Success for any company whether a large incumbent or an upstart disruptor is defined by its ability to continuously exploit opportunities in its current business model while exploring new possibilities from the emerging needs of its key stakeholders.
Have you tried Googling ‘ChatGPT’ recently? It has been live for only 45 days and the volume of conversations happening about and around ChatGPT is enormous. While ChatGPT is not the topic of this blog today, its popularity has offered a solid ground to talk about the pervasiveness of AI.
Implementing of Artificial intelligence (AI) has changed from being a new fad to a serious organizational objective by 2022. Businesses of all sizes and stages of development are discovering possibilities to adopt AI. Organizations can modify core functions with this deployment, which shows promising outcomes in terms of effectiveness and efficiency. AI has permeated every sphere of our civilization and way of life over the past ten years.
The digital shift has become the most important aspect of the success and survival of most businesses in recent years. The digital shift must become a top priority and focus for the leadership. Data Thinking fills the gap between business units in the enterprise and IT that keeps the lights on as well as caters to innovation. The key to digital development coming together is the intricate interplay between all of these areas. Individual data efforts’ long-term success is based on it.
It will not be an overstatement to say that some of the most revolutionary breakthroughs have been driven by and taken place in the aviation industry. Decades ago, jet engines catapulted the airline industry out of capacity constraints, enabling it to carry many more travelers. The deregulation of the airline industry provided flexibility and freedom for players to set competitive ticket prices.
Have you ever thought about how you can make payments for a movie without standing in line or pay utility bills without stepping out of your home via Paytm or Google Pay? Yes, you can name many applications that make instant payments happen. But how is this happening? How are conventional banks getting replaced with digital transactions? The answer would be embedded financial services.
In the past 10 years, the term ‘disruption’ has been abuzz across business and industry circles. Whether succeeding as a disruptive innovator or defending against a challenger as an incumbent, the nature of innovation has focused on the ability to re-imagine and execute business models. The nature of such business models has shifted the trajectory of demand either to totally non-existent markets or delivered from low-end footholds to scale.
According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, and 9 times more likely to surpass them in customer loyalty.
