AI will disrupt how medtech companies do business, whether they choose to embrace it or not. Organizations can either act and invest now, or be left scrambling when time and resources are scant and the competition is well ahead. By Sheila Shah and Ned Moffat, L.E.K. Consulting.
AI is fundamentally a tool; there are a multitude of applications for it and much of the challenge for your organization is to figure out what specific use cases are most applicable for AI in your organization. There are both internal applications (e.g., use of AI to improve internal processes) and external applications (e.g., improve end products and services for customers). Externally, AI holds promise for further enabling the “quadruple aim” by improving patient outcomes, improving provider efficiency and costs, and improving the experience for both patient and clinician. AI has transformative potential and mobilizing your organization to identify high-impact opportunities, trial a few AI applications, and build an AI-centric culture to guide the organization will be paramount to your firm’s success against the competition. AI applications appear endless, but to help you get started, a few key use cases for medtechs include operations, sales and marketing, and importantly, product and service-related applications. Your firm’s first AI application may not be the most impactful application, but it will help your organization begin to build its capabilities and team for future applications.