Data driven business models use artificial intelligence, from input to output, to provide real-time information for better business decisions.
A few examples are:
Customer engagement comes in forms such as e-commerce, websites and chatbots; and less obvious forms, such as digital sensors in products, like tires. The sensors are used to improve performance resulting in higher customer satisfaction and more profits.
Digital output comes in forms, such as online deliverables; financial reporting and analysis; and regulatory compliance. There are less obvious forms, also, such as real-time customers’ engagement at any point along their transactions. There is no need for customers to wait any longer, for an answer, regarding a question to their account while it is being researched.
In both examples, collaboration along channels proliferates as people work together to solve real-time problems witnessed in the digital data visualized in metrics, reporting, patterns, and anomalies. Collaborating empowered employees breeds better business decisions.
The benefit of data driven business models using artificial intelligence is real-time information allowing for immediate, and better business decision making.
The primary driver to move to a data driven business model, is because the Fourth Industrial Revolution has arrived. The Fourth Industrial Revolution is a blending of all things into cyber physical systems. Like all revolutions, this revolution will see businesses either change or get left behind.
Data driven business models using artificial intelligence from input to output move companies from a competitive advantage to a business advantage.
TICH, in collaboration with company’s leadership, design an original data driven business model. The model is specifically created based on the strengths, weaknesses, opportunities, and threats of the company. These characteristics are identified cross organizational by people, training, and technology.
