Mphasis wins the 2024 NASSCOM AI Gamechangers Award for Enterprise under Healthcare and Pharma category
Mumbai, August 28, 2024: Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced that it won the NASSCOM AI Gamechangers Award 2023-24 for the Healthcare & Pharma category for Enterprise at Nasscom AI Confluence, held in Bengaluru. The award underscores Mphasis’ commitment to harnessing innovative technologies in creating innovative solutions addressing the healthcare industry’s most pressing challenges.
The Healthcare & Pharma category in the NASSCOM AI Gamechangers Awards recognizes innovative AI solutions that significantly enhance patient care, optimize operational efficiency, and drive advancements in healthcare delivery for enterprise organizations. The Award highlights AI implementations that address critical challenges in the healthcare sector and demonstrate measurable impact, innovation, and scalability.
Mphasis partnered with one of the largest healthcare service providers in the US to optimize their customer loyalty programs through the application of quantum accelerated predictive AI. The company faced the hurdle of processing massive datasets with millions of customer records and thousands of features to predict the customer enrollment probabilities in the loyalty program accurately. Mphasis developed a cutting-edge Quantum ML-driven solution designed to enhance AI-ML workflows, particularly in tackling high-dimensional big data and rare event detection challenges that were fundamental to the client use case. The hybrid quantum-classical predictive analytics solution was used in identification of potential profitable customers for the client’s loyalty program based on their historical spend analysis.
The award-winning solution featured two key components: Quantum Feature Selection (QFS) and Quantum Machine Learning (QML). Mphasis adopted a quantum optimization-driven feature selection methodology along with a hybrid quantum-classical machine learning approach for model training and achieved remarkable results.
Notably, the solution drastically reduced data requirements by 90% without compromising model accuracy and automated the feature selection process. It has the potential for substantial cost savings due to reduction in compute and man-hours, operational efficiency gains, and a faster time-to-market.
“We are honored to receive the NASSCOM AI Gamechangers Award for our work in the Healthcare & Pharma category. This recognition reflects our commitment to innovation and our strategic and timely investments in AI and Quantum Computing. By leveraging Quantum Machine Learning, we have not only addressed complex data challenges but also set a new benchmark for operational efficiency and cost savings in the healthcare industry. We remain committed to our journey of innovation and excellence that improve and drive the future of healthcare,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis.
The Nasscom AI Gamechangers’ awards primary focus is to highlight and celebrate the extraordinary achievements of AI innovators. The awards were introduced to recognize and reward impactful AI implementation stories from enterprises, startups, government entities, research and academic institutions, and NGOs across various sectors.