Companies of all sizes are capitalising on Artificial Intelligence and the Internet of Things to innovate and differentiate in their markets. If harnessed correctly, these technologies can help unearth new products and services to sell to existing customers, as well as creating new revenue streams through new customer acquisition.
Although you may be aware of the opportunities AI and the IOT offer, knowing how to translate this into something your business can realistically use is the big hurdle. And according to MIT Sloan, less than a third of business have an AI plan in place, while 84% have failed to grasp the costs.
Machine learning is a way to bring AI into play relatively easily. By utilising data-driven intelligence, firms of all sizes are able to use previously untapped data to inform decision making and guide strategy.
Sounds good? The issue most companies have is knowing where to start.
It’s true that AI and machine learning can feel out of reach for most businesses because of the real or perceived complexity of implementing it.
With data volumes growing incrementally, there is ever-increasing amounts of data to work with. AI enables this rich resource to be democratised across organisations, whereas it previously sat in silos within certain teams.
The reality is that a well-constructed transformation programme can harness all these advances to reduce process bottlenecks, drive innovation, and propel companies to the next level.
Defining your strategy with digital transformation underpinned by AI and IoT is vital. For some organisations it may seem like chicken and egg whether to implement these concepts without an objective in mind, or whether to implement them and see what opportunities they unearth.
On a high level, digital transformation can mean many things from improving customer experiences, to optimising back-end processes or increasing time to market for new products.
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