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How To Unlock The Power Of AI In Your Business

  • 1 mth ago

The need to effectively generate insights from your business data is undeniable. As per Gartner’s study on business composability, 51% of the more than 2,000 CIOs surveyed will increase investments in analytics in 2022.

Savvy practitioners will leverage the power of cloud, create a sound governance model, connect applications to a data fabric and revisit the models often to refine them. However, driving business composability supported by meaningful business insights is often a complex endeavor. In this post, I’d like to highlight two aspects that can set your artificial intelligence initiatives up for even greater success.

The first is about goals-driven design thinking that allows you to ask the right questions at the right level, and the second is the creation of a closed loop to truly magnify the power of your insights. This approach is being driven by the data science framework at one of my companies, Ignitho Technologies, in partnership with Cambridge University's "frugal innovation" concept.

Asking The Right Questions At The Right Level

A technique called "design thinking" can help with this. However, let me start by outlining a common risk. Often, organizations start a data analytics project by gaining an understanding of the use case and the problems faced by the stakeholders. Then, they define a solution, quantify its benefits and get started with the implementation. But by zooming into a problem and then trying to solve it right away, you can risk missing the bigger picture.

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