By Alpesh Doshi, CEO & Founder of Fintricity
Where is the industry in the adoption of AI? If you’re concerned in your business, think of it this way:
You’re not late and you’re not early. Opportunities are there to accelerate your adoption and make Data and AI a core part of your business.
We live in ever-changing times. These changing times have been accelerated by COVID-19 and its impact on enterprises thinking hard about their Digital Transformation.
Over the last 10 years, we have seen the early adoption of data technologies. Artificial Intelligence (AI) has come a long way and we have seen massive hype about the business value of AI to almost every aspect of our lives. Yet the realities of adoption demonstrate that we are in the early stages of leveraging these amazing technologies for transforming every company. Less than 2-% have successfully deployed AI across their business to scale. Sand Hill group’s report indicates two-thirds are not yet seeing business value from their investments.
Our vision for every enterprise is to see Digital Transformation driven by Data. For most enterprises it has been difficult to implement data strategies, but without a Data Layer, that embeds data into every part of the enterprise, most will eventually be beaten by those who do. We’re now in a race not only to adopt AI, but to reorganise business around data.
If you look at the most profitable and large-scale companies over the past 10 years, those who have adopted a data driven business model have grown significantly more than those that haven’t. Some of those examples are companies like Netflix, Airbnb, Uber and the most obvious ones like Facebook and Google who are masters at using data across their business. These companies have not only adopted data but also looked at the operating models differently, being more agile and how they develop and deploy and test new products and services in the market. Furthermore not being afraid to fail.
So what are the basics of successful implementing data and across your business.
- Data is the fuel for the enterprise. Think about how your enterprise can adapt to ensure every part of the business adopts data as a fundamental foundation for running the business, making decisions, and closing the loop on the human factor.
- Think about your operating model and how that can be adapted to embed data into every part of your business. For example, for sales and marketing connecting data across all parts of the business into the sales funnel will help find the right customers, serve them better and be able to become more profitable with each customer. Collecting data as at every part of the customer journey, will provide significant insight into your customers.
- Every process must be digitised and human-in-the-loop work must only be present where intelligence beyond AI is required.
- Digital Transformation Maturity Assessment. Where are you in your transformation journey? What are the barriers to adoption and transformation?
- Data Strategy.
- Leveraging your Cloud on implementation.
- Software Engineering. We deliver using Agile Scrum as our approach, Outcome focused, and leveraging modern architectures (e.g. Microservices and Data Mesh).
- Data Science. We are in the process of launching a Data Science as a Service (DSaaS) offering to help enterprises leverage their AI capabilities.
Fintricity has been working in the space for over 10 years and has seen different waves of adoption of big data technologies and the creation of new ideas including Data Lakes, Cloud technologies, and the focus on fantastic user experience for every individual.
As we re-launch our newsletter we focus on some of the key challenges and opportunities that exist in almost every industry. The correct application of data and AI can make a significant difference to the adoption of new digital business models and more facts and data-driven decisions as driving the wave of adoption.