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Use of AI and Machine Learning to Leverage Data Capital - Pace Wisdom

Use of AI and Machine Learning to Leverage Data Capital

Enterprises large and small are beginning to understand the value and immense potential which lays dormant in the ever growing avalanche of data that envelopes the company.  The main focus here is on extracting real-time insights from data to power strategic business decisions. This will progressively lead to accelerated product development. The aim here is for such insights to be utilized not just by people but also by enterprise systems. This will lead to unimaginable precision, and speed in terms of process optimizations across the enterprise, and can be achieved using Machine Learning and Adaptive Intelligence. BI applications and the companies behind them stand to gain the most from this. Given below is a peek into the future of AI and associated technologies.

Smart People, Smart Machines

Human intelligence is the means to the generation and execution of strategic business decisions with observational and experiential inputs. Artificial Intelligence is equally intricate in the way it utilizes varied inputs to generate strategic insights and decisions. At most enterprises, the focus of Artificial Intelligence is on a particular category called Adaptive Intelligence. Apps of this nature take in crude, unrefined data from various sources like ERP, SCM and HR to implement predictive analytics. Such a process has its output looped back to the inputs to deliver the best result. The way to implement this is High-Quality Data using Business Intelligence applications.

How AI Can Work for the Business

Market experts have periodically explained the modus operandi of Adaptive Intelligence and Machine Learning. They say that enterprise data includes the comprehensive process data for hiring from head-hunting to appraisals at work. This data is subjected to processing by using an analytic engine which uses algorithms to nail patterns and pre-empt needs before they arise.

Experts also say such capabilities should be extended to critical business processes which happen often. These may include discount negotiating for massive orders, forecasting customer reaction and opinion to product changes and a whole lot more. Current AI powered decisions may very well be the advanced automation of tomorrow.

Three Stages to Gear Your Business towards the AI Revolution

While AI capabilities are impressive, their implementation and integration into pre-existing Business frameworks is a challenge. Enterprises can meet this challenge head-on through this three step process:

  1. Begin with business outcomes: As with any endeavour, the end goal is the main driver for implementation of said change. Always begin with the business objective in mind and everything else will follow – this will lead to the collection and prioritization of the right kind of data.
  2. Unlock data silos: this refers to the centralization of data in place of data arranged in department specific silos. This will save time in fetching the data and its eventual utilization. For example- integrating ERP with HCM and CX
  3. Make your IT infrastructure current: it goes without saying that tech only works when you have the latest version of the respective tech. This can be achieved with enterprises old and new by implementing solutions which come embedded with AI and associated technologies. Integration and Embedding are the keywords here.

Conclusion:

With an economy that is driven by data capital, companies across the world are looking for new and exciting ways to innovate Business processes. By using AI, all such enterprises are harnessing the massive potential that lay dormant in Data Capital. From the looks of it, AI is here to stay!

If you want to know how your enterprise can benefit from the data capital and harness the benefits of AI, talk to us.

Posted By :Pace Wisdom