Why AI can Help Achieve Complete Digital Transformation for Enterprises?
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Digital Transformation in layman’s terms can be referred to as the undertaking of going completely “paperless” in order to achieve digital maturity. This will help organizations and enterprises solve conventional problems using powerful technology. The idea of DT has been shifting business models to drive new revenue opportunities. In fact, IDC has estimated that digital transformation will generate $18 Trillion in added business value for organizations and according to Gartner, projects that digital transformation support, will have a 36 per cent impact on overall revenue by 2020 and over 66 per cent of individuals expecting to earn from Digital overall. This indicates that there is still a compelling amount of ground to cover in the enterprise-wide approach to Digital Transformation.
In an era of unprecedented opportunity, huge amounts of data are being collected on a daily basis and effective technologies will guide us to make sense of it all and understand the modern consumer’s needs. AI provides a scalable, highly effective way to deliver on this commitment. A great deal of the advancement we will experience over the next 10 years will be driven by AI. In fact, PwC predicts that AI will total up to $15.7 trillion to global GDP annually by the year 2030.
It Really Became Popular
The Most popular AI examples that we hear about today come from virtual assistants like SIRI to self-driving cars from Tesla but that’s just the beginning. It is done by bringing together large amounts of data with fast and iterative processing using intelligent algorithms, granting the software the ability to learn naturally from patterns or features in data and interpreting the situation from a logical perspective while performing human-like tasks.
With plenty of business processes being directed at cost reduction, efficiency and operations improvement, this kind approach is undoubtedly important. But just by simply improving operational effectiveness does not necessarily provide a strategic or competitive advantage. AI is taking its place in both operational as well as strategic business processes management and plays as a catalyst to achieve complete digital transformation. We’ll be seeing both better operations and better strategic differentiation for enterprises that employ user experiences for both customers and employees which are highly personalized and decisions made will be enhanced with artificial intelligence for ongoing improvements.
Crowdsourcing the Corporate way
In 2013, DHL had launched a platform to meet their customer's crowdsourcing needs called “Myways”. It was the first initiative of its kind among the express parcel delivery industry. It helped shippers seeking flexible delivery to be matched with individuals who were looking to make extra money and willing to transport parcels on their daily routes. They provided flexible pricing for a parcel using AI/ML tools and increased the offering price to expedite a match with a MyWayes delivery person. Therefore, DHL was able to complement its existing services and improve the overall customer experience by meeting the customer’s on-demand needs.
When it comes to increasingly personalized experiences for growing numbers of customers across more varied devices, AI can be particularly handy. In another example, Starbucks introduced a chatbot to it’s “My Barista” app allowing users to order by voice or text. With that data, it then uses AI to provide more accurate recommendations for future orders giving the customers a more personalized experience.
Digital transformation is a business transformation and can be defined as a step up in the evolution of how businesses are run and how businesses get connected with their customers. Data is helping to reshape and optimize existing business processes, capabilities, and business models. AI/ML will be the key technologies that will propel enterprises through Digital Transformation enabling them to collect and exploit data in ways never experienced before.