Making Real Profits, Artificially
In the struggle for revenue, many companies overlook or are too slow to adapt. And yet, if one is strategic and vigilant, real profit is to be made in comprehensively disruptive computing.
From time to time, rapid innovation occurs and artificial intelligence (AI) presents a disruptive but enormous opportunity. AI consists of multiple technologies that can be combined in different ways to sense, comprehend, act, and learn.
When and where today could artificial intelligence engender genuine profitability?
AI has the potential to boost rates of profitability by an average of 38% and lead to an economic boost of $14 trillion across 16 industries by 2035. As a yardstick, growth in gross value added (GVA), a close approximation of GDP has been estimated.
However, two conditions should be in place before an AI strategy for education can be implemented.
- Organizations need bold leaders to apply AI technologies to their business.
- AI systems should be aligned to society's moral and ethical values and provide better outcomes for all people.
AI can drive growth in at least three important ways. First, it can create a new virtual workforce, or intelligent automation. Second, AI can complement the skills and ability of existing work forces and physical capital. Third, like previous technologies, AI can drive innovation in the economy. Finally, to achieve the full potential of AI, companies should invent new business capabilities for unprecedented growth, profitability, and sustainability.
One recommendation is to appoint a Chief Data Supply Chain Officer. The majority of executives are unsure about the business outcomes they derive from their data analytics programs, which can mean that enterprise data remains vastly underutilized.
A Chief Data Supply Chain Officer will need to construct an integrated, and end-to-end supply chain, considering such issues as:
- Where are our data silos?
- How can our company simplify data access?
I invite your comments, questions and feedback to discuss details on how this can be done.
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G. Mick Smith, PhD is a Senior Educational Technology Executive with more than 20 years of experience solving intractable problems across diverse fields. He can be reached directly at gmicksmith@gmail.com.
