AI is still quite a new concept in several industries. It was hard enough without the pandemic and post-COVID market fluctuations. So, any IT leader asserting about the company’s success during that time has met with more doubts. On the other hand, stakeholders would trust you more if you say that you are progressing. In this article at MIT Sloan Review, Thomas H. Davenport and Randy Bean share how you could leverage AI amidst market volatility.
AI Despite Industry Fluctuations
You reinvent your strategies to optimize the benefits of AI use cases. Here are the ways:
Using Real-World Evidence
Instead of trials, healthcare units are now using a ‘synthetic arm’ of the patients for standard care. The records are then used for actual patients. This enables fewer trials and helps doctors to access more records faster.
Post-Launch Data Collection
Previously, data would be collected just for trial periods of any product. You can leverage AI by collecting data even after the launch of your software application. This enables you to recall the software before it causes any reputational damage to your firm.
In this global economy, you cannot stick to particular demographics, communities, or regions. You must reach out to more users. This is where you can utilize AI for sorting, categorizing, and calculating data for your benefit.
Hospitals no longer need to make human trials for dangerous diseases. Instead, they can leverage AI to inform how a drug would impact patients’ health. You can also save hundreds of developer hours by making simulated tests of product prototypes.
Doctors no longer have to depend on patients coming to their clinics or undergoing necessary tests like blood pressure. Thanks to the wearable and linked medical records, physicians can directly get messages about patient health without many human errors. AI, too, can collect data from various systems to provide accurate analysis of project or service health.
People prefer family doctors because they have an idea about the diseases that ran in the dynasty. However, healthcare can leverage AI to collect such gene-based data and provide medical advice based on the analysis. Furthermore, with AI having access to similar projects, it will warn of any recurring mistakes beforehand.
To view the original article in full, visit the following link: https://sloanreview.mit.edu/article/embracing-ai-when-your-industry-is-in-flux/?og=Innovation+Tiled