Increasing Dependency on AI & Data Analytics across All Industry
A techno-commercial professional with a track record of delivering value by providing data solutions, Gaurav is passionate about data & analytics.
Today, the world is changing and is changing fast, behavioural segments are getting defined and redefined on a daily basis, consumption patterns are changing and industry landscapes are shifting, and at the same time our relationship and our interaction with the things are being renewed constantly – under such circumstances can we even imagine a world where adoption of Data and AI is a choice? Data brings transparency across business processes whereas AI models provide early signs and help businesses stay relevant in the changing world.
Innovations led through the implementation of Data and Analytics Services have generated a sustainable competitive advantage and productivity opportunities not just for businesses, but also for the economies across the globe. Advances in the field of Artificial Intelligence and Machine Learning have reshaped the business landscape, supercharged business performance, and led to the emergence of new business innovations and models.
With the growing proliferation of AI, we are seeing an impact across industries. As per an interesting study by PWC in 2017, AI adoption will result in the global economy growing 14 percent by 2030. It will add a massive $15.7 trillion to the global economy.
Basis this prediction I must say whether your business strategy is cost leadership or differentiation, as a business you need to stay relevant & ahead of the competition by aligning your data strategy with the business strategy.
If you have taken a Cost position and your mantra in the market is ‘More for less’ - it means your value chain has to be fully aligned, optimized, and should gear towards achieving operational efficiencies. Even a single penny of spend needs to be monitored. Your DNA strategy needs to break the cost into its drivers, identify the right levers, and controls to achieve unit profitability as agreed with the board. You need to deploy AI and ML models which can help achieve operational efficiencies, match supply and demand, highlight any and all underutilized assets, automate repeatable processes, improve predictions, outcomes, and accuracy – thereby making business more resilient to the shocks.
If you have taken a differentiation position and your mantra is ‘exclusivity’ – it means you need to focus on and create differentiation across your entire value chain or ecosystem. User Experience is the key to your survival. Your DNA strategy should be to map user journey and capture user experiences across all touchpoints and channels. The online/offline, in-person/virtual boundaries will blur – in the end, it will all be about user experience. AI and ML models should help create and communicate competitive differentiation. Behavioural data, user preferences, and choices need to be captured in order to provide personalized experiences – the experiences which these buyers are looking for – the experience which will create a stage for your differentiation and success.
The new opportunities and the frontiers which Data and AI have created in the present times were beyond imagination a decade ago. It has challenged the existing business models and led to the folding up of the businesses which were complacent and failed to align themselves to the newer world of opportunities created by Data and Analytics.
The new age ‘Digital or Data First’ companies have not only achieved un-heard valuation multiples but also have changed the complete business landscape.
Businesses operating in as hospitality chains for leased and franchise hotels’ or Vacation rental online marketplace have leveraged digital technologies, data, and AI models to consolidate the industry which was either very fragmented or ruled as monopolies by “few big brands” of the world. The sheer volume of the data, the sophistication of the campaigns, and intelligence around user behaviour created by their machine-learned models have taken the big boys by surprise. They have truly created a blue ocean from a space that was deemed as a red ocean earlier.
A well known cab rental service provider that started as a car taxi company, is now also running bike taxis and food delivery whereas other traditional taxi companies are struggling for their survival. Their success came from the fact that they harnessed data, took cues from the insights which were generated by the commuters, and came up with a business model that redefined the industry boundaries.
Banks, all across the world are losing to the Fintechs and Digital payment companies. These Fintechs emerged as an undercurrent and shattered the whole payment industry. In April 2020, Paytm crossed 1000 Crore of deposits with over 57 million savings account holders. Whether it is a transaction between college students, street vendors, small shops or peer-to-peer networks are all happening via Paytm. It has now become a household name even for the unbanked segment.
The COVID pandemic outbreak has clearly highlighted the vulnerabilities across the healthcare industry. The healthcare delivery network across the world has failed to take the shock. The amount of the patient data which gets generated was never put into use to test for the operational shock or supply chain bottlenecks in a pandemic situation. The hospitals across the world were out of beds and a mismatch between supply and demand leading to complete chaos and health trade-offs. Realizing the importance of AI and Data Analytics, Governments across the world have made their health data available for the public and corporates so that better models can be built, and such situations can be avoided in the future.
The supply chain resilience is a hot topic, can this be possible without integrating data across the value chain, without looking at holistic demand and supply or planning for adverse scenarios and shock conditions?
