| |December 20199THE PRESSURE ON BUSINESSES TO REDUCE TIME TO MARKET NEW APPLICATIONS AND SERVICES IS INCREASINGA rtificial intelligence (AI) and Automation are the new power couple in town. Together, they are creating a plethora of unique opportunities for businesses to reimagine processes and bolster productivity in a digital economy. An Accenture report forecasts that AI will find a place at the heart of the enterprise as it will affect 25 percent of technology spend in the future. What does this mean? Businesses will be able to leverage modern technologies like AI to make better decisions, by augmenting human intelligence with powerful computing, precise data analysis and automating tasks.Therapid emergence of AI & Automation has been driven by three main factors. Firstly, cloud technology is making vast amounts of computing and processing power available on demand. Secondly, the overflow of data is bringing critical mass needed to power smart algorithms which candrive new capabilities. And lastly, the ability for new AI tools to be integrated into a business and serve asan engine for innovation is a big advantage. But where should companies start? Forrester has already cautioned that 75 percent of AI projects will underwhelm because of operational oversights. Here's a guide to get you started.1. Derive value from data: With data sets becoming larger, modern and automated, AI-enabled tools can speed up the ability to uncover intelligent insights from data, which can, in turn guide corporations of suitable actions that must be taken.2. Rebalance the cyber warfare: Humans just can't keep up with the rapidly growing challenges inherent to enterprise cybersecurity. AI and automation will become necessary to automate the detection of, prevention of and response to security breaches or performance anomalies or vulnerabilities. 3. Aim for Operational Excellence: The pressure on businesses to reduce time to market new applications and services is increasing. Not only this, they are also overwhelmed by the volume of their operational systems, and its distributed nature ­ which has accentuated the challenge for IT teams to prevent catastrophic failures, yet optimize enterprise systems. With AI, you will be able to automate various monitoring and control requirements that are essential to continually enable new levels of optimization and keep enterprise systems running at their best.4. Uplift Business Performance: Embedded AI capabilities within core business applications such as human capital management (HCM) or supply chain management (SCM) or enterprise resource planning (ERP) or sales & marketing can enable businesses to make their decision-making processes more efficient and simpler. 5. Create Conversations from Chat: As new AI enabled platforms get introduced into businesses, they are making it quick and easy to build and train Intelligent Bots without the need for specialist AI skills, making it a great place to get acquainted with AI. For example, Bajaj Paddy', the bot that pops up on the Bajaj Electricals' website, is powered by Oracle. The company is using the chatbot to address customer queries better and faster. Bajaj Electricals is now thinking of extending the chatbot usage for employee self-service and other internal purposes as well.In summary, there is no doubt that AI will be an increasingly important element for businesses. The longer you wait to make a decision, the farther your competitors will move ahead. Act now and assess how you can embed AI into your business to avoid being outraced! Sunil Mehra
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