An enterprise now has a new challenge; along with managing financial capital, human capital and relationship capital, it has to manage data capital. This is because data capital is endowed with the capacity to create new digital products and services and help you gain competitive advantage. As it can create new value, no wonder it is part of every company’s competitive strategy!
As companies are beginning to understand the huge potential of data, they are collaborating with software development agencies like us to help them make the most of it. Our clients are seeking solutions that can enable them to get real-time insights which in turn help them make better business decisions and faster product development.
For the past couple of years, big data management has been dominating the board room conversations. However, since last year we saw artificial intelligence (AI) gaining prominence as companies are looking to automate the process of deriving value from data. Just imagine that the insights generated by AI-powered solutions are not just used by humans but also by the systems themselves. That in turn leads to ongoing optimization at incomprehensible speed and accuracy; wouldn’t it be just awesome? Well, with AI it’s possible and many companies are harnessing the power of such automation and creating competitive advantage.
State of artificial intelligence in enterprises
Before we dive deeper into how our team of software development specialists is enabling our clients to leverage artificial intelligence in business, first let’s take a look at the state of artificial intelligence in enterprises. The graph below summarizes the key findings of a survey of 235 business executives conducted by the National Business Research Institute in the year 2016.
It won’t be wrong to say that the interest and investment in AI depicted by the above graph is generated by big data. The recent success of deep learning, a subset of AI, is propelled by the availability of colossal amount of data, new algorithms and more computing power. Furthermore, the success of tech giants like Google and Facebook as well as the enthusiasm around big data is pushing many enterprises to invest in the collection, storage and organization of data.
How to uncover new insights from the data?
If you cannot generate business insights from your data then it is of no value, right! The shortage of data science talent is also hindering businesses from realizing value from the big data technologies.
These companies are now turning their attention to AI technologies to enable them to complement their data science capabilities, as a temporary solution to the shortage of data scientists.
AI and machine learning have already begun to impact consumer experience significantly with personalized, virtual assistants, self-driving vehicles and much more. Today, companies are also utilizing AI to enable their customers achieve their desired outcome via interactions with your company. Let’s take a look at how data is powering the AI revolution and how your business must get ready for it.
How to prepare your business for the AI revolution?
In order to make the most of this powerful technology and its correct implementation, you would need to set the right foundation. Any business usually leverages the value of data either to increase revenue or grow profitability. You can either drive top-line revenue by helping your target audience with the right product at the right time or even create new target markets with the help of revolutionary technologies. Or you can drive bottom-line profitability by making your operations way more efficient.
Build data integration and automation solutions
Allow the data to flow freely and build a single, shared data repository in order to unleash the maximum value out of it. Consolidating infrastructure and systems that are interdependent like integrating ERP system with customer experience, human capital management and supply chain management could allow you to streamline workflows. This would also help you to bridge the operational gaps and drive your business forward.
You can consult with our software development experts to build the perfect integration for your business. Firstly, they would identify the apps required to optimize your business, connect them and finally they would assemble the automation for you.
Focus on real-time data
We live in the present and the art of focusing on the current moment can enhance our capacity for positive change. Therefore, the demand for rapid response and access to information is on the rise.
If you can bring real-time data to your organization, it will not only encourage the desire for transformation but also facilitate business remodeling.
Real-time data also enables you to create personalized experiences for your customers leading to a more interactive commerce. You can avoid lengthy data transfer operation and benefit from meaningful and contextual conversations with your customers.
Surviving and sustaining in this fast-paced world is indeed challenging! Companies keep launching new products without even perfectly predicting success. In order to stay adaptable you would need to utilize the analytical function besides the transactional function.
This would not only ensure faster development but also minimize deployment time along with overall infrastructure requirements. This practice enables our development team to deliver applications to our clients which ensure richest possible user experience.
We make sure that we can develop a feedback loop with analytics built-in the application so that our clients can focus on the customer-behaviour and evolve accordingly for the better.
Witness the shift from big data to artificial intelligence
According to Gartner: “It is only when the organization shifts from a focus on big data to ‘big answers’ that value begins to emerge… Algorithms are more essential to the business than data alone. Algorithms define action.” The American technological research and advisory firm has coined a new term for this called Algorithmic Business.
Another analyst firm, IDC, predicts that AI in the form of “Cognitive Services” will be embedded in new apps and also recommends businesses to make machine learning their top priority.
Today more and more businesses are exploring AI technologies so that they can transform data into smart and actionable insights. Is your business prepared to harness the power of AI technologies? Start a conversation with our software development experts and open the doors to endless possibilities for your business; be the first to leave your comments below.