In 1956 John McCarthy coined the term “artificial intelligence” (AI). Over 60 years later, the partnership between AI and you has generated quite the buzz. AI is designed to drive efficiency by making it possible for machines to learn from experience, adjust to new inputs, and perform human-like tasks. The original aim of AI was to pinpoint specific rules of logic and reasoning, as well as world conditions which machines could therefore be wired to follow and react to. Today, AI furthers efficiency in ways we haven’t experienced before.
Some individuals see AI as a potential to displace workers from tasks they already perform (taking away jobs). AI may take away some positions, but will increase demand for labor in other areas. During the early 1900’s when cars were first being developed, Henry Ford experienced the same reaction that AI implementers experience today. In the early 20th century, horse-related positions decreased, but job opportunities in other fields, such as manufacturing and sales, increased. The increase in demand for vehicles created more jobs in the long run.
Forbes conducted a survey of 1,000 organizations which currently utilize AI systems and found that four out of five have actually created more jobs. In addition, two thirds report that there have been no job reductions at all due to AI. Lastly, three fourths were able to credit a 10% or more increase in sales as a result of choosing to utilize AI.
Health technology companies have begun to use AI to handle procedures such as financial and tax reporting, automating supply chains, and streamlining regulatory compliance functions. Furthermore, AI is now embedded in many medical devices and influences the way pharmaceuticals are developed. The pharma R&D process can cost hundreds of millions. AI tools lower costs by better identifying which compounds are likely to succeed based on early-stage clinical data.
PwC (PrincewaterhouseCoopers) suggests that you:
- Use AI as a means of supplementing your workforce. By implementing AI employees are able to focus on specialized tasks with increased productivity.
- Invest in acquiring good data that is transferable to other systems. Collecting the right data is crucial for making the most of AI.
- Ensure you have the technology, or partner with a technology firm, to implement AI into your daily tasks.
Henry Ford’s manufacturing revolution led to industry growth. Technology is advancing faster today than it did yesterday, and the day before that. Evaluate implementing or expanding the use of AI in your business and leverage the competitive advantage it can generate.
Other related blogs that may be of interst are: “Health Technology Labor Shortage” and “Are American Medical Device Companies Still In the Lead”
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 10 years.