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With the advent of technologies and the Internet, it has become more complex for companies to stand out and be more attractive to their customers. As a result, a company is expected to utilize strategic planning tools that will enable it to search for ways to improve its business operations, beneficial changes, and the possible outcomes of such changes. One of these strategic planning tools is the SWOT analysis. While many companies and managers use this analysis, it is noteworthy that Mayo Clinic is possibly one of them. Mayo Clinic is one of the organizations that assessed its Artificial Intelligence initiative, reviewing the strengths of this change, which entails an increase in productivity, and a threat, which involves a possible inaccuracy in diagnosis.
A SWOT analysis is among the comprehensive tool used by businesses. Using a SWOT tool, an individual or a company may determine their advantages, vulnerabilities, possibilities, and risks in relation to project planning or competitive business environments (Berkowitz, 2021). When it comes to strengths, a company has a possibility to find its competitive edge and focus on it in order to find ways to maximize the output (Ross, 2022). However, each company additionally has weak spots, which all managers must be aware of and try to either minimize or eliminate entirely (Ross, 2022). After a close examination of strengths and weaknesses, it would be necessary to seek opportunities. Here, with the efforts and applied strengths, an organization might reinforce its competitive position. Finally, threats involve external and internal factors that might negatively influence the output or revenue of the firm (Witte, 2022). Therefore, it is the responsibility of any manager to assess any project or the overall health of the business using strategic planning tools.
The company that has recently undergone some changes is Mayo Clinic, which introduced Artificial Intelligence into its system. Artificial intelligence, or AI, has an impact on practically every aspect of modern society, including health (Rushlow et al., 2022). At the Mayo Clinic, artificial intelligence (AI) is being utilized to teach machines to interpret data rapidly and reliably, leading to better therapeutic efficacy (Mayo Clinic, 2023). There are many strengths in this system, and applications include improving diagnostic imaging skills and speeding up the treatment of strokes and heart problems.
The Department of Cardiovascular Medicine at Mayo Clinic offers access to cutting-edge research and experience in artificial intelligence cardiology to patients who need cardiovascular treatment, improving medical intervention. For instance, a Mayo Clinic study used AI approaches to develop a novel screening tool for those who do not have any obvious indications of left ventricular failure (Mayo Clinic, 2023). Almost hundred percent of the time, the AI-assisted testing method correctly identified individuals who were at risk for left ventricular dysfunction. The AI cardiovascular department has an opportunity to forecast early risk factors for major and complicated heart issues (Mayo Clinic, 2023). Therefore, these innovations supplement professionals expertise and give more precision.
However, there are additional risks and weaknesses associated with AI. It is an impressive achievement when technology can mimic human cognition. However, it may be quite expensive and takes a lot of time and resources. AI is highly expensive since it requires the newest technology and software to function in order to stay current and satisfy criteria (Harmon et al., 2022). As for the threat, it is vital to understand that AI is utilized to diagnose medical issues. In fact, it has been seen to make diagnoses more quickly than people. However, the question is whether the computer makes a mistake or what can happen if a virus changes the technology and corrupts it. Premature or wholly incorrect diagnoses might have catastrophic results. Therefore, the threat of not being capable of performing duties in a timely manner can result in people dying. Moreover, the possibility of a machine making an erroneous prognosis can be risky. Therefore, a similar tool would not have produced the same results since the SWOT analysis focuses on several areas at the same time, emphasizing vulnerabilities and strong points, along with dangers and possibilities.
Hence, The Mayo Clinic is one of the companies that evaluated its Artificial Intelligence program, looking at both the positive aspects of the changewhich include an improvement in productivityand the negative aspectswhich include a potential for inaccurate diagnosis. One thorough technique that organizations utilize is a SWOT analysis. An individual or corporation can identify their benefits, weaknesses, opportunities, and dangers in connection to project planning or competitive business settings by using a SWOT analysis tool. Mayo Clinic, a corporation that recently underwent major adjustments, added artificial intelligence to its system. At the Mayo Clinic, artificial intelligence (AI) is being used to quickly and accurately evaluate data, improving the efficacy of therapeutic interventions. However, there are other dangers and flaws related to AI, such as inaccurate outcomes or expensive costs. Since the SWOT analysis concentrates on numerous areas at once, stressing weaknesses and strong points, along with threats and potential, a similar instrument would not have yielded the same conclusions.
References
Berkowitz, E. N. (2021). Essentials of health care marketing. Jones & Bartlett Learning.
Harmon, D. M., Attia, Z. I., & Friedman, P. A. (2022). Current and future implications of the artificial intelligence electrocardiogram: The transformation of healthcare and attendant research opportunities. Cardiovascular Research, 118(3), 2325. Web.
Mayo Clinic. (2023). Artificial intelligence. Web.
Ross, T. K. (2022). Bakers health care finance: Basic tools for nonfinancial managers. Jones & Bartlett Learning.
Rushlow, D. R., Croghan, I. T., Inselman, J. W., Thacher, T. D., Friedman, P. A., Yao, X.,& & Noseworthy, P. A. (2022). Clinician adoption of an artificial intelligence algorithm to detect left ventricular systolic dysfunction in primary care. Mayo Clinic Proceeding, 97(11), 2076-2085. Web.
Witte, F. (2022). Strategy, planning and organization of test processes: Basis for successful project execution in software testing. Springer.
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