Big data analytics, advancements in AI and Internet of Things are fast altering the business environment. Enterprises have to catch up with the changes, not only to compete but also to stay relevant. The breathtaking pace of technological change requires flexibility. It demands both a knack of grasping the possibilities and challenges inherent in the present and the ability to predict future developments. Organisations need to tailor technologies accordingly to achieve desired outcomes.
Two distinct forces are shaping the intelligent organizations of today. One is the growing power of computers and big data, which is at the base of developments in artificial intelligence, operations research and forecasting models. The other is our growing knowledge of human reasoning, judgement and choice. In the knowledge economy, intelligent organizations require to blend these two to create synergies that would propel superior decision-making. Integrating these diverse forces is no easy feat but the rewards can be substantial.
Machines have begun to compete with, and even surpass, abilities once considered the exclusive domain of humans through advancements in technology, including better algorithms, increasing computing power and big data processing.
Intelligent organizations can harness the power of evolving technologies to accelerate and optimize their business processes. Intelligent machines are already aiding business leaders in spotting patterns in their operations and consumer interactions and thus gain crucial insights. Machine learning is helping automate repetitive tasks, curtail human intervention and simplify human interaction with devices. This is providing ample time to people to focus on work that requires creativity and complex problem-solving skills, tasks in which humans excel.
Human experts remain important wherever creativity, contextual understanding or a wider understanding of the world is required. Humans simplify complex phenomena through various cognitive tools like storytelling and pattern matching. Research has shown that the best predictions come from an even balance between human judgment and machine learning.
For business leaders, the technological revolution is both a promise and a challenge. For most organizations, the big question confronting them would be which human versus machine approach to apply to which domain and how to combine the twain.
In near future, top of the line predictive business systems would most likely utilize a complex layering of humans and machines in order to channel the competitive advantages of each. Hybrids that blend multiple technologies together form the most powerful decision-support systems. Such decision aid would become increasingly commonplace, expanding beyond narrow applications to become part of wider systems. These would also become more sophisticated over time, eventually reaching a decision-support capacity equal to or even beyond human experts.
With contributory developments in the fields of machine learning and speech recognition, it is only a matter of time before fully interactive computing platforms become proficient in cybersecurity, consumer engagement, fraud detection and a plethora of other functions. Companies dealing with consumer goods can manage costs, improve revenue, gain market share and focus on advertising expenditure through sophisticated forecasting and modeling tools. With better decision-support tools at their disposal, businesses would be better at analyzing consumer behavior and market trends and align their strategy accordingly.
In this fast-paced technological landscape, organizations need to look to the future, determine where they want to be, and redesign processes around that vision. Organisations can thus proceed unhindered by upcoming changes to current technological investments. It would facilitate the creation of new workflows that align to future ends and incorporate upcoming technology in a way that serves the process, rather than the process being enslaved by the constraints of present-day technological platforms. Such organizations would be able to respond to change with agility.
Technological advancements adapted to the needs of stakeholders, meticulously designed processes that guide desired results, and deeper insights founded on robust analytics would be the foundation stones of an intelligent enterprise primed to succeed even in times of great uncertainty.