Unpacking the Future of AI: MAGNET and Geauga Growth Partnership’s AI Roundtable

On November 21, 2024, industry leaders gathered at ISSQUARED Technology Center in Chardon, OH, for an insightful roundtable discussion, How AI is Impacting Industries, hosted by MAGNET and Geauga Growth Partnership. The event featured expert panelists from the IT, healthcare and manufacturing sectors who shared their thoughts on AI’s transformative potential across industries and how businesses can harness its power in the coming years.

Exploring AI Across Industries

Neil Singh of ISSQUARED kicked off the discussion with an overarching view of AI’s potential, touching on its role in automation, data analytics, and scalability. He highlighted how AI can streamline business operations and foster innovation, emphasizing that AI’s real value lies in its application to specific business needs. As he put it, “AI has the capability of supporting your business in areas like operational efficiency, customer service, risk management, and more, but the key is how you apply it to your specific use case.”

Panelist Thomas Knowles, Lead Market Operations Engineer at University Hospitals, brought a healthcare perspective to the table. He spoke about how AI is being used to enhance patient safety, reduce costs, and improve diagnosis accuracy through image recognition and data analysis. By training AI models with millions of medical images, AI can support earlier detection of chronic illnesses, leading to better patient outcomes.

Mike O'Donnell of MAGNET shared insights from the manufacturing sector, discussing how AI can optimize production lines, improve supply chain efficiency, and even automate aspects of CNC machine operations. His example of using AI to predict machine failures through data collection resonated with many in the room, demonstrating how accessible AI solutions can be even for small and medium-sized manufacturers.

Key Takeaways for Businesses

1. Data Strategy is Crucial: Every business, no matter the industry, needs a solid data strategy to reap the benefits of AI. The quality of your data matters more than the quantity. As Singh emphasized, “Garbage in, garbage out”—it’s important to cleanse and structure data before using it to train AI models.
2. Start Small, Scale Up: Many panelists advised businesses to start small when implementing AI, focusing on one use case at a time. Whether it’s automating customer service, streamlining marketing campaigns, or optimizing supply chains, AI can be introduced incrementally, allowing businesses to assess ROI and scale intelligently over time.
3. The Human Touch: Despite AI’s impressive capabilities, panelists stressed the importance of human oversight. Whether in healthcare or manufacturing, AI works best when it complements human expertise. As O'Donnell pointed out, “AI is a tool, and we are the controllers of that tool.”
4. Privacy and Security: Data privacy was another major theme of the conversation. Panelists cautioned businesses to be mindful of the security risks associated with AI, particularly in sensitive sectors like healthcare and defense. Implementing strong security protocols and ensuring compliance with industry regulations is critical.
5. Innovation in Marketing and Sales: AI is also transforming sales and marketing. Ivana Taylor and David Brinkman from MAGNET highlighted how AI can help companies create personalized experiences for customers, automate routine tasks, and even predict future trends. By leveraging AI, businesses can make smarter decisions and reduce costs, all while delivering more value to their customers.

AI is a Game-Changer

It’s clear that AI is not just a buzzword—it’s a transformative tool that, when implemented strategically, can significantly enhance business performance. Businesses that approach AI with a clear understanding of their needs and invest in the right tools and talent will be well-positioned for success in the coming years.

Many audience members questioned the panelists on whether or not AI will take jobs away from current employees. All seemed to be in agreement that AI will not be a human replacement. It has the power to make jobs more efficient, meaning there will be different jobs for the future workforce, but with factors such as declining birth rates and the mass-retirement of Baby Boomers on the horizon, jobs for our workforce will still exist.

If you’re interested in learning more about how AI can benefit your business, contact MAGNET and Geauga Growth Partnership for information and strategic guidance.