You already know the answer, or at least where to start. Today I just remind you.
today. We're going to take a look at. Where to focus your generative AI investments. And we're going to do that by taking a look at an announcement, which I think encapsulates the frenzy that is going on in generative AI. My name is bill Russell. I'm a former CIO for a 16 hospital system. And creator this week health set of channels dedicated to keeping health it staff current and engaged.
We want to thank our show sponsors who are investing in developing the next generation of health leaders, short tests are decide parlance and service. Now check them out at this week. health.com/today. Having a child with cancer is one of the most painful and difficult situations a family can face in 2023 to celebrate five years at this week.
We are working to give back. We have partnered with Alex's lemonade stand all year long. And we have reached our goal of raising $50,000 from our community. We want to thank you. It's an amazing accomplishment. And, , I really want to thank my team as well for pushing me on that number. That's not the number that I would have put out there. They were much more ambitious and you stepped up and I appreciate that.
There's still time. We have almost half the year still left. We asked you to join us, hit our website. And in the top right hand column, you're going to see a logo for the lemonade. Stand, click on that to give today. We believe in the generosity of our community and we thank you in advance. All right.
I was, , rifling through some articles trying to figure out which one I was going to talk about. Right. And there's a bunch of different ones here. And one of the things I always have to figure out is how do you figure out which articles. Are just marketing. And which articles actually are saying something that are worth delving into. And I found one that is marketing and I thought it was worth delving into anyway. It's really interesting.
, and by the way, I'm going to talk about this. I'm going to use it as a case study for how we should approach. Our generative AI investments. And again, nothing against the company that's mentioned in this, , they have, , great solutions and do great work, but I think this is a case where they want to get out and ahead of the market and sort of establish themselves as a player who is integrating this kind of advanced technologies.
And they do it through marketing that, to establish a position in your mind that I'm working with an advanced company that is going to make the right investment. All right. So 500 million. This is the title of this article. It's in readwrite.com. 500 million, the price of AI dominance. So Qualtrics, the cloud-based platform for managing online.
Customer experience. So you have Qualtrics and you have press Ganey. And Qualtrics Qualtrics is making some inroads in this space, especially in the healthcare markets. Has announced plans to invest 500 million in AI over the next four years. This. A significant investment comes alongside the launch of the new AI integrated platform. XM.
Oh, S to which games to revolutionize enterprise experience management. In this article, we will explore the rise of gender via investments, delve into details of Qualtrics ambitious plans and examine the potential impact of generative AI on the global economy. Okay. So listen to those things, delve into the details of Quadrics, a ambitious plans. And so we will look at those and examine the potential impact of gender of AI on the global economy. So they're not talking specifically about.
The, , the impact of gender of AI on this space, but they are talking about generative AI specifically on the overall economy. And then they go in to talk about. The investments of different companies like Salesforce and others to sort of talk about the fact that, , this is a hot space Qualtrics, and it goes on Qualtrics, AI investment coincides with the launch of its new product.
Platform X MOS to. The next generation platform integration or of AI solutions tailored to enterprise experience management use cases. Again, it doesn't say anything. With X, M O S to Qualtrics aims to bring power of AI, to every part of their platform, enabling organizations to gain deeper insights and make data driven decisions. Again.
Really doesn't say anything that we don't already know generically about Qualtrics and generically about gender of AI. Qualtrics CEO F. F size, the significance of this innovation stating that is the most important advancement inexperienced management. Since the category was introduced in 2017 by integrating gender VII through their platform, Qualtrics aims to enhance the customer experience, improve operational efficiency and drive business growth.
Again, It doesn't tell us anything. Qualtrics investment highlights, the crucial role of innovation. In the field of experience management as customer expectations of all businesses must continuously, continuously adapt to meet their needs. By leveraging AI technology, Qualtrics aims to provide organizations with the tools they need to Excel.
In this rapidly changing landscape again, doesn't say anything. It's so interesting. And I'll, I'll skip down to the here's some frequently asked questions. I mean, this is clearly a marketing related push. And again, if they're going to invest 500 in how to change the experience management and, , integrated into their tool.
Great. That's phenomenal. And we'll talk in a minute of how we should approach it with our not 500 million in investment. Let's just say a million, 5 million, 10 million. , here's some of their facts. I find interesting. How does Qualtrics investment in AI compared to other tech companies? Qualtrics investment of 500 million in AI Alliance with other leading tech companies, commitments to generative AI.
So again, doesn't say anything. What are some of the key features? And it had more into that talking about some of the other companies, but again, I didn't really say how they're going to transform this space. What are some of the key features of Qualtrics new AI integrated platform? Qualtrics XMO S two platform is designed to revolutionize enterprise experience management by integrating generative AI solutions.
It aims to bring AI powered insights and data-driven decision-making to every aspect of the platform. X, M O. As to AI capabilities are tailored to address various enterprise experience management use cases such as improving customer experience. Enhancing operational efficiency and driving business growth. Now I will give them credit.
They've at least identified three areas, but again, it doesn't tell us much, but the three areas are improving customer experience, enhancing operational efficiency and driving business growth. And that whole paragraph was written by marketing by the way. How does Qualtrics CEO, , view the significance and integration of generative AI?
