“Software is eating the world and AI is eating software” goes the common saying. AI is disrupting the automobile marketplace by powering driverless autonomous cars. AI is disrupting the healthcare marketplace whereby software detects cancer anomalies better than radiologists. AI is disrupting the education marketplace where based on student behavior it predicts what is the next best personalized course to be given. 3 different industries which touch every human beings daily life completely transformed by AI.
So let’s ask the question “So what. What happens if I decide to not to be future ready in AI and run business as usual?”. Based on our extensive experience 3 things begin to happen.
One of the global leading banks created about 26 platforms. One of the core platforms was payments and relationship management. In its quest to increase its customer base for corporate credit cards, they did a “spray and pray” campaign resulting in corporate customers having a poor customer experience. Had they used AI, they could have done a more surgical campaign.
A leading manufacturing company had a bottleneck process which resulted in rejects worth $220 million dollars. Had they used AI they could have predicted the impending quality of the manufactured product, thereby prevent no of rejects.
The very existence of online streaming companies is predicated on the effectiveness of their product recommender engines which suggests the next best movie to watch. A small % increase in its effectiveness could mean life and death for the business
Becoming a AI based platform-based company goes a step further than what most think of as traditionally transforming IT. It is a fundamental organizational and operational change to create an IT environment that runs as a set of platforms. As with any major transformation, it requires strong CEO leadership, quality teams, strong project management and communication, as well as value assurance.
So if you want to prevent organisational death because you have not implemented AI, here are 7 questions to ask,
Becoming a AI powered company is ultimately a question of mind-set. It requires both the determination to stay the course and the flexibility to change and adjust based on what platform teams learn. By committing to this approach, IT can stop slowing down change and start accelerating it.