There is so much talk about AI. But what are the practical steps you can take to join the AI fold? How can you be an AI-powered company.
Boston Consulting Group have written this really helpful article with some useful tables to demonstrate how different businesses in different sectors can benefit.
Most companies already have extensive experience with digital applications such as automation and basic data analytics. But AI, which enables machines to solve problems and take actions that in the past could only be done by humans, goes far beyond that. AI tools analyse immense volumes of data to learn underlying patterns, enabling computer systems to make complex decisions, predict human behaviour, and recognize images and human speech, among many other things. AI-enabled systems also continuously learn and adapt.
These capabilities will be enormously valuable as companies confront and adapt to the new reality of the current crisis and its aftermath.
This new reality will significantly impact companies’ costs, revenue, and operating models. In the article BCG assesses how the global business landscape is changing along three dimensions—value chain redundancy, shifting consumption patterns, and remote ways of working—and the role that AI can play in enabling companies to thrive and seize competitive advantage in this new environment. See Exbibit 3 below.
We really think this whole area is worth careful consideration, whatever size your business. He have clients using AI in verity of ways and will be happy to share, on a no name basis, their learnings.
The SARS outbreak of 2003 is often credited with giving rise to e-commerce giants such as Alibaba and JD.com, for example, while companies such as American Express and Starbucks pivoted during the global financial crisis of 2008−2009 to digital operating models that enabled them to thrive and dramatically increase shareholder value.
