Achieving the highest level of customization, personalization, and operational efficiency has become necessary to compete in an increasingly fast-paced, digital environment. And luckily by now, most big businesses have recognized artificial intelligence as a critical enabler in achieving all these pursuits. Having a bold AI-powered future, where facing identical AI inputs can make individuals choices based on their own decision-making styles is a future we ought to have.
Reimagine Business as Usual
Sometimes the inclusion of artificial intelligence can require reinventing the entire business models, roles and responsibilities, and operational processes by using new ways of thinking and working. Also, when we think of innovations and technological advancements we think of massive tech giants like Amazon, Apple and Alphabet who will dominate the conversation around innovation and garner the most attention and sectors like financial institutions don’t necessarily come to mind. However, to keep up with the evolving trends in the market and artificial intelligence going mainstream, even the classic gatekeepers in the financial sector can’t afford to ignore them. Having a future-ready finance function that leverages advanced technologies like robotic process automation (RPA) is elevating the role of finance professionals. Now, from the smallest to the largest organizations are willing to reimagine their work model and doubling down on their AI to fit better in the ecosystem.
Adapt for Organizational and Technological Change
Accompanied by markets experiencing pandemic-induced volatility, investment in AI has become unavoidable which is leading to identifying a crucial slice of the business and rethinking it completely. Adapting the technological change throughout the process can lead to a major improvement in performance that isolated local applications simply cannot match. Which in turns leads to enabling each AI initiative to build off the previous one by reusing data or advancing capabilities for a common set of stakeholders. Such exercise will not only create a mindset of continuous improvement in the workforce, which is crucial because AI technology is advancing rapidly but also help organizations to think of AI transformations as an ongoing procedure rather than one-time exercise.
AI helping build resilience
Many executives at incumbent organizations acknowledge the need to rethink business models for digitization efforts. However, it can be a major impediment to getting real value from technology if the organization doesn't see a similar understanding of the use of AI. That’s why to get the most of technologies leaders need to identify and prioritize those business domains which are broad enough for AI to significantly improve financial performance but are confined enough that can deliver accurate results. These transitions may bode well for the future since challenges from the current business environment have underscored the importance of digital transformation.
The Domino Effect
By definition, a domino effect is a growing effect that is produced when one event creates a chain of similar events. Similarly, once AI development gets well settled within an initial domain and organizations have gotten into a rhythm for reimagining parts of the business, they’ll be ready to expand. With the day-to-day routine with AI, the tech foundation will help accelerate the company's efforts in new domains.
Companies who are still fiddling with the idea of whether to continue or https://www.linkedin.com/in/punitatcorient/pause AI activities, walk away, or keep going will stay a mile behind those who are already playing in the realms of technology. Today the present is somewhat tech-driven but the future will surely be more tech-driven, as its adoption is advancing rapidly and generating positive impacts irrespective of upcoming trends or irrepressible events like the pandemic. In the coming time, companies must embrace and double down with AI for a longer-term and holistic outlook, as AI not only unlocks opportunities but helps in setting new goals.