Artificial Intelligence (AI) is an idea that has oscillated through many hype cycles over many years, as scientists and sci-fi visionaries have declared the imminent arrival of thinking machines. But it seems we’re now at an actual tipping point. AI, expert systems, and business intelligence have been with us for decades, but this time the reality almost matches the rhetoric, driven by the exponential growth in technology capabilities (e.g., Moore’s Law), smarter analytics engines, and the surge in data*.
A look at how AI has made tremendous inroads into the realm of businesses as well as our everyday lives.
Businesses these days have leapfrogged by harnessing technology, and the way they are operating in the present dynamic and competitive environment is stranger than fiction. Customer experience is improving as marketing techniques are getting increasingly scientific. Software tools were enablers until innovators created technology platforms (in a recent digital episode) that not only target the ‘how’ of the improvements but also the ‘who’. Robotic process automation employs software robots that execute repetitive and rule-based processes, while advanced technology dedicated to digital labor beckons intelligent robots to take up a portion of judgment-based decision-making. The advanced side of this digital labor consists of an array of technologies such as Artificial Intelligence (AI), machine learning, natural language processing, and so on. We will lay emphasis on the smarter aspect of the digital labor spectrum and on what the future holds for us.
Moore’s Law summarizes the observation made by Intel co-founder Gordon Moore in the year 1965 that the processing power of computers will double every two years. The Fourth Industrial Revolution by Klaus Schwab deliberates that if this holds true in the future too, computers will attain the same level of processing power as humans in 2025.
The concept
Let us first attempt to disentangle the intricacies of technology and understand its wider applicability in shaping the future of businesses.
AI is the simulation of human intelligence by computers in different ways such as vision, speech, and decision-making abilities; it encompasses self-learning, reasoning, and self-optimization. Machine learning is a branch of AI that enables computers to learn without being explicitly programmed and choose an effective course based on the learnings and experience.
Denne historien er fra November-December 2016-utgaven av The Smart Manager.
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Denne historien er fra November-December 2016-utgaven av The Smart Manager.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
