For many organizations, the concept of artificial intelligences (AI) might still sound like something that’s off in the future – even though it has been explored and talked about for many years. In fact, companies in a variety of industries are already using the technology to get more value out of their data resources.
In healthcare, AI can not only help organizations harness patient and billing data for improved and more accurate care, it can actually help save lives. According to an article in Futurism, experts at the University of North Carolina School of Medicine tested IBM’s Watson AI technology by having it analyze 1,000 cancer diagnoses. In 99 percent of the cases, Watson was able to recommend treatment plans that matched suggestions from actual oncologists.
Because it can read and digest thousands of documents in minutes, Watson found treatment options that human doctors missed in 30 percent of the cases, according to the article. Watson’s processing power allowed it to take into account all of the research papers or clinical trials the human oncologists might not have read at the time of diagnosis. The article also notes that IBM is working with medical lab company Quest Diagnostics to provide gene sequencing matched with diagnostic analysis by Watson, which would be made available as a cloud service oncologists could access.
In financial services, AI can enable firms to deal with the complexities of government and industry regulations. For example, IBM’s Watson can be used to help navigate the regulatory environment.
In article in The Motley Fool says that, according to IBM, more than 20,000 new regulatory requirements were created in 2015, and by 2020 the total catalog of regulations is expected to surpass 300 million pages. More than 10 percent of all operational spending at major banks, about $270 billion per year, is related to regulatory compliance, the article notes. Companies can leverage Watson to address the problem of this high level of compliance spending.
In healthcare, finance and other industries, companies are dealing with enormous volumes of data often spread across disparate locations. They have accumulated this data over the years, but might not be using it as efficiently as they could.
We encourage enterprises to work with partners that have specialized expertise, whether it’s for specific healthcare and financial industries, or if it’s for an enterprise’s specific IBM environment. A one-size-fits-all approach won’t bring these data stores to their full potential.
For more information, visit our partner page to learn about our work with IBM.
Chief Information Officer
Key Information Systems, Inc.