Data Driven exclamations seems to have become a trending remark of almost every organization recently. Since the advent of digitalization of information, the companies have accumulated massive data banks than they’ve ever had and have hired professionals to analyze that information and to build models. But that alone is not enough to for an organization to exclaim that they are data driven. In order to be data driven, something more is needed. Just like the oil boom that occurred in early 1900s, data too has the same potential and effects needed to cause another boom, which it already has. You could also say that data is the new oil. Although this analogy might not fit perfectly in the sense the data is a never ending resource which can be used again and again but it can still be used for the sake of signifying its importance. So every organization out there is trying to take full advantage of it in order to reap its benefits by enhancing their data handling capabilities.
Most people tend to urge the companies and organizations to create a drive for being data driven and making it a priority for the company’s executives as well as making it a part of the company’s culture but that’s not all that’s needed to achieve the goals of being data driven in truest sense. So we’ll discuss the importance of different technological tools and what roles they play for any organization in order to become a data driven organization and to achieve their digital transformation.
Artificial Intelligence aka AI
Artificial Intelligence, also known as AI, is one of the most proficient and commonly used tools in the businesses. While several organizations end up debating the pros and cons of using AI, the truth is that it has become a corner stone of the business today being utilized in a variety of aspects for achieving the required goals. From being used for data analytics, for automating the customer services to some extent by providing predictive recommendations to chatbots to GPS, you name it. AI has become an essential tool for the business leaders around the world.
AI is one of the most promising emerging technologies and has joined the race with other techs like Big Data, Machine Learning and Cloud Computing. Even if there’s a little doubt left in your heart about its capabilities, look back on the performance of IBM Watson on Jeopardy in 2011. That’s not all; there are apps on your cellphone utilizing AI. Google Assiatant, Alexa, Siri and even the GPS are the prime examples of AI’s importance, success and its implications.
How AI is Critical for Digital Transformation
The dawn of the information age has brought drastic changes to the way businesses have been run for the last 50 years. The cause of this change was the mass production of computers, communication devices, wide spread and easy access to internet and internet AI technologies. This change has resulted in continuous improvements in all aspects of businesses. Be it coming up with new and innovative ideas to improved customer services, marks left by the digital revolution on businesses can clearly be seen.
Since the world economy is headed towards digitalization, more and more businesses around the world are going for digital transformation and are incorporating AI into their businesses to enhance their potential. AI has completely disrupted the way things were and opened up new possibilities and paths towards enhanced business potential by showing the way to digital transformation. In industries, AI is being used for intelligent automation. It is being used for digitized Health Care, Retail and Fintech making them more productive, efficient and secure than they were ever before.
