IT influencing companies to adopt AI and Machine Learning for business forecasting
By MYBRANDBOOK
Dr. Makarand Sawant
VP - IT
Sahyadri Group
CIO priorities for 2022
Organizations are now focusing on having a long term and short term digital strategy. It has to cover all the business functions and entire operations for identifying possible IT and digital interventions which can add value to overall business operations to fulfil strategic goals and leverage latest technologies.
Digitization - opportunities galore
IT has to drive digital interventions across organizations to tap new opportunities for growth and efficiency that can take the organization to the next level. Digital strategy and roadmap will play a critical role in enabling further expansions and growth of business.
Tech talent: A challenge
To encounter this challenge of skill sets organizations will have to leverage solutions that can be delivered as a service by the solution providers so that they do not have to depend on hiring and maintaining different skill sets. Adoption of cloud and SAAS solutions can overcome this challenge to some extent.
Technology & Brand amalgamation
The traditional sources of competitive advantage and typical barriers to entry like distribution, scale, and brands are melting away as technology enables overnight unicorns with global access to customers through digital channels. Branding has to be maintained through digital platforms created by companies to ensure brand value.
IT: The Future of India
The IT industry is helping many companies turn to AI and Machine Learning for business forecasting as it can monitor, analyze and adapt to changes in Big Data, and they can also find correlations in thousands of seemingly disparate metrics. The main advantage of Machine Learning for business forecasting is that one can take thousands of metrics that one has at the disposal and consider each one for the prediction at hand to plan far more accurately than with manual methods. Many Indian companies are adopting digital platforms in business for enabling business and leveraging technology to forecast the growth.
The traditional sources of competitive advantage and typical barriers to entry like distribution, scale, and brands are melting away as technology enables overnight unicorns with global access to customers through digital channels. Branding has to be maintained through digital platforms created by companies to ensure brand value.
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