How can you leverage AI and big data to gain a competitive edge in your business strategy?

One component I would adjust is the use of big data. It is no longer about large swaths of data. Companies need to leverage clean, liquid and reusable data.

AI and big data can be leveraged to strategically manage risk in the financial industry by analyzing large volumes of data to detect patterns and anomalies. This enables financial institutions to detect potential fraudulent activities or suspicious transactions in real-time and prevent financial crimes. Additionally, AI algorithms can monitor market conditions and identify potential risks, enabling risk managers to take proactive steps to minimize risks and protect the company's assets. By utilizing AI and big data for risk management, financial institutions can improve the overall security and trust in the financial system, ultimately benefiting customers and the industry as a whole.

As the AI is adopted and utilized, new insights can be learned automatically. This tends to have a pile on effect by teasing out insights and conclusions that you would not otherwise have access to. The most import step is having unlimited access to these new trained experts (Proprietary AI models) 24/7/365

Separate AI and Big Data concepts at the outset - of course there is integration between the two, but its important to deeply understand which projects are data-led and which are AI-led . The drivers for both are of course ROI-related, but while Data tends to be more operationally-focussed, AI tends to more innovation-driven. But even before that, consider the people element - non-technical, and narrative are front and centre in 2023. Everything I'm hearing today is about soft influence and emphasis prioritisation over skills. Much of the product innovation in AI is on non-technical, user-friendly UIs, NoLo code and code-suppressed UX. All of that has reached a crescendo in the massive media reach of ChatGPT over the last few months.

The secret is out; there are all kinds of time consuming day to day processes that you can now integrate and automate with AI. For many of them, you can already achieve 90% of the human result, 10x faster, at 1/10th the price of the human resource cost. Visionary leaders can do so much more with less in 2023. AI has become tactical.

At the moment, only 35% of companies are using AI. This represents a huge almost unfair advantage against those remaining either unaware or unwilling to learn new technologies.

Where technical still plays a role, it must follow a structure - many orgs / businesses are chasing real user/customer journey insights (via e.g. Causal AI with a focus on interventions, counterfactuals etc. rather than old familiar reporting routes around customer analytics and KPIs or data science feature oversaturation. But you have to walk before you run - at ce.tech we use a 5-tier inverted maturity map to deliver a roadmap in the right way: https://tinyurl.com/mtbakwec

Here are a few moats that this AI+big data strategy can help companies create: • Personalization: Identify patterns & trends giving a unique customer segmentation, hyper-personalized recommendations, dynamic pricing, & most importantly, customized content • Customer Experience: Using AI and big data, businesses can improve the customer experience through sentiment analysis, predictive analytics to identify customer behavior & pain points • Risk Management: Companies can significantly improve their risk mitigation and management by AI identifying potential vulnerability patterns by analyzing real time online activity for any fraud detection, natural disaster risks and even preempting any supply chain management disruptions

There are several ways in which we can leverage AI and big data to gain a competitive edge in business strategy: 1. Customer insights: gain deeper insights into customers' behavior, preferences & needs. 2. Predictive analytics: more informed decisions for business 3. Process optimization 4. Personalization: meet the needs of individual customers 5. Competitive intelligence: “strategy” Overall, leveraging AI and big data can help us gain a competitive edge in business strategy by providing us with deeper insights, better predictions, and more informed decisions. It can also help us optimize our processes and personalize our products and services, which can lead to increased customer satisfaction and loyalty.

This is where it might be helpful in the short run, allowing for quicker deployment of monitoring tools. The main issue with other implementations is the lack of a reliable "source of truth", strategic development tends to be uncertain enough. Now, when it comes to make it operational, there AI can be a powerful to speed up previously-iterative tasks (e.g. texts, quick changes in code, in design). Big data is a completely different (albeit older) animal (NYT's article on Target's use of BD is from 2012).