As I said, is there a choice of non-adoption, can businesses sustain, grow, and flourish without a solid Data & Analytics Strategy?
Today, the world is changing and is changing fast, behavioural segments are getting defined and redefined on a daily basis, consumption patterns are changing and industry landscapes are shifting, and at the same time our relationship and our interaction with the things are being renewed constantly – under such circumstances can we even imagine a world where adoption of Data and AI is a choice? Data brings transparency across business processes whereas AI models provide early signs and help businesses stay relevant in the changing world.
Innovations led through the implementation of Data and Analytics Services have generated a sustainable competitive advantage and productivity opportunities not just for businesses, but also for the economies across the globe. Advances in the field of Artificial Intelligence and Machine Learning have reshaped the business landscape, supercharged business performance, and led to the emergence of new business innovations and models.
With the growing proliferation of AI, we are seeing an impact across industries. As per an interesting study by PWC in 2017, AI adoption will result in the global economy growing 14 percent by 2030. It will add a massive $15.7 trillion to the global economy.
Basis this prediction I must say whether your business strategy is cost leadership or differentiation, as a business you need to stay relevant & ahead of the competition by aligning your data strategy with the business strategy.
If you have taken a Cost position and your mantra in the market is ‘More for less’ - it means your value chain has to be fully aligned, optimized, and should gear towards achieving operational efficiencies. Even a single penny of spend needs to be monitored. Your DNA strategy needs to break the cost into its drivers, identify the right levers, and controls to achieve unit profitability as agreed with the board. You need to deploy AI and ML models which can help achieve operational efficiencies, match supply and demand, highlight any and all underutilized assets, automate repeatable processes, improve predictions, outcomes, and accuracy – thereby making business more resilient to the shocks.
If you have taken a differentiation position and your mantra is ‘exclusivity’ – it means you need to focus on and create differentiation across your entire value chain or ecosystem. User Experience is the key to your survival. Your DNA strategy should be to map user journey and capture user experiences across all touchpoints and channels. The online/offline, in-person/virtual boundaries will blur – in the end, it will all be about user experience. AI and ML models should help create and communicate competitive differentiation. Behavioural data, user preferences, and choices need to be captured in order to provide personalized experiences – the experiences which these buyers are looking for – the experience which will create a stage for your differentiation and success.
The new opportunities and the frontiers which Data and AI have created in the present times were beyond imagination a decade ago. It has challenged the existing business models and led to the folding up of the businesses which were complacent and failed to align themselves to the newer world of opportunities created by Data and Analytics.
The new age ‘Digital or Data First’ companies have not only achieved un-heard valuation multiples but also have changed the complete business landscape.
Businesses operating in as hospitality chains for leased and franchise hotels’ or Vacation rental online marketplace have leveraged digital technologies, data, and AI models to consolidate the industry which was either very fragmented or ruled as monopolies by “few big brands” of the world. The sheer volume of the data, the sophistication of the campaigns, and intelligence around user behaviour created by their machine-learned models have taken the big boys by surprise. They have truly created a blue ocean from a space that was deemed as a red ocean earlier.
A well known cab rental service provider that started as a car taxi company, is now also running bike taxis and food delivery whereas other traditional taxi companies are struggling for their survival. Their success came from the fact that they harnessed data, took cues from the insights which were generated by the commuters, and came up with a business model that redefined the industry boundaries.
Banks, all across the world are losing to the Fintechs and Digital payment companies. These Fintechs emerged as an undercurrent and shattered the whole payment industry. In April 2020, Paytm crossed 1000 Crore of deposits with over 57 million savings account holders. Whether it is a transaction between college students, street vendors, small shops or peer-to-peer networks are all happening via Paytm. It has now become a household name even for the unbanked segment.
The COVID pandemic outbreak has clearly highlighted the vulnerabilities across the healthcare industry. The healthcare delivery network across the world has failed to take the shock. The amount of the patient data which gets generated was never put into use to test for the operational shock or supply chain bottlenecks in a pandemic situation. The hospitals across the world were out of beds and a mismatch between supply and demand leading to complete chaos and health trade-offs. Realizing the importance of AI and Data Analytics, Governments across the world have made their health data available for the public and corporates so that better models can be built, and such situations can be avoided in the future.
The supply chain resilience is a hot topic, can this be possible without integrating data across the value chain, without looking at holistic demand and supply or planning for adverse scenarios and shock conditions?
As I said, is there a choice of non-adoption, can businesses sustain, grow, and flourish without a solid Data & Analytics Strategy?
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