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Artificial Intelligence: Powering Business Outcomes
By Sanjay Bakshi, Head Digital Strategy & Ventures, Shell India Lubricants
Companies will develop a powerful new capability to retain and expand their customer base, reduce costs, differentiate competitively and drive new growth. Furthermore, AI will help them set ever-increasing standards of performance by continuously optimizing interactions and transactions—creating a self-perpetuating path to growth. The key to success of AI implementation is to understand what really fits the business goal. For example, Assisted Intelligence (process defined, rule based and repeatable) is preferred for upgrading existing processes, reducing costs, and improving productivity, whereas for companies looking for newer business and operating model, augmented intelligence with more complex AI applications is the solution. Hence, choosing the right adoption of AI in line with the business strategy and operating model is critical. Develop AI strategy in line with Business Strategy • Integrate AI into your existing Digital Strategy • Decide on which business to disrupt and which one to enhance • Develop new business model for improved productivity Develop an Enterprise wide AI capability • Redesign Product & services to incorporate ML/AI • Use AI to upgrade the critical capabilities • Automate existing processes or develop new ones Institutionalize portfolio of AI Capabilities • Embed AI in the business process • Embrace cloud platforms and specialized hardware • Foster a decision-making culture open to ideas from AI Support Ensure Appropriate Governance • Establish clear policies with respect to data privacy, decision rights, and transparency • Set up governance structure to monitor possible errors and problems • Set up communication practices to explain AI related decisions • Consider the impact on employment and invest in developing the workforce that AI will complement Adopting AI at an enterprise level Key Challenges: • Technology and data illiteracy continue to persist across businesses, and the talent gap within technology vendors developing AI • Quality of Data - Do we have the right sensors in the right place? Does the stored data enough to perform predictive analytics? • Make security foundational: To help safeguard organizations in a constantly changing threat landscape Conclusion: Building Competitive Advantage Whether a company is experiencing overall business growth, or seasonal or temporary growth, AI’s predictive and scalable platform allows businesses to respond quickly and smoothly to the needs of their customers and to changes in the market. AI is optimizing and modernizing companies and helping them rethink how they do business. Although we spoke about companies implementing AI & reaping benefits, it is still too early to say which types of companies will be the most successful in this area. Current AI dominant players like Climate Corporation, Oscar W. Larson, Netflix etc. have become far more capable & competitive, in many relevant way, than they otherwise would ever be.