Miena Amiri
19 Aug 2024
A new study dives deeper into why most AI projects fail - in this blog post we show you how you can ensure your project's success.
As artificial intelligence (AI) is continuing to reshape industries, a recent study by RAND reveals that over 80% of AI projects fail - twice the rate of traditional IT projects. At AVAYL, we've taken these insights to heart, developing a robust approach that ensures our AI implementations not only succeed but deliver tangible value to our customers.
Understanding the Problem: The Foundation of Success
The study identified miscommunication about project goals as a primary reason for AI failure. At AVAYL, we begin every engagement with a comprehensive analysis of our client's current processes. By interviewing all stakeholders and mapping information flows, we gain a deep understanding of existing bottlenecks and inefficiencies. This thorough approach not only clarifies the problem we're solving but also allows us to calculate a clear ROI, demonstrating the concrete value our AI solutions will deliver to Medical Affairs teams.
Data: The Lifeblood of Effective AI
Many AI projects falter due to poor data quality. AVAYL circumvents this pitfall by leveraging verified external medical data sources and validated internal materials. This ensures our AI models are trained on high-quality, relevant data, leading to more accurate and reliable outcomes.
Focus on Solutions, Not Hype
While it's easy to get caught up in the latest AI trends, we maintain focused on our clients' workflows. Our multi-step, tailored approach allows medical affairs teams to leverage AI to accelerate their existing processes, always keeping business value at the forefront
Setting Realistic Expectations
Understanding AI's limitations is crucial for project success. We prioritize clear communication with our clients about AI capabilities and limitations, providing ongoing education to ensure aligned expectations.
By addressing these critical factors, AVAYL is transforming how Medical Affairs teams manage inquiries, conduct literature research, and create medical content. Our AI-driven solutions not only reduce costs associated with external vendors but significantly cut down response times for inquiries and content creation.
In a landscape where AI project failure is commonplace, AVAYL turns potential pitfalls into stepping stones for success, delivering tangible value to our clients in the life sciences industry.