These are the insights driven companies that have incorporated Analytics & AI into their organizational structure. Many organizations have a holistic approach to what is called the AI enabled Value Chain.
In 4.0 world, it is important for organizations and businesses to become AI driven in order to earn more interest, as well as contribute more to community. How can a company be called a pioneer in applying AI and Analytics in their operation? Or what can an organization do to be an AI driven one? Vietnam's government have to implement which policy to support the reforms?
These are the insights driven companies that have incorporated Analytics & AI into their organizational structure. Many organizations have a holistic approach to what is called the AI enabled Value Chain.
In 4.0 world, it is important for organizations and businesses to become AI driven in order to earn more interest, as well as contribute more to community. How can a company be called a pioneer in applying AI and Analytics in their operation? Or what can an organization do to be an AI driven one? Vietnam's government have to implement which policy to support the reforms?
1. Aim for an AI driven value chain
Here come three examples of visionaries embodying the concept of deeper and wider use of AI to drive true innovation in their enterprise. That Vietnam business can survey:
Stitch fix: Starting an online retail cloth company among giants like Amazon? No issue— the stitch fix which was established in 2011, is now worth $4.4B. How? Put data & AI on focus.
All retailers receive few standard product manufacturers data points: size etc. Stitch Fix, however, invests effort in extracting up to 80 attributes per item of clothing such as style of collar, number of buttons etc. The company use machine learning to predict detailed measurements of photo-based clothing (e.g. sleeves and profiles of pant legs). The data points give them a competitive advantage in matching (recommending) people's clothes (they have about 75 data points per person).
They apply data and AI to the whole value chain: from warehouse assignments, customer matching with human stylists, and up to the level of designing new clothing items.
Netflix: Has just been entering the Vietnam market. The recommendation-engine movie is just one part of the story. Considering the success rate of the industry for new TV shows is 35% but Netflix has 70%, this is truly an example of being successful thanks to clever AI strategy. Until green lighting the House of Cards ' first major production ($100 m investment!), Netflix looked to its previous data to predict the pace and factors of performance. The remained story is lessons for other business to learn. Netflix even optimizes the posters displayed when browsing, using AI for quality control (identification of low-quality media) and optimized content delivery (which media can be shipped to your nearest content delivery network).
Earnest: a digital lender launched in 2014. Their business is to make loans lower than the traditional financial institutions that have been around for a while. How? By more holistic threat. Their algorithm takes into account about 100,000 applicant data points— including non-traditional data points such as employment, career path, etc. It has invested $2B in student loans as of Oct 2017 and had a portfolio of nearly $500 M in loans.
Lessons are learnt from three examples above. Think big, think strategic – ask how data & AI will help you innovate in your value chain's different aspects. Of course, once you execute, you're going to prioritize — but the key point here is to have the big picture, so you can quickly percolate the vision throughout the enterprise and motivate the vision to execute.
2. Executives sponsors who understand the possibilities beyond the hype
All the impressive influence of AI that we are seeing today is just tip of the iceberg. When human thought that we know much about Artificial Intelligence, yet this knowledge is only the beginning. Still we are far from maximizing all of AI’s potential.
Today's technology offers a lot of possibilities: helping to identify tumors faster, semi-autonomous cars, personalized marketing, fraud detection, etc. Also, there are many fields that are yet to apply AI.
Thus, such boundaries should be known and overstepped by executive sponsors so they can steer clear of the hype and generate real business value by leveraging the potential.
In short, Execs take note: spend time in this area with experts to understand AI's basics. This will help you navigate and deliver tangible value around the hype.
3. Think holistically about AI: Risk & Responsibility
It is much more than optimizing AI & ML in your organization for a metric (clicks, views, sales, etc.). Sure, Business Value is an important aspect of AI adoption— but there are other key areas that need to be addressed: risk management (for your organization) and accountability (for society).
Next Gen AI Driven Organizations, therefore, need to consider both threat (governance, risk & compliance) and transparency (fairness, privacy etc.) as part of the AI strategy. If this is not done voluntarily and on the spot, it will be time to do this under pressure and from a very bad spot.
These are the insights driven companies that have incorporated Analytics & AI into their organizational structure. Many organizations have a holistic approach to what is called the AI enabled Value Chain.
In 4.0 world, it is important for organizations and businesses to become AI driven in order to earn more interest, as well as contribute more to community. How can a company be called a pioneer in applying AI and Analytics in their operation
Or what can an organization do to be an AI driven one? Vietnam's government have to implement which policy to support the reforms?
Standar
admin 15-11-2020
1. The time of AI may finally have come, but more work still needed to be done
Standar
admin 15-11-2020
These are the insights driven companies that have incorporated Analytics & AI into their organizational structure. Many organizations have a holistic approach to what is called the AI enabled Value Chain.
In 4.0 world, it is important for organizations and businesses to become AI driven in order to earn more interest, as well as contribute more to community. How can a company be called a pioneer in applying AI and Analytics in their operation? Or what can an organization do to be an AI driven one? Vietnam's government have to implement which policy to support the reforms?
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