using digital innovations: The application of
AI, block-chain, cloud and data analytic”. These are the emerging technologies which are
advancing and updating day by day. The chosen industry is medical sector in United Kingdom.
The following discussion is based on the importance and development of topic. The report also
views the technological platforms and software used along with the type of businesses uses the
technology. The report also provides the insight of theories and models along with the concepts
of digital technology and its impact on industry.
Part 1
Why is this topic important
Importance of artificial intelligence is such that it helps in enabling the human
capabilities of understanding and communication into the software which improves the
effectiveness and efficiency in working with low time and cost consumption. Importance of
block chain is such that it assist in the verification of multi step transaction and its traceability in
order to provide secures transactions which reduces the cost and speeds up the data processing.
Importance of cloud computing is such that it aids in providing the essential technical resources
and sharing of data in a secure manner with full flexibility. Importance of data analytic is such
that it supports the businesses in optimizing the organizational performances with the reduced
cost and effective ways of operations (Sharma and Kshetri, 2020).
How has topic developed
The emerging technologies has developed due to the inefficiency in business operations
faced by the industries. These technologies has sorted out the problems faced by the businesses.
Business were facing the problem of management in big data and were at a great risk of cyber
crime. This is a reason why such technologies are developed so that the business operations can
speed up while maintaining the security of the big data and also in the heavy transactions process
with the help of block-chain technology and cloud computing along with the data analytics. AI
has developed because business requires the human functions to be done by the computer in an
accurate manner and that is why the AI has emerged in the industries (Soni, Sharma, Singh and
Kapoor, 2020).
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A detailed description of the technology used in this topic and what it is used for
Artificial intelligence is defined as the technology and the human intelligence which is
demonstrated by machines which is opposite to the natural intelligence which displayed by the
humans. It is s type of computer robot which is controlled by the computer in order to perform
the tasks. Block-chain technology is defined as a system which records the several transactions
and process it while having the networking system from one place to another. Cloud computing
is defined as the on demand availability of the computer resources in terms of data storage and
processing of it in a strategic manner. Data analytics is defined as the analysis and process of raw
data into the relevant information for decision making function within organization (Hermes,
Riasanow, Clemons and Krcmar, 2020).
What technological platforms and software are used in the topic
Artificial intelligence uses several technological platforms in the form of Google cloud
AI and Amazon AI services along with the Microsoft Azure AI and IBM Watson Studio in order
to have the advanced functions within the organization. Block-chain uses several technological
platforms in the form of Ethereum and IBM block-chain along with the Hyperledger Fabric and
R3 Corda in order to have better transaction processing in the company. Cloud computing uses
several technological platforms in the form of infrastructure as a service and platform as a
service along with the software as a service and visualization in order to share computer
resources securely. Data analytics uses several technological platforms in the form of Amazon
EMR and Apache Hive along with the Apache Pig and Hadoop in order to utilise the information
for better decision making in the firm (He, Zhang and Li, 2021).
What type of business and organisation uses the technology
Medical industry use AI in the form of natural language processing applications which
can understand and classify the clinical documents. It also analyses the clinical notes of patients
which are unstructured in nature and also provides improved methods and better results for
patients. Medical industry use block-chain in the form of genetic codes by simply facilitating the
transferring of patient's medical records. It also manages the drug supply chain. Medical industry
use cloud computing in the form of storing the electronic medical records and handling the
mobile applications along with the patient portals and devices with internet of things as well.
Medical industry use data analytics in the form of reducing the wait times of patient while
improving the schedule management (Soni and Singh, 2021).
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How is it used as business tool and is this effective
Technologies of artificial intelligence, block-chain, cloud computing and data analytics
are used as a business tool in medical industry and has proven effective as it has resulted in the
successful treatment of the patients in a timely and secure manner. AI has helped the medical
industry to be faster than before in their operations and management that is why is it considered
as an effective business tool for the hospitals. Block-chain has helped the medical industry to
provide the secure transactions by securing the medium of transactions. Cloud computing has
helped the medical industry to store the big data in terms of patient's medical records in a safe
manner for better analysis and treatment of patients. These are the reasons that why these
technologies are considered as an effective business tool for the medical industry (Treiblmaier
and Beck, 2019).
Part 2
Theories, models and concepts of digital technology
There are several theories and models which are associated with the technologies
implemented in the medical industry. There are two types of artificial intelligence which are
widely used by the medical sector in order to perform their operations. Narrow artificial
intelligence is one of the type of AI. It is designed to implement the one task assigned to the
system at a time and its basic function is to improve its execution for better results. It objective is
to find the automated solution to the problem and always enhances its implementation
accordingly. General artificial intelligence is an another type of AI. It is designed to perform
more than one task in a more comprehensive manner. Its responsibility is to provide assistance in
the decision making based on learning instead of previous training. There are basically four types
of block-chain technologies. Public is one of the type of block-chain technology. It is
independent and transparent in nature but lacks in security and scalability and is used in
cryptocurrency and document validation (Chang, Wang, Wang and Jiang, 2019). Private is an
another type of block-chain technology. It has good access control and better performance but
lacks in trust and auditability and is used in supply chain and asset ownership. Hybrid is also one
of the type of block-chain technology. It has good performance and scalability but lacks in
transparency and upgrades and is used in medical records and real estate. Consortium is also an
another type of block-chain technology. It has good security and access control but lacks in
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transparency and is used in banking and research or supply chain. There are basically three types
of cloud computing. Software as a service is one of the type. It provides on demand service with
independent platform and automated provisioning. It is s multi tenant model which based on the
subscription billing which is best for remote collaboration. Platform as a service is an another
type. It provides rapid product development and web based user interface. It renders the third
party integration which supports mobile workforce. Infrastructure as a service is also one of the
type. It has dynamic scaling and reduced vendor lock in with automated operations having
virtual server space. It is the pay as per use model which is having the platform virtualisation.
