EDITOR ’ S QUESTION
STEPHEN GILL , ACADEMIC HEAD OF THE
SCHOOL OF MATHEMATICAL AND COMPUTER SCIENCES
It is no secret that the massive digitalisation shift accelerated by COVID-19 has presented unprecedented challenges to CIOs . Faced with an unpredictable market and new variables , reference to historical data proved futile . With business priorities significantly shifting and employees ’ tasks changing accordingly , driving automation , among other technological adjustments , has proved to be the way forward . To succeed in this new business climate , CIOs must create new business models that can get their organisations up to speed with market conditions . Fortunately , AI is capable of utilising real-time data to build solutions suitable to the current business climate . New business models are undoubtedly required to bridge the gap between market conditions and company operations . It has been proven that cost / benefit forecasting based on historical data can no longer be a reliable indicator in unpredictable market conditions and changing customer needs .
Adopting an AI-approach can help CIOs build data-centred strategies based on a real-time understanding of their customers and the market . This has proven to help business adaptability in times of changing habits and preferences . For example , within e-commerce and retail , AI and Machine Learning technologies are extensively used to recommend products to customers , forecast future demand for products and other functions . This is the case with Amazon where AI use is deployed to enhance consumer experiences through analysing their shopping patterns to recommend products accordingly . This undoubtedly increases the chances for customer loyalty and retainment .
Although AI has undoubtedly been a huge , if not a major constituent , in the success of businesses ,
CIOs must not lose sight of having a clear strategy that underpins how to use data and analytics to have a true competitive advantage rather than jumping on the bandwagon . Additionally , CIOs must consider how to leverage AI for the deployment of the right technology . Finally , a clear vision of the desired business impact is integral in shaping the approach to using data in the right places , rather than letting the data alone take the lead .
That said , for long , business have searched for ways to reduce production costs . CIOs can use AI to collect samples and analyse data much faster to eliminate production waste and other inefficiencies . In the production process , AI can reduce errors , standardise knowledge , and make complex operational decisions . AI has already successfully created superior processes in healthcare , finance , utilities and e-commerce . For example , AI software is used as part of the quality assurance process to prevent defects from reaching consumers , which reduces the number of people seeking customer services specialists , subsequently allowing staff to focus on more strategic tasks .
Although AI has undoubtedly been a huge , if not a major constituent , in the success of businesses , CIOs must not lose sight of having a clear strategy that underpins how to use data and analytics .
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