Bringing AI to the full C-suite

  • “92% of leaders report being “all-in” on cloud. Cloud is an enabler for broader business transformation. It creates more accessible data, which in turn makes it possible to derive insights and analytics to support rapid decision-making.
  • AI is set to contribute $15.7 trillion to the global economy by 2023. Healthcare and financial services are among the industries that will benefit the most from it.
  • This year, we saw AI adoption at the C-suite level like never before. Although initially driven by the uncertainty of the pandemic, the acceleration of data-driven insights continues in anticipation of an economic downturn. I expect that businesses equipped with the tools to turn relevant insights and analytics into clear business outcomes will come out on top.”

From dashboards to decision boards: What growing data teams need to know

  • “We start with “why,” plot the best course of action, track and analyze KPIs and adjust based on the insights we find, before we do it all over again. In our ever-faster-moving business environment, executive leaders strive for a clear understanding of their business data, and to digest it quickly and execute strategies without slowing innovation. But this process cannot happen without support from data-savvy teams.
  • Decision boards, on the other hand, are fluid. They aggregate the data from cross-organizational channels to paint a clear, easy-to-follow picture that goes beyond descriptive metrics. These are often custom builds designed for an organization’s specific needs. Varying by the level of analytics maturity and design resources, decision boards can also illustrate diagnostic metrics, or why something happened; predictive metrics, or what is likely to happen; and prescriptive metrics, or what needs to happen next. Making the jump from dashboards to decision boards requires basic knowledge of design thinking, which when integrated into an organization’s culture can advance its analytics and reporting capabilities.
  • Finally, be relentless in your pursuit of the “why.” It will make your predictive charts stronger, more intuitive and more sustainable in the long run.”

US commercial bank Truist acquires tech firm Zaloni’s Arena platform

  • “Truist will acquire the Zaloni Arena platform, which the firm hopes will accelerate its data governance, metadata management, advanced analytics and artificial intelligence and machine learning (AI/ML) programmes.
  • The Arena platform offers data for advanced analytics and AI/ML use cases using an “intelligent and collaborative” data catalogue, automated governance and “unified observability” that it claims reduces IT costs and accelerates time to insight.”

Data is the key to overcoming the ‘new digital divide’

  • “‘It’s very clear that in this environment, which is changing at unprecedented and unexpected levels, that agility and the productive use of data has become more important than ever,’ said Svenja Falk, managing director at Accenture Research
  • Supheakmungkol Sarin, head of data and AI ecosystems at the World Economic Forum, identified four ways companies can tap into data’s value: to establish new revenue streams; to underpin new ecosystem-enabled business models; to deliver richer experiences for customers, users, suppliers, shareholders, and partners; and to drive real-time insights and make better decisions.
  • ‘It’s about democratization — getting data out to the broader organization, understanding what data means, what data we need, what data we don’t know we need yet, and experimentation,’ said Peggy Gulick, director of digital transformation operations at manufacturing company Kohler Co. ‘It’s all about how you get to that next level of using data to truly be innovative and drive advancement.’”

Why digital optimization is the new digital transformation

  • “The key to a successful digital strategy is understanding what keeps your customers coming back, and then optimizing and personalizing digital experiences based on those insights.
  • Many companies still focus the majority of their efforts on acquiring new customers, which is important for short-term growth, but long-term, sustainable growth requires lifelong customers and brand advocates. When you gain better insight into how your customers engage with your digital products and experiences, you can dramatically improve offerings to increase retention and, ultimately, revenue.
  • Digital transformation must be rooted in cross-functional alignment, particularly when it comes to managing and dispensing data.
  • Data provides much more value to the company if all teams not only can access it, but utilize it to experiment with new ideas and innovate new solutions that customers actually want.”