There are five types of data analytics. Descriptive analysis is one of the type. It constrict huge
amount of data into smaller units to drive better insights. Diagnostic analysis is an another type.
It helps business in solving the critical challenges related to the business intelligence. Predictive
analysis is also one of the type. It is used when prediction and forecasting for the future to study
the market trends and customer behaviours. Prescriptive analysis is also an another type. It is the
next step of predictive analysis where big data is analysed for further decision making. Cognitive
analysis is an another type. It combines several technologies to process the information and to
draw conclusions out of it (Paul, Riffat, Yasir and Kulkarni, 2021).
Impact of digital technology on an industry
There is positive impact of digital technologies on medical industry. Provision of real
time data is one of the positive impact of AI. AI provides the actual time data for real time
analysis and processing of it. Saves time and other resources is an another positive impact of AI.
AI is time and cost efficient which has an effective resource management. Reduces physician
stress is also one of the positive impact of AI. AI helps in structuring the activities which reduces
any type of complications. Streamlined tasks and assist in research is also an another positive
impact of AI. AI is responsible in potential task completion activity with accuracy and in an
timely manner. Increases trust and security is one of the positive impact of block-chain
technology. It is responsible for secure transaction that creates security and trust towards the
firm. Traceability of data shared is an another positive impact of block-chain technology. Data is
easily traceable which can be identified through the network medium. Improves accuracy is also
one of the positive impact of block-chain technology (Akter, Michael, Uddin and Rahman,
2020). While transacting, accuracy is maintained for better security and protection of the data.
Reduces healthcare cost is also an another positive impact of block-chain technology. Secure
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transactions helps in reduction in the cost of hospital. Accessible and safe document flow is one
of the positive impact of cloud computing. Data can easily be accessed with proper security in
the flow of document. Back up and restoring of data is an another positive impact of cloud
computing. If any data looses the it can be easily recovered and restored. Automatic software
integration is also one of the positive impact of cloud computing. It integrates the software and
collaborates the task which is to be done by the software. Reliability and mobility is also an
another positive impact of cloud computing. Data stored on cloud is reliable and easy to use from
anywhere and anytime. Easy prediction of disease is one of the positive impact of data analytics.
Data is analysed so that the disease interpretation can be done. Automation of hospital
administrative processes is an another positive impact of data analytics. It provides the
automation services in order to save the human resources efforts. Discovery of new drugs is also
one of the positive impact of data analytics. It helps in the introduction of the new drugs as per
the needs and requirements analysed. Accurate calculation in health insurance rates is also an
another positive impact of data analytics. It assist in accuracy in calculating the rates of health
insurance in a speedy manner (Muheidat, Patel, Tammisetty and Tawalbeh, 2022).
Conclusion
It is concluded that AI, block-chain, cloud and data analytic are an important concept to
learn and study so that its applications can be applied in the real world organizations. This is
because now a days it is impossible for the businesses to survive without adopting the emerging
technologies in the operations and management. That is why it is essential to examine the
importance and development of such technologies. It is necessary to determine the technological
platforms and software used in the type of businesses. It is significant to assess the theories and
models of digital technology and its impact on industry. Hence, the above discussion covers all
such areas in order to better understand the conception of AI, block-chain, cloud and data
analytic.
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References
Books and Journals
Akter, S., Michael, K., Uddin, M.R. and Rahman, M., 2020. Transforming business using digital
innovations: The application of AI, blockchain, cloud and data analytics. Annals of
Operations Research, pp.1-33.
Chang, S., Wang, Z., Wang, Y. and Jiang, X., 2019, August. Enabling technologies and
platforms to aid digitalization of commercial aviation support, maintenance and health
management. In 2019 International Conference on Quality, Reliability, Risk, Maintenance,
and Safety Engineering (QR2MSE) (pp. 926-932). IEEE.
He, W., Zhang, Z.J. and Li, W., 2021. Information technology solutions, challenges, and
suggestions for tackling the COVID-19 pandemic. International journal of information
management, 57, p.102287.
Hermes, S., Riasanow, T., Clemons, E.K. and Krcmar, H., 2020. The digital transformation of
the healthcare industry: exploring the rise of emerging platform ecosystems and their
influence on the role of patients. Business Research, 13(3), pp.1033-1069.
Muheidat, F., Patel, D., Tammisetty, S. and Tawalbeh, M., 2022. Emerging Concepts Using
Blockchain and Big Data. Procedia Computer Science, 198, pp.15-22.
Paul, S., Riffat, M., Yasir, A. and Kulkarni, A., 2021. Industry 4.0 applications for
medical/healthcare services. Journal of Sensor and Actuator Networks, 10(3), p.43.
Sharma, R.S. and Kshetri, N., 2020. Digital healthcare: Historical development, applications, and
future research directions. Int. J. Inf. Manag., 53, p.102105.
Soni, M. and Singh, D.K., 2021. Blockchain-based security & privacy for biomedical and
healthcare information exchange systems. Materials Today: Proceedings.
Soni, N., Sharma, E.K., Singh, N. and Kapoor, A., 2020. Artificial intelligence in business: from
research and innovation to market deployment. Procedia Computer Science, 167, pp.2200-
2210.
Treiblmaier, H. and Beck, R. eds., 2019. Business transformation through blockchain (Vol. 1).
Cham, Switzerland: Palgrave Macmillan.
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