There’s a catch-22 in the great AI debate. You’re unlikely to get a competitive, early-mover advantage unless you invest confidently in AI, but you’re reticent to invest until its success is proven. By which point your horse has bolted.
Healthcare is an industry that deals daily with big data sets of immense magnitude and it’s here that this conundrum feels particularly prescient. Waiting to formulate an AI strategy until more examples of its benefits are made apparent by AI-leaders is not advisable – by then it may be too late to catch up.
Take the threat that Medica faces from Google Health, for example. Medica provides tele-radiology reporting services to the NHS trusts that do not have sufficient capacity to carry out all reporting in-house. If Medica is not able to quickly implement AI in its service offering, and if Google was to provide its AI model for reading mammograms to the NHS, Medica’s business model would be at risk.