In Part-2 of this series, I covered the importance of the role of AI Strategist to model the AI Products/Services with the help of an iceberg diagram. This diagram intends to help AI Service providers and adopters to visualize and offer references estimating high-level efforts, cost & ROI for building AI Solutions. Most importantly how one can think about the maturity levels (from contextualization to standardization to humanizing) of AI Solutions as they nurture in designing business transformation journey with AI.
The stated solution-building steps and their alignment with the maturity levels would certainly help in increasing the potential of AI & its outcome. The right interpretation and approach towards AI will help businesses to reveal a new “Economy” out of it. AI investors should be able to realize the cost of producing predictions, detection, and recommendations. In the business context, the AI Strategists (creative thinkers & problem solvers) should be able to transfer the non-predictable tasks to predictable tasks. Here “Tasks” referred to are enterprise business processes, flows, customer service journeys and interactions as ML only works in the form of precise tasks and not with the overall “work-flows”. Identifying such predictable, detectable, recommendable enterprise business scenarios would positively double the growth and business avenues for AI players.
Let’s look into the critical part of Standardising and Humanising AI Solutions considering the Evolution of society.
Technological advances have changed the way of making and understanding things created by humans. Industrial manufacturing, production, and other emerging technologies have profoundly transformed the working environments and lifestyles of people. Remarkably where do we find ourselves now – ‘From Industry 1.0 Evolution to Industry 4.0’? I specifically call it “Evolution” as it is positive, incremental, and optimal development and betterment of our lives.
We are currently going through the Fourth Industrial Revolution; some portion of it has already been implemented within various industry verticals. This is categorized by the application of information and communication technologies, physical to the digital world, and autonomous computing which connected the world.
Amazingly, Industry 4.0 symbolizes an essential transformation in the way people live, work and relate today. I believe it’s a paradigm shift for humans and their advancement empowered by unusual technological developments. Most importantly the current cyber-physical ecosystem is gradually integrating and uniting the physical, digital, and biological world and thus evolving human potential.
In a nutshell, Industry 4.0 is heading towards the betterment of human beings. Moreover, it is more than just computational technological-focused transformation. It’s an opportunity for mankind to leverage the same and support everyone to create an all-in clan using a human-centric empathetic and futuristic world. The fundamental goal of the 4th Industrial evolution is to clarify, simplify and amplify people’s life positively. If you carefully observe the overall incremental growth of people, communities, industries, ecosystems & the global economy, it is perceived that initially Humans were not considered as the central part of the entire evolution. Innