AI is your power source for the future — as an organization dedicated to healthcare, we want you to make it to your best destination. In this series, Lumiata walks you through the AI journey so your organization can:
- Build an AI-enabled strategy (not just acquire new technology)
- Focus your AI investments
- Streamline decision-making processes
- Plot a path forward into the future
- Generate material impact on your business
This series will prepare you to mature through the AI Journey curve, understanding what’s happened with your data, why it happened, predicting what will happen in the future, and then optimizing your actions and decisions. Check back for more in the series.
Illuminating Your AI Journey, Part 1: Assessing Your Starting Point
Remember what it was like to get lost? If you were navigating life pre-GPS, the world was full of wrong turns and detours that could completely derail your plans. In healthcare, AI adoption is in that phase.
Healthcare organizations are setting out on a journey to smarter data, precise reporting, and bent cost curves — but they’re getting lost along the way. An IDC survey found that just 30% of companies report a 90% success rate for their AI projects. The majority report failure rates between 10% and 49%. Why is this happening?
Even smart organizations sometimes miss the fact that AI isn’t just a strategy, it’s a journey, one during which the entire organization matures toward real-time automation and intuitive use of data. That kind of progress takes time. It also takes an understanding that initial outcomes will look very different from what you see in more advanced stages of the journey (thanks to the results getting “smarter” as they’re built on emerging data).
This is the point of our AI Journey Curve. We want to give you the strongest start possible to ensure effective strategic execution, and also to make sure your unique journey has a positive influence on your business model. The first step? Assessing where you are today.
Where are we now?
As exciting as a new AI initiative might be, your long-term success will depend on how you start.
Who do we talk to?
Your first step should be to develop an accurate, informed assessment of your current use of data, reporting, and the results you’ve seen. Building a complete picture will require in-depth conversations with people in multiple roles in your organization including:
- Data analysts
- Database engineers and data governance specialists
- Business reporting teams
- Owners of prior tech initiatives
As you kick off your assessment, actively use the Journey Curve above to facilitate discussion, and find differences of opinion of your current status. Identifying any misalignment today will save you time and effort.
What do we have?
These conversations are also an opportunity to evaluate resources before you set off on your journey. This is a great time to take inventory of:
- Personnel (data analysts, data scientists, etc.)
- Software and platforms
- AIaaS relationships
- Embedded AI solutions
- Vendor relationships that might support or conflict with your journey into AI
How have we evaluated success?
Now is also the ideal time to paint a picture of what AI-enabled success looks like and how you’ll be measuring. Make sure to talk out:
- Desired results
- Potential impact on business model and care management
- Organizational impact
- Expected ROI and how stakeholders feel about the build vs. buy question
According to that IDC survey, the second-ranking reason for the failure of an AI project after a lack of staff? Unrealistic expectations. Take time here to have deep conversations and get started on expectation management and education where needed.
Where do we want to go?
AI is more than technology. It’s a novel power source for your organization and potentially an agent of change — consider that six out of 10 organizations reported shifts in their business model related to AI adoption.
AI ignites the reimagination of innovation and opens the door to discovering new answers to customer and business problems. Expect to rethink competitive advantages, evaluate your market position, and take a fresh look at product roadmaps.
AI is a journey, not a destination, which is why your journey should start at the organizational strategy level — talking with leadership about the immense potential AI has to transform your organization and where you have opportunities to define new, AI-enabled goals.
Lumiata believes in the power of the AI Journey.
We understand the potential in a well-executed healthcare AI Journey — not just to automate better decisions and power predictability, but to make change that matters across the industry.
Let’s get smarter together. Request a demo to explore AI with Lumiata today.
Want to learn more about the AI journey?
6 reasons why AI projects fail
HIMSS: Journey to AI in Healthcare
Accenture’s journey into an AI-enabled strategy
MIT Sloan’s Artificial Intelligence and Business Strategy
How To Develop An Artificial Intelligence Strategy: 9 Things Every Business Must Include
What If Your Data?(Video) Udacity Thought Leader Series: AI & the Future of Healthcare with Toby Cosgrove and Kerrie Holley