The need for agile methodology
Enterprises, today, opt for agile business strategies to achieve incremental and sustained growth. To help clients in the US create roadmaps for their business transformation journeys, Tata Consultancy Services (TCS) set up Pace Port™ New York, a co-innovation hub and advanced research center.
Located at the Tata Innovation Center at Cornell Tech, Pace Port New York is designed to help clients establish their competitive differentiation through collaboration between TCS, its clients, students and faculty of Cornell Tech, and local startups.
Explore cutting-edge technologies
While the center caters to all industry verticals, it focuses on the retail, travel, transportation and hospitality, and life sciences industries.
Let’s take a look at the retail industry. Retailers need consolidated data foundation in place before fully realizing the benefits of applying AI and ML on large volumes of heterogeneous data such as voice, text, and images. They also need to decide where to automate processes entirely and where human-machine interaction will produce the best results. The innovation hub leverages AlgoRetail™, a TCS proprietary framework for algorithmic retail that uses AI, ML, computer vision, and natural language processing (NLP). TCS integrates data across the retail value chain, using new-age solutions to create automated, intelligent, and agile enterprises.
Similarly, in life sciences, several disruptive factors such as declining pipelines, growth of personalized medicine, increased focus on patient outcomes, and rapidly evolving regulatory environment have necessitated the adoption of advanced digital technologies to reduce clinical trial cycle time, improve research and development productivity, optimize supply chain, and improve sales force effectiveness.
Pace Port New York uses emerging technologies—including AI, ML, IoT, advanced analytics, and AR, VR, MR, XR—to meet these growing needs of life sciences clients. It solves industry challenges by collaborating with businesses, academia, startups, and research thought leaders, and leveraging research investments in areas such as mHealth, personalized medicine, digital clinical trials, digital twins, and connected labs.