2020:- Platform & Potential for an Efficient Digital Enterprise
The current trending initiative from FIX Trading Community is the new process to automate initial public offerings as the UK regulator reviews technological innovation in primary market services.There has been a wave of changes in the enterprise world and as we are coming closer to the end of this decade, many entrepreneurs are even thinking to revise their business models and make it customer-centric. What’s more shocking is that customers and only customers are behind this change. Enterprises now feel the pressure to be digitally efficient to meet customer’s demand for the most relevant content at anytime, anywhere and on their chosen device. That’s why most of them want to embrace AI and cognitive solutions that would deliver an unequal customer experience.
Fortunately, empowering employees with robotic technology and keeping customers at the center of their delivery system have become a win-win strategy for many organizations till now. And the best thing is yet to come; in the year 2020 the rate of IA & Cognitive technology adoption is only going to accelerate, maximizing the outcomes.
New Year, New Variations & Amount of Digital Technology
The key technologies that have transformed the enterprise atmosphere throughout this decade - cloud computing architecture, AI (artificial intelligence), the platform business model - aren’t becoming extinct. Rather, as they continue to grow, they’re taking in new variations. The huge growth in the variety and amount of technology for digitization has possibly been surpassed only by the increase in customer expectations, guided by an always-on and on-demand delivery.
As a New Year practice of making an efficient digital enterprise, entrepreneurs have changed the way they used to operate before. They have empowered their employees with new technology like artificial intelligence and cognitive automation tools. It has brought analytical input to their employees working on certain kinds of tasks, adding to their cognitive capabilities. This strategy has brought along ease and accuracy to the demand driven business models while giving way to digital transformation.
A few years back, businesses could not even explain for immediate changes in demand for products or services. The collaboration of demand and financial planners failed miserably as manual work and data fed in spreadsheets sucked. The result is wrong forecasts that don’t fit in to continuously changing data and the danger of a huge loss from a small mistake or inaccuracy.
AI & CA to Improve Demand Driven Model
Cognitive automation (CA), equipped by ML and AI, has the power to revolutionize business delivery models with quick data access and control that is hardly possible through conventional tools and decision-making.
Cognitive capabilities account for automated tasks done by machines that are usually handled with human intelligence. They are now being tried along with robotics technology as well. The hottest and smartest cognitive automation includes some key capabilities: ML (machine learning), machine vision, NLP (natural language processing), emotion recognition, and OCR (optical character recognition) to ace in the game of decision making.
No doubt, AI&CA can foster better collaboration between workforce and machine with automation of repetitive tasks and enhancement of the job quality. This rare combination is on the edge of opening a gate of opportunities through a powerful mix of its automation capabilities.
Business organizations now enjoy versatility in how AI is incorporated in demand forecasting, ranging from insights, suggestions and predictions to independent actions derived from cognitive automation. In 2020 and beyond, the business world is going to see the largest impact of AGI on demand driven models in the form of data extraction, conversion, prediction and decision-making:
- Advanced algorithms of AI backed by huge compute power can commend the best possible forecasts.
- AI adapts to changes (competition, disaster, new products/channels) to make adjustments for lowering the risk and capitalizing on possibilities.
- AI enables business users to know which areas to concentrate on, and aids in making strategic decisions.
Where Is It Heading?
With CA & AI, businesses can adjust production and balance capital investment while improving the standard of customer service. They can make data-centric sales planning by locations, products and representatives.
This does not end here as businesses can now smartly predict demand for services/products and sales activities based on historical data and market intelligence. AI includes what-if situation analysis so that business users can understand and foresee the compromise between supplies and service whenever settling on inventory strategies.
Demand driven business model has conventionally been more serious about art, and less heavy on science. AI promotes the scientific features of the delivery model to make way for a more efficient digital enterprise and satisfactory customer experience. 2020 calls on all entrepreneurs to cross beyond manual prediction and leverage automotive cognitive skills along with AI technology to maximize profits and accelerate growth.