A naukri.com initiative
Medium
1M
140
Image Credit: Medium
Re-Imagining Core Systems in Legacy Industries
- Doctors and nurses have spent a significant portion of their time on record-keeping for years, a costly and inefficient allocation of resources. Instead of introducing AI-powered tools to assist with tasks like clinical note-taking or billing, AI-native systems offer a compelling alternative that can fundamentally transform how businesses in these industries operate. AI-native systems are more flexible, scalable, and inherently capable of adapting to the growing complexity of today’s operations. AI-native EHR systems offer an opportunity to fundamentally rethink how medical data is managed, shared, and utilized.
- Large language models (LLMs) can rapidly analyze customer data, policy history, and risk factors to generate underwriting decisions in real-time, reducing both time and error rates. AI-native platforms in insurance can automate core functions that previously required significant human intervention. AI-native core banking systems have the potential to disrupt this status quo by automating and optimizing key processes, such as compliance, anti-money laundering (AML) checks, and credit risk assessments.
- AI-native systems can drive down administrative costs by automating processes that currently require human labor, such as data entry, quality checks, and basic customer interactions. For organizations seeking to maintain a competitive edge, the decision to replace legacy systems with AI-native ones is becoming a question of when, not if. The cost savings, efficiency gains, and real-time decision-making capabilities offered by these new platforms are too significant to ignore.
- Switching from a legacy system to a new, AI-native platform is no small task, which explains why many companies are reluctant to make the leap. The implications are profound: reducing administrative burdens not only frees up medical staff but also slashes the associated labor costs. This begs the question — do enterprise buyers want AI-powered point solutions for specific workflows (e.g prior authorization management), or is now the time to reimagine core systems altogether?
- The rise of AI-native systems offers a compelling alternative that can fundamentally transform how businesses in these industries operate. These systems, while essential, have become increasingly outdated and burdened by inefficiencies. Incremental improvements, such as layering AI-driven modules on top of legacy platforms, offer some relief but are insufficient to meet the growing demands for automation, scalability, and streamlined workflows.
- Unlike incumbent platforms, which were developed in an era of manual processes and have been retrofitted to handle modern demands, AI-native systems are more flexible, scalable, and inherently capable of adapting to the growing complexity of today’s operations. This shift is not just about efficiency — it’s about fundamentally rethinking the role core systems play in organizational strategy.
- Beyond automation, AI-native EHRs can offer real-time predictive insights. Fraud detection is another area where AI-native systems excel. The advantages extend beyond automation. AI-native systems are more adaptable, allowing banks to introduce new products and services more quickly than their competitors still reliant on legacy infrastructure.
- Incumbent providers of core systems like EHRs and core banking infrastructures are finding it increasingly difficult to compete with AI-native alternatives. The cost savings, efficiency gains, and real-time decision-making capabilities offered by these new platforms are too significant to ignore. For businesses, the decision to switch from legacy systems to AI-native ones is no longer a question of if, but when.
- These systems can also provide predictive insights, offering not just reactive data analysis but proactive solutions that prevent bottlenecks before they occur. AI-native systems aren’t just a technological upgrade; they represent a fundamental shift in how core software platforms operate across industries.
- By fully integrating AI into the fabric of core systems, businesses can move beyond the limitations of incremental improvements and embrace a future where efficiency, scalability, and automation are the new standards of success. Organizations that make the switch early will not only gain operational advantages but also position themselves as leaders in a rapidly evolving market.
Read Full Article
8 Likes
For uninterrupted reading, download the app