Global businesses have started realizing the necessity of adapt to the modern demands of business amid fierce digital disruption
The description of services and the pace of evolution have shifted drastically in recent years and mastering the conventional facets of service delivery will no longer be enough. New digital upstarts are imperilling the bottom lines, growth opportunities, and the business models of conventional service providers. It’s time for the functionaries to innovate—or be left behind. The pandemic has made us learn the hard way that technology will aid us in fighting any future disasters and is the ultimate differentiator for scale and efficiency. Many companies across the world have started recognizing the necessity of acclimating to the modern needs of business amid the powerful digital disruption. Effective automation in enterprises can drive better-informed decision-making, optimize business models and workforce, and facilitate enhanced operational efficiencies.
Impact of emerging technologies on decision making
Innovation is moving at an incredible pace allowing machines to process and analyse data in ways that we would never have envisioned. Digital technologies are leveraged by the innovative transformation to create or modify customer experiences, culture, and business processes, thus meeting the changing needs of the customer and the evolving trends of the market. Artificial intelligence involves the automation of physical and cognitive tasks, when done right, enables simplification and speeding up of complex processes resulting in significant cost optimization. Organizations require considerable investments in decision-making as the scale of data that needs to be processed has increased exponentially making it impossible to process this vast dataset without AI and Automation. This is especially true when a particular approval step in the organization includes multiple decision-makers. Such circumstances create complexity in business processes which may negatively influence productivity.
[box type=”shadow” align=”” class=”” width=””]According to Gartner, by 2024, organizations will lower operational costs by 30% by combining hyper-automation technologies with redesigned operational processes[/box]
With the introduction of AI, it has become possible for businesses to set up machine learning practices and algorithms that do not just interpret data but also determine general patterns in the approval processes and hence, augmenting and automating the well-organized decisions. This implies that rapid decision-making which reduces cycle time across the company and generally improves productivity, accuracy, and consequent profitability.
Marketing Decision-Making
Changing customer behaviour is a fundamental ingredient while deciding on the best marketing-related decisions. However, AI and the ability to process greater datasets in short periods, has enabled more focussed decisions and personalization at scale. Both are crucial ingredients for successful modern-day marketing.
Artificial intelligence simulation modelling systems provide substantial insight into the buyer’s persona thus helping envision customers’ behaviour, trend analysis, real-time data gathering, and forecasting. AI framework can aid organizations in deciding upon insightful marketing decisions.
Opinion Mining
Data-driven technologies can provide reliable insight to decision-makers which helps organizations with comprehending why individuals feel how they feel. When sufficient sentiments are gathered and examined effectively, the data gathered will help companies with evaluating and predicting the concerns of the silent majority. Artificial intelligence has enhanced the mining cycle and the ability to process larger datasets, which is more agile and reliable, helping businesses in critical business decisions.
Pricing Strategy
Machine learning may furthermore be utilized to establish pricing. An algorithm can be obtained from consumer data and other seller information to assist with pricing goods and services in a way that is competitive and feasible to convert
Forecasting the future
Advanced analytics applies data science beyond traditional BI methods to foretell patterns and determine the likelihood of future events. It permits an organization to get better insights and improved decision-making from its data assets, regardless of where the information is stored or what format it’s in. By consolidating consumption models with artificial intelligence (AI) and historical data, advanced analytics can help the business determine precise answers for questions like what level of profitability is achievable when marketing at that time.
Humans V/s Automation
Many organizations assume hyper-automation implies the automation of everything. But that would be unfavourable. Automation has its place. Augmentation is exemplary where work and actions are repeatable, but information can add intelligence. In general, machines and individuals each have a function in effective decision-making. To take full advantage of AI & Automation, companies need to ensure that there is a collaboration between Humans, Machines, and Algorithms.
If all these factors are carefully harmonized, the result can be a strong synergy emerging from the combination of humans’ common sense and practical knowledge with the acumens that AI models and algorithms can infer from ever-larger quantities of data.
This is an interesting time in our history, amid the pandemic and uncertainties, where enterprises should look to adopt technology-driven digital transformations. This can constructively empower employees with automating key processes, self-service, delivering a superior experience, and enhancing productivity. Conneqt with its digital and CX expertise works shoulder-to-shoulder with its customers and partners to harness the opportunities, and to drive businesses into the future.
[author title=”” image=”http://”]Rinoo Rajesh (Vice President – Digital Transformation Services) Conneqt Business Solutions Limited[/author]
