When implementing technology, the results can vary greatly. From a sound plan and a well-executed strategy resulting in improved company performance to a poorly executed strategy resulting in deeply flawed results. When it comes to AI, two recent articles highlight just that.
First, the positive. When implemented correctly, businesses can adapt quickly and responsibly creating improved customer interaction and satisfaction. The recent Forbes article highlights how “Expedia, one of the world’s most popular travel-planning websites and apps, has integrated conversational AI assistance into its services. This means that rather than searching for flights, hotels, or destinations, customers can plan their vacations as if they are chatting with a friendly, knowledgeable travel agent. Additionally, the app automatically creates smart lists of the hotels and attractions that the customer is interested in to assist with planning.”
Another example of successfully implementing new technology is from Coca Cola as they “formed a partnership with consultants Bain & Company, with the aim of using ChatGPT to assist with marketing and creating personalized customer experiences. According to a press release, it plans to use the technology, along with the generative image tool Dall-E, to craft personalized ad copy, images, and messaging.”
See additional companies successfully implementing a technology strategy that is producing positive results:
https://www.forbes.com/sites/bernardmarr/2023/05/30/10-amazing-real-world-examples-of-how-companies-are-using-chatgpt-in-2023/?sh=bd1be1614418
But, when things go wrong, and implementation isn’t based on sound strategies, the backlash and problems can be destructive to your business. Such as the case with United Healthcare as reported on by CBS News. “The lawsuit, filed last Tuesday in federal court in Minnesota, claims UnitedHealth illegally denied "elderly patients care owed to them under Medicare Advantage Plans" by deploying an AI model known by the company to have a 90% error rate, overriding determinations made by the patient's physicians that the expenses were medically necessary.”
The article further states “The use of the allegedly defective AI model, developed by NaviHealth and called "nH Predict," enabled the insurance company to "prematurely and in bad faith discontinue payment" to its elderly beneficiaries, causing them medical or financial hardships, the lawsuit states.”
See the full article by CBS News:
https://www.cbsnews.com/news/unitedhealth-lawsuit-ai-deny-claims-medicare-advantage-health-insurance-denials/
This goes back to understanding how to adapt quickly and responsibly to new technology.
AI could offer benefits in a wide variety of ways, such as data aggregation, idea generation, and minimizing safety risks, as reported by Forbes Advisor. But, as highlighted in the CBS News article, the importance of technological competence and the potential impact of human errors when utilizing AI and technology must be acknowledged. To be able to plan and strategize for your business effectively, the recent Forbes article addresses several key factors to aid businesses in their strategic plan regarding technology.
The article states “Businesses are using AI across a wide range of areas. The most popular applications include customer service, with 56% of respondents using AI for this purpose, and cybersecurity and fraud management, adopted by 51% of businesses.”
See the full article by Forbes Advisor:
https://www.forbes.com/advisor/business/software/ai-in-business/
To further stay informed and engaged in the evolving landscape of AI and technology, we encourage you to RSVP to the upcoming CEO Club event on December 12, 2023. This event could provide valuable insights and discussions on the latest advancements, providing an excellent opportunity to deepen your understanding of AI and Tech. RSVP here to secure your spot and contribute to the ongoing dialogue shaping the future of technology. Together, let's ensure that our journey into the AI terrain is marked by informed decisions and collaborative efforts.
RSVP for the event today:
https://integrobank.hubspotpagebuilder.com/ceo-club-december12-2023