, , views X MSO. The CEO views X, M O S two. And the integration of gender VI as a groundbreaking advancement. And experienced management. He believes is the most important development in the field. Since the introduction of experienced management is category. And this highlights the company's commitment to leveraging AI technology, to provide organization with tools they need.
To Excel. So they're committed to you. They're going to invest 500 bills. That's what we learned in this. They're going to invest 500 million in this space. They don't really know where they're going to invest it, except in those three categories that I mentioned before. And they believe because it's a transformative new technology that is going to transform this.
The space and by the way, I agree with them. I believe it's going to, but that is. That is in some ways, the way we are approaching and what you're going to hear from the various stages. This fall from healthcare leaders and people that we respect and trust. And they're going to talk in broad generalities.
I've had the opportunity to talk to people who aren't talking in broad generalities. And it's really interesting. This gets back to the age old approach that we, , we. , espouse as it leaders and it is begin with the problem. What's the problem you're trying to solve and then work your way back from there. So there's some key problems that we are looking to solve. And one of those is physician burnout, clinician burnout, just in general. Right? And so that's where that whole notes project that you're seeing a UCF.
, , gosh. CSD Stanford. I think there's some others involved in it. Now I think I'm a university of Wisconsin's involved in. I think a university of North Carolina is involved in it and they're looking at it saying, look, Even if we can generate the note for the clinician and it saves them. You know, a minute per note.
And you're talking about 200 notes. That's 200 minutes a week. That is, , that is going to move the needle. And who knows where it's going to take it, but that is one use case begin with the problems. Right? Coding is another one. The staffing requiring required to do coding. Is silly. And I remember the first time I walked into this one building
At, for our health system. And I looked I as a sea of cubes from one end to the other. I'm like, what is this space? And they told me essentially it was, it was revenue cycle and coding revenue cycle, and coding did all. Its. Cubes as far as the eye could see. And I thought to myself, There's gotta be a better way. And there is a better way. And generative AI is, has potential in this space, especially the coding space.
To take the conversation and to take the information from the medical record and to code things correctly, based on the conversation and those kinds of things. , I, by the way, I think there's additional ways that AI could be applied here. One is predictive modeling around, , will this claim be denied?
Right. I, we saw this use case. My gosh, now it's almost, it's not 10 years ago, but it's at least eight years ago. One of the reasons we were working with an AI company was to say, look, We're filling this thing out. We have all this information of all these claims we've sent over the years. These, these went through. These did not go through.
And, you know, can you read these, understand what's wrong with them? And then as the person is literally filling these things out, tell them this has a. You know, a high likelihood of being a denied claim that would save us a lot of time, a lot of effort. , so AI can be applied to it. Generative AI can be applied to the actual coding.
Is another area. That you might see this in, but again, I don't want to identify all the different problems. You're going to know them better than I do. You're in the space you're working there every day. The question becomes, what are the problems you're looking to solve with this? And obviously the whole ambient clinical listening, we're seeing that direction move very quickly. I already spoke about that. You have nuance tax express coming out, which is going to eliminate all those scribes.
, that we're looking at the notes prior, or we're looking at the notes and then actually scribing them in. It looked like technology, but essentially it was a bunch of scribes. , and now you have to ex express and they are literally embarking on this generative AI journey. But I'm also seeing my gosh.
5 10, 15 startups in this space. That are really interesting to me. Just the fact that they are approaching this space, the fact that they are. , They are using these tools that are readily available and they're having really interesting results. And I've talked to some, , healthcare organizations that are looking at them.
And evaluating them and I find it interesting again, start with the problem. We've known this, we ascribed to this. We believe in this, start with the problem. Look at what gender and VA I can do, and then start to craft the, , The, , , the, the approach I was going to say, pilot, the reason I'm stopping is because pilots are such a, ,
, way to kill off a project. But here's what you want to do. You want to generate the concept? It's what I call generating the narrative, generate the concept. Here's what we want to do. We have this problem. We have this potential solution set. And you can even demo a little bit, Hey, here's what we've been able to, to demo based on some of the information we already have available to us, this is what it might do is this of interest. And then identify the coalition of the willing, who are the people that are looking at it going, Hey, and they're going to raise their hand and say, I want to be a part of this.
Use me. , I will, I will give of my time because this is a problem we're solving. So you generate that coalition of the willing. Then create the, the evaluation, create the project. With the evaluation with an eye towards scaling with an eye towards moving it forward. This is where we go wrong on pilots. So oftentimes it's like we did the pilot. It sort of sits there until everybody gets a chance to evaluate it, build it with the entire life cycle in mind of.
If this works, we're going to take this to the entire organization and we're going to save. X times whatever we do in this small case. So again, I keep talking about this muscle that we need to develop as healthcare leaders. And it's the ability to generate a narrative based on the technology based on the problem set.
Find the coalition of the willing move, these things forward. And I think that's the role of the CIO. And, , I believe whether you're a technician CIO or you're a visionary thinker CIO. This is a skill that is worth developing. All right. That's all for today. If you know someone that might benefit from our channel, please forward them a note. They can subscribe on our website this week out.com or wherever you listen to podcasts.
Apple, Google overcast, Spotify, everywhere you get the picture. We want to thank our channel partners, sponsors, partners who are investing in our mission to develop the next generation of health leaders. Short tests are decide 📍 parlance and service. Now check them out at this week. elf.com/today. Thanks for listening. That's all for now.