AI (Artificial Intelligence) governance is about evaluating and monitoring algorithms for effectiveness, risk, bias and ROI (Return On Investment).This is when the AI degrades over time because the algorithms and data do not adequately reflect the changes in the real world.OK then, what about software tools to help with these problems?“This is important not just for extra regulated industries like finance and banking and healthcare, but just makes sense if you are making decisions based on an algorithm’s output that will affect your company and clients.AI/Data engineers and operations engineers will need to refer to this plan for all projects.”But an AI governance plan does not necessarily need to be comprehensive.“If AI is not a prominent part of a business, then a simple set of guidelines can allow the development team to stay agile while using best practices.
The majority of businesses in the United States have spent more than half of 2020 functioning remotely, and they will likely continue to do so into 2021.It’s clear that CIOs and their teams can do much more to ensure business continuity and even growth than just putting the right technology in place.Here are three related digital transformation issues business leaders should consider as we move into the next normal.This Article Source is From : https://enterprisersproject.com/article/2020/10/digital-transformation-leadership-trends-post-pandemic
Today’s world is becoming increasingly digitally driven with technologies gradually reshaping multiple industries, including the financial domain.From humble beginnings of online banking in the late 1990s to the possibility of, say, taking out a loan using a smartphone, those of us in the industry are lucky to witness the conversion toward a new era in finance.Digital transformation is becoming an integral feature of the financial sector, but what is this transformation exactly?In brief, digital transformation introduces technology to the business processes, products and services of a bank.This Article Source is From : https://www.forbes.com/sites/forbesfinancecouncil/2020/09/29/what-drives-digital-transformation-in-banking/#bec4a3a7dc52
As gaps in capability - especially provision for remote working and dynamic collaboration - have surfaced, so the urgency around digital transformation has intensified.Professional services organizations have become bolder in their ambitions, too - and are now looking purposefully at ripping out bespoke content management systems in favor of a simplified, consolidated, cloud-based platform strategy.The 'new normal' for professional servicesThere are other strong reasons to invest in change.KPMG talks about the growing importance of the 'flexible contingent workforce' in future advisory engagements, for instance, envisaging a future in which at least 20 percent of talent - including specialist expertise - is sourced on demand.Professionals themselves have new expectations, too.Firms that continue to rely on their own physical servers and on-premise data centers to store and manage everything, for instance, are likely to have experienced the biggest issues gaining access to the latest files and client information during lockdown.2: Remember one of the biggest takeaways of Covid: that even big firms can effect change quickly when they need to.We saw this first-hand during the lockdown.Large professional services firms - which ordinarily might take nine months to conduct risk assessments, vet vendors and consider options from every angle before choosing and implementing a solution– were suddenly strikingly agile.When necessity called for it, they were able to make and enact decisions within days – even with due diligence.Many had started down the road to deploying Microsoft 365 and were planning or had started Microsoft Teams pilots on a small scale, but the need to get something in place to meet demand turned these pilots into full roll outs, with tens of thousands and in some cases more than 100,000 users deployed in weeks.3.
