Recalls are costly for — and damaging to — any company, no matter the size or market.
For instance, McKinsey estimates that, for businesses manufacturing medical devices, recalls have been as high as $600 million in recent decades. The reputational impact tends to be lasting; customers aren’t quick to forgive. A Harris Interactive poll found that 55% of purchasers would switch brands following a recall, and that 21% would avoid buying any brand made by the manufacturer of the recalled product.
So what’s a business to do? Well, perhaps turn to AI, suggests Daniel First.
First is the CEO of Axion Ray, a …
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