Fortune has included Alibaba Group Holding Ltd. (NYSE: BABA) on its 10th edition of the yearly Change the World ranking, which highlights the top global companies that leverage their profit-seeking operations to drive innovation and create social impact. An editorial team at Fortune combed through an extensive 250-nominee list and whittled it down to only 52 enterprises. Alibaba came in eighth on the list, and it is notable that it was the only company from China that grabbed a spot on the top ten of that elite ranking.
Matt Heimer, executive features editor at Fortune, said in a press statement that the selected companies on the list spoke through their actions by tapping capitalism-driven creativity to generate revenues while addressing the different problems that society faces.
Alibaba made its way onto this prestigious list by virtue of a tool that DAMO Academy, the research wing of the company, developed in order to make the diagnosis of cancerous tissues quicker and cost effective. This detection tool is powered by artificial intelligence (AI) and is used to screen for pancreatic cancer in its early stages. Estimates indicate that approximately 500,000 fatalities occur annually as a result of this cancer type.
The AI tool, called PANDA, was put to work in the first half of this year in the province of Zhejiang at a pair of hospitals. The study findings published last year revealed that the tool racked up an impressive 34.1% superiority over radiologists in spotting abnormalities in scans used to screen for the cancer; 10 medical institutions collaborated during this study. The scans used in this process were noncontrast Computed Tomography (CT) scans. This variety is preferred because it requires a smaller radiation dose as compared to contrast scans using CT technology.
Since its unveiling last year, this AI tool has seen its utility expand beyond pancreatic cancer. It can now be leveraged in the detection of other cancers, such as tumors in the colon, esophagus, liver and other organs.
The different units of Alibaba are leveraging artificial intelligence in various ways for social good. For example, the company unveiled Xiaomo, a virtual avatar, to help in translating from Chinese to sign language and vice versa. This was during the 2023 Asia Games. By using this tool, those with a hearing impairment were enabled to view schedules of events and request directions, among other actions. This year, the company also unveiled an AI-backed tool that could make picture books targeting autistic kids. These books feature enhanced audio artbooks.
These innovations showcase some of the different use-cases for which AI can be harnessed in order to address some of the most pressing issues that society is grappling with.
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