The role of technology in business is crucial.It has changed every aspect of the way businesses operate.With proper technology in place, small and medium-sized businesses (SMBs) can save time, energy, resources and money while becoming more productive, competitive and secure.In a webinar session presented by HP for Business and organised by Star Media Group, the discussion highlighted the need for technology adoption for efficient business management.Malaysia Digital Economy Corporation Bhd (MDEC) Global Growth Acceleration vice-president Gopi Ganesalingam moderated the session.Kicking off the “Maximising Business Efficiency Through Technology” webinar was HP Inc Malaysia managing director Fayza Mohamed Amin, who shared that technology remained the key connector, and that it had been adapted to the company’s business model, especially during the recovery movement control order (MCO) period, in many different forms.This Article Source is From: https://www.thestar.com.my/metro/metro-news/2020/08/31/efficiency-through-digital-transformation
But at some point, things just don’t make sense anymore and you have to call it out.The Tech Valuation BubbleA lot of the companies in the tech sector have gone from being fundamental growth stories that persisted through the Covid-19 slump, to being stocks with more than a bit of euphoria and price momentum.The irrational decoupling of stock prices from reality like what Tesla TSLA -9% (TSLA) has experienced for years is now starting to take place in the tech sector more broadly.For example, in the last two weeks Apple AAPL -8% is up almost 10% - and given its size, that’s a huge number in terms of market cap.When a company worth $2 trillion like Apple goes up 10% - that implies that it’s created $200 billion in new value in a week!For some context, $200 Billion is approximately double what a big name company like Boeing BA -3.4% is worth, and is approximately 4 – 5 times what a big name companies like General Motors GM -4.8% or Walgreens WBA -0.2% are worth.Salesforce CRM -4.2% is a similar story; it beat earnings earlier this week, which is great – it’s an awesome company.Yes, Salesforce is beating expectations, but they did they really create the equivalent of a whole new General Motors or Walgreens in terms of new value or production over the course of the last few weeks?Understanding Market BreadthNow, to be clear, we think Salesforce and Apple are great companies and really great examples of how innovation continues to drive the US economy.But the run up in share prices doesn’t seem to be based on their fundamental business practices anymore.Call it euphoria, call it momentum, call it a bit of FOMO from investors, there are a lot of different ways to look at it, but right now a few big technology names are seeing their prices run higher day after day, and they’re lifting the whole market up.As a result of the run up in technology share prices, the S 500 is back into positive territory for the year and is setting new all time highs.If most of the companies are doing poorly, that suggests that a significant portion of the country isn’t doing so well either.
For the past few years, many companies held back in the extent of digital transformation they were willing to undertake because the change management effort was huge.Because digitized processes deliver robust value-creation opportunities that go way beyond cost savings.Consider the following three examples.The hospital system collected more money from insurance companies, saved money on drugs and gained more revenue per patient.Energy company exampleAn example of robust value-creation through digitized processes is a major energy firm that needed to improve the performance of its sales team.They decomposed the process of taking customer requests for a lubricant product into many steps and focused on handling each step quickly and efficiently.The problem: By focusing on taking costs out, they inadvertently created an overly complicated and inefficient process where each activity was cheap, but the overall customer experience was lengthy, unpleasant and expensive.The solution: digital transformation.The company then equipped these workers with digital technology enabling them to see a customer’s history so that the call center agents could make the necessary adjustments to get the right product to the right place at the right time.They focused on how long it took to understand the full nature of the customer request and how quickly and completely they could solve the problem, rather than how quickly they could do an activity such as answering the phone.When they focused on the customer experience – specifically on “on time” and “in full” experience (how long it took them to understand the complete order, ensure it was the right lubricant for the right task and arrange for credit terms and shipping location).The impact of the transformation?
The current economic environment enables many large companies to succeed, while many small and medium businesses (SMBs) are suffering.
According to a survey by Vistage, SMBs are using AI primarily in the following four areas: business operations, customer engagement, talent management, and finance.
Let's look at what some companies are doing and some vendors and consultancies to consider.
For products on the product roadmap, digital testing and predictions of prototype results can significantly reduce time to market.
Manufacturing firms are using AI to optimize the entire manufacturing process's performance, including predictive maintenance, inventory management, and supply chain management.
Further, AI can augment what a sales rep is doing by suggesting next-best actions to move a prospect through the sales funnel.
A third of our lives is devoted to it.In addition, only a third of workers currently have access to appropriate collaboration tools or artificial intelligence applications.For the past 10 years, companies have focused on the customer experience.According to an article published in the Harvard Business Review, companies that lead initiatives to improve the employee experience are four times more profitable than those that don't.Many suffer from isolation, lack of support, constant distractions, lack of connection and anxiety due to the crisis.This has likely had an impact on motivation, efficiency and work-life balance, creating stress and affecting physical and mental health.Due to the economic downturn caused by Covid-19, more than 1 billion people are currently at risk of losing their jobs.This situation differs significantly from one sector to another (airlines are particularly affected, while computer skills are more and more in demand).How do we solve these challenges using artificial intelligence (AI)?Here are five main levers available to world leaders to build the future of work with AI (the “fivefold-A artifact”):1.