Embracing ML-Led Digital Innovation for Sustainable Business TransformationKiran Kuchimanchi
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How do organizations embrace innovation?
This has been the center of countless dialogues and debates for decades now. Some believe that institutionalizing innovation means conducting hackathons, investing in research and startups and promoting open office seating, and so on. Others say that innovation is about investing in new technologies like Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Intelligent Automation, or embracing new business models.
Enterprises spend a lot of capital to identify paths of innovation, innovation paradigms, and innovation models. The answer may be these.
Yet, there is something far more fundamental about innovation that is simple and driven by common sense.
We have evolved from a single cell organism underwater to space traveling complex human beings that we are today. As human beings, we have advanced from hunting tribes to an organized workforce during the industrial age. In the last few decades, the Internet and personal machines like smartphones have become brain augmenting tools. Today, we supplement our capacity through machines by leveraging Natural Language Processing (NLP) and computer vision. Demonstrating curiosity and evolving to survive and lead forms a strong basis for innovation.
Moving towards ML-led digital innovation
We used tools like hammers and spears during the agricultural age to gain an advantage over other species. We have embraced large-scale manufacturing using automation and assembly lines to produce goods at scale. With the advancement in computing power and AI, we can now do tasks that were not viable or possible in the past. Realizing the need to develop, understand the constraints of the environment, and navigate through them propelled us forward. Continuous learning to develop skills and tools helped us evolve.
We are moving into an age where algorithms can learn and perform tasks at a pace that was not possible in the past. Organizations should embrace machine learning to automate functions and processes, not only to gain a competitive advantage but also to free up their thinking capital and focus on areas like creativity and empathy – two areas where there is time for machine intelligence to catch up. Thus, in my opinion, when organizations embrace automation powered by machines and learning, they will propel themselves to learn, evolve and innovate.
Automating business decisions using AI / ML
Enterprises utilize AI & ML to increase productivity and improve the experience and have started to play a big part in our day-to-day activities. According to IDC research, the worldwide AI industry will generate more than $300 billion in sales in 2024, with a compound annual growth rate (CAGR) of 17.1% over five years. While AI & ML are thought of as sophisticated technologies, they are transforming daily lives.
Every business is realizing that it is essential to constantly innovate on the experience they provide. Providing frictionless and intuitive experience to their stakeholders is a necessity and not ‘good-to-have’ anymore. In this context, businesses also view innovation as a method to improve the experience across all digital touchpoints.
Businesses are identifying new connections in the myriad of data by leveraging data mining and ML techniques to uncover new insights and drive incremental value to their stakeholders. By aligning business and technology teams and conducting repeated experiments to test a new hypothesis, organizations are uncovering new value propositions and business models that are relevant to their customers.
“33% of technology providers plan to invest $1 million or more in AI over the next two years.”
Cigniti helps businesses unlock opportunities with intelligent ML-driven solutions
We have a well-defined framework for use case ideation, architecture definition, and MVP creation to help customers identify automation possibilities using ML interventions.
For us, adopting intelligent automation by leveraging AI &ML is more than a catchphrase. We believe that the software platforms that drive tomorrow’s enterprises will be intelligent at their core. As more applications gain the ability to “validate” and make “intelligent” judgments at the point of action, we also think that intelligence is moving towards the edge. We are prepared to support you as you embark on this transformative adventure.
To know more about our AL/ML and Data & Insights capabilities, visit https://www.cigniti.com/digital-engineering/