Falcon Bank had successfully implemented Voice Analytics in its front office. Its artificial intelligence (AI)-powered system from Unifor had flagged a gradual increase in unemployment insurance inquiries, a policy that pays its holder wages for up to a year if one is laid off. Bank executives took cognizance of this trend, partnered with an insurer to introduce this product and created a new profit stream within 90 days.
Meanwhile, the chief economist of this fictitious bank decided to rethink its economic models and forecasts, and then wondered whether it was missing the impending recession. In response, the lender’s risk officers increased scrutiny of incoming loan applications. It is the living expression of “Data is the New Oil”, an approach that has driven business at a rapid pace.
The ability to discern trends from ecosystem noise, capture and decipher valuable data, and drive the organization to act on it will determine future winners. Data sensors, both electronic and human, now abound at the periphery of the modern organization: in call centers, warehouses, trucks, sales force management systems and human resource databases. Intelligent automation systems from vendors such as AutomataPi and WorkonGrid help executives not only automate, but also interpret and respond to incidents in a company’s business processes.
Like the imagined Falcon Bank, you too can understand customer needs and identify clear needs, respond faster and drive revenue. The era of ‘survey-analysis-action’ is behind us. The software can now analyze customer voice and facial expressions and flag whether inbound calls are in the nature of complaints or sales inquiries; Your informed feedback can reduce conversation time and bring customer delight.
On the other front, how does the millennial workforce’s need for work-from-anywhere provisions balance with management impulses in favor of office-based work? Or identify people who violate their employment contracts and slyly take on other jobs? The answer, again, is at the intersection of data, technology and process automation. Workforce management platforms like Time Doctor help companies analyze employee productivity, while on-demand training interventions like Whatfix can help. Whatever balance the company’s management decides to maintain, its engagement will become more transparent, structured and easier with the use of the right tools and data. This way too trust can be built and the company can potentially aim to be a true talent magnet for the next generation workforce.
Emerging geopolitics along with the pandemic have forced organizations to re-imagine their supply chains. India is striving hard to develop a world-class domestic semiconductor industry and build a local strength in this important pillar of the digital economy. Companies continually expand their product ranges, geographies and scope of operations, and their search for reliable new partners and suppliers to support this journey is never-ending. The availability of publicly available data, structured and unstructured, along with the rich streams of transactional data available on the markets, can be used to mitigate the risks associated with onboarding new vendors, even if the process is the same. be faster than Companies like Zetwerk have grown big businesses by precisely leveraging these assets to create an ecosystem of manufacturing companies that produce products to order.
It is clear that all organizations can apply digital technologies, machine learning and intelligent automation to critical aspects of their business, such as customer engagement, partner ecosystem management and talent. The companies that are doing this are changing the vectors of competition.
One point to emphasize: To clarify to an old kitty, the culture eats digital for breakfast. Therefore, as you begin to develop an artificial intelligence and data driven organization, remember to apply all the old-fashioned techniques of change management to ensure that the organization is in lockstep with your vision of the future.
Traditional competition focused on speed, asset quality, talent and financial strength. All these are still important. However, real winners today think beyond this paradigm. They are investing heavily in building a digital core containing data as an exoskeleton of information technology assets, soft tissue of data-driven culture, blood vessels of intelligent automation, and their blood flow.
It is natural for digitally driven organizations to take advantage of hyperscale platforms to reach new customers. Thus, while Kama Ayurveda has its own e-commerce website, for example, it doesn’t mind exploiting Amazon as a sales channel as well. Domino’s also has its own app, but recognizes the importance of being on the wider food delivery platform Zomato.
Now that the digital future has finally arrived, we need to recognize that the era of machine learning and artificial intelligence is upon us and is fundamentally transforming industries. To win this battle to ensure future success, building intelligent digital muscle is the essential imperative of the business leader. There is no plan B.
Jaideep Mehta is an investor and longtime tech industry watcher.
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