Ashish Sharma, COO at BRIDGEi2i Analytics Solutions, recently spoke at CYPHER 2017, India’s biggest analytics summit. He delivered an engaging and future-looking presentation on how AI is improving the ability to use data or information at a far more granular level. He explained how AI is becoming increasingly pervasive with analytics acting as the invisible driver for various applications. Watch the presentation below.
Read the full transcript below.
Why are we all here?
As analytics professionals, what keeps us awake at night? How do we orchestrate our strengths, capabilities, and challenges to serve the business? And last but not the least, what brings all the analytics folks together?
The answer to these questions is essential for delivering impact. In scores of today’s business scenarios, we are focused on taking actions towards business transformation and ensuring more succinct and targeted decisions with data.
It is all about the data
Today, every action we perform revolves around data. As analytics professionals, we have opportunities in the form of data and innovations, and we should be focused on making the most of it. On the flip side, as the interaction or engagement between businesses and their customers continues to increase across all the digital channels, fraudsters are causing catastrophic losses of consumer trust. Organizations are concerned about resources not being utilized to their full capacity. Last but not the least, they are worried about growth.
Our goal is to resolve customer disputes, efficiently investigate fraud, and streamline operations without increasing the cost. But how do we do it? Let’s find out.
What do analytics professionals want to achieve?
There are some actions that we as analytics professionals want to undertake invariably. These are:
- Increase interaction or engagement between businesses and customers
- Monitoring assets, transactions, and resources
- Controlling extra costs, abuse of resources, data leaks, and fraud
- Increasing growth
Now, how do we get into a situation where we can enable and drive our businesses closer towards taking these actions on a day in and day out basis?
Data continues to evolve
Let’s accept it. Nothing much has changed in the last ten years, not even the business problems or transformational needs. But it is the data which is changing in terms of shape and size.
We now have approaches and technologies to use data to gain insights about customers, which then helps businesses achieve superior client acquisition and loyalty. What’s that particular solution that’s making all of these possible?
The solution is not new, but it has got a new name today. It is artificial intelligence. Although AI is becoming increasingly pervasive, the fact is, AI is nothing but a part of analytics. Let’s find out how.
What does AI have to offer?
Two of the active fields of AI are machine learning and deep neural networks. These techniques help recognize patterns in data and enable personalized actions for customers.
- It can even give suggestions in real time as customers are placing orders on the online sales website
- It helps supply chain departments perform better by showing where demand is likely to be the strongest
- It can give your sales team a detailed view of which customers bought what product and the likelihood of them purchasing one of your significant products
But are these success tales only about deep learning and machine learning algorithms? Or is there something more to it. Let’s dive into it.
AI is an enabler
Although AI is accentuating our ability to make use of information at a far more granular level, it doesn’t replace the need for us as analytics professionals to do a far more superior job.
What makes us different is our discretion and the ability to use the algorithms in the right way and at the right time. The key to delivering value lies in the continuum of working backward and answering questions like — What data can we bring to the table? How can we translate it? What patterns and insights can we derive and what algorithm we can use?
How do we make the most of AI?
Our journey is not just about invisible analytics or AI bringing information, insight, and impact together; it is about providing exceptional experiences to your customers by minimizing project failures. But how do we enable it? Let’s explore the ways to make it happen.
Strategize: Assessing the gap and creating a mindset to solve problems differently will help us carry out projects in a continuum, not phase-wise.
Operationalize: Operationalization is all about how we empower the creation of the right solution to provide real-time insights. It’s essential to create a roadmap that allows you to gradually build the required capabilities, minimize risk, and capitalize on previous successes to gain more support.
Sustain: As analytics professionals, we are here to help businesses transform digitally. For this, we can help them implement real-time data management and analysis capabilities to generate insights without extensive costs.
Read more: Building an Analytics-first Organization
Going digital is the need of the hour
With the new storm — digital transformation — brewing in the market, organizations’ revenues are shifting to digital with their consumers demanding exceptional customer experience. CXOs want to control cost, discover new business models, and make business processes agile.
What all of this means is that digital transformation is the need of the hour. This shift gives us an opportunity to be partners and help businesses drive exceptional customer experience and business outcomes.
How to benefit from digital transformation?
Here’s how we can enable digital transformation:
- Creating a ‘wow’ factor and making a difference in how customers perceive your solutions. This approach can be strengthened further with the identification of customers’ apparent and latent needs and by acting in the right way with the right offering.
- Reinforcement around operational effectiveness by enabling a transparent and end-to-end view of operations. Initiating and driving change while identifying key areas of failure and acting on it.
- Transforming revenue models by monetizing and protecting data. Helping companies that are looking at building the right infrastructure to monetize data while maintaining customer privacy.
It’s time to transform your business!
To conclude, we as analytics professionals can enable transformational opportunity for companies to evolve into an entirely new type of business, one built on the capital of information.
Think you’re aware of all the interesting application areas of artificial intelligence?
Find out by checking out the video below!