Original Source Here
According to Ikhlaq Sidhu, the core of every business in the future is Data and AI, with resources (assets) and information as two key components. The companies that are really doing well with data and AI are creating new revenue models, predicting valuable things, reinforcing their brand, and increasing monetization of data by getting customers to pay more.
Trends in Artificial Intelligence (AI) and Data:
In 2014, a big switch happened where higher accuracy of predictions with Neural Networks as Function Approximators worked if provided with data. However, it did not solve a different problem like creating a sequence of moves such as creating a robot walk, navigating a map or even playing a game. Come 2015, many people have used reinforcement learning to make one decision to another to make a sequence of decisions. From there, data and AI applications were seen in a form of Nudge Management where people get text messages from a computer application suggesting things that people should do. Other trends include Explain-ability and Fairness.
Practical Data Science Example: Customer Analysis for Prediction
One practical example is the project on working with a Major Biomedical Company’s customer data to provide valuable information. There were broader factors and challenges such as skills not defined correctly, fear of job loss and innovation culture. Hiring a Python programmer does not equal to Data/AI. For most companies, it’s about developing, implementing, integrating, and putting the systems together.
Job Disruption and the Changing World
We have been dealing with automation and job loss for a long time. In the 19th century, when the automation factory of clothing started, it reduced the workforce required by 98%. Eventually, the global demands of clothing grew, resulting in an increase in the demand of jobs as well. If we have to take the position in the First Industrial Revolution, the people/government who created the tools have benefited while those displaced workers and economies have suffered. Innovative people with entrepreneurial behavior are the ones best suited to survive transition in this time, and psychology contributes a big factor to re-train people for this change. We are already seeing major shifts in work and consumption in the presently-changing world. The Covid-19 pandemic is the biggest forcing function for digital transformation in the last 50 years. All the things we’re doing today changes our behaviors, making different things and prototyping the future.
Change leadership for Digital Transformation in the Banking Industry
Cuauhtemoc Velasco Aznar shared that Security Bank Corporation is under the mindset of the “new normal” shifting towards the “new baseline”, to fully embrace most of the changes as permanent. Delivering transformation is a complex behavior; therefore, focus becomes very important. Organizations and people must have to decide the sequence for a digital revolution to have the strongest possible start. In the banking context, financial data is the core in tapping the most critical data structure of the banking industry. To maintain high productivity, commitment, focus and excellence remotely by direct leadership, organizations should manage horizontal transformation with the ability to deep dive into verticals, coaching and investing in people.
Security Bank Corporation is the first commercial bank in the Philippines with its General Ledger in the Cloud, with the only Oracle APAC implementation program that didn’t stop despite the pandemic, as well as the first Oracle Program to be delivered 100% remotely due to COVID-19, which was delivered on time. They successfully achieved the shortest timeline of an Oracle implementation of this scale in APAC for a Big Bang implementation of modules aligned with TOM definition, process re-design, training and adoption. They are the first in the Asian region who became an Oracle cloud customer for Tax Reporting Cloud Service (TCRS), delivering a Complex Statutorily Tax Computation. They managed business transformation by delivering in tandem the HR Talent Framework, enterprise business KPI Framework, Finance TOM, Service Catalogue, and 350+ KOP’s for best-in-class finance processes up to Level 5. The company is now in a position to drive their AI strategy by using built-in applications.
Is your business staying ahead of the curve by implementing AI and Data Analytics?
Very few companies have the capability to build systems from scratch. It starts with the business objective, story and narrative how to put things together; what strategy is possible to disrupt other people; then using technology as a tool.
Yet, about five years ago, John Clements Consultants, Inc. acquired an Applicant Tracker System (ATS), which enabled its people to work from home, use data to assess candidates, and implement a digital platform for employees.
Whatever your reason for considering AI and Data, the potential is there for it to change the way your business operates. All it takes to start is an open-minded attitude and a willingness to embrace new opportunities wherever and whenever possible. If you do not have a digital strategy, you will not survive in the future.
Trending AI/ML Article Identified & Digested via Granola by Ramsey Elbasheer; a Machine-Driven RSS Bot