Benchmarking your business against great AI innovation regardless of the industry

Artificial Intelligence (AI) is revolutionising business operations across various industries, driving efficiency, innovation, and strategic growth. Yet recognising and setting aside our cognitive bias in relation to applying new tech and AI to our businesses can be a massive problem. You only have to look at what happened to Kodak and Blockbusters to see how flawed thinking can be a huge risk to our business models if we discount this fourth industrial revolution.

So here are three notable examples of how AI is transforming business practices:

1. AI in Drug Discovery

Latent Labs, a start-up founded by former DeepMind scientist Simon Kohl, is leveraging generative AI to design synthetic proteins for pharmaceutical applications, such as antibody treatments. By utilizing AI, the company aims to streamline the drug discovery process, reducing both the time and risks involved. Unlike traditional approaches, Latent Labs offers a generative AI platform as a service to drugmakers, accelerating the development of new treatments. https://www.ft.com/content/92143d49-c777-4bba-8857-b4ef7e82ebd4?utm_source=chatgpt.com

2. AI in Legal Operations

Companies are increasingly incorporating AI to expedite legal tasks, leading to significant cost and time savings. AI's applications include speeding up commercial contracts, procurement, billing for legal services, and legal research. For instance, ContractPodAi has formed partnerships with major firms like PwC and KPMG to integrate AI into legal outsourcing engagements, enhancing efficiency in legal operations. https://www.ft.com/content/6c251704-a17b-43be-b65d-18f3b2f26fb5?utm_source=chatgpt.com

3. AI in Financial Services

Vanguard, under the leadership of CEO Salim Ramji, is embracing AI to modernize its technology and customer service. The company plans to expand into investment advice and actively managed bond funds, utilising AI to offer personalised investment strategies and improve service delivery. By integrating AI, Vanguard aims to democratise wealth management and maintain its competitive edge in the financial industry.

These examples illustrate the transformative power of AI in enhancing efficiency, reducing costs, and fostering innovation across various business sectors. As AI continues to evolve, its integration into business operations is set to become increasingly indispensable for companies aiming to stay competitive in the modern marketplace. https://www.ft.com/content/6f4bc545-62c8-4ed6-9a0c-c6e49cd0406e?utm_source=chatgpt.com