Microsoft (NASDAQ:MSFT) unveiled new artificial intelligence (AI) tools to automate clerical tasks for healthcare workers at the HLTH 2023, one of the largest healthcare conferences held yesterday. The tech giant’s new product will allow organizations to access data stored in different systems and formats in one place.
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In regard to MSFT’s new AI product, the company has updated Fabric, its data and analytics platform, with a tool that standardizes healthcare data from various sources such as electronic health records, images, lab systems, medical devices, and claims systems.
Additionally, the company has added healthcare-related tools to its Azure AI service platform, such as a chatbot named Azure AI Health Bot. The bot is designed to collect information from an organization’s internal data and trusted external sources such as the Food and Drug Administration and the National Institutes of Health.
Moreover, MSFT disclosed another tool, Text Analytics for Health, which can help extract medical information from clinical documents and notes. Finally, Microsoft introduced three new models within Azure AI Health Insights aimed at helping doctors, nurses, and researchers make more informed decisions.
The competition among companies to lead the AI race is still ongoing. In an effort to enhance its AI capabilities, chip manufacturer Advanced Micro Devices (AMD) has recently acquired Nod.ai, an AI startup. Additionally, all major tech companies, such as Alphabet’s (GOOGL) Google, Amazon (AMZN), Apple (AAPL), and Microsoft, are investing resources into making breakthroughs in artificial intelligence.
Is Microsoft Stock a Buy Now?
Microsoft stock has a Strong Buy consensus rating on TipRanks based on 30 Buys and four Holds assigned in the past three months. Meanwhile, the average price target of $397.19 implies only 21% upside potential. The stock has gained 38% so far in 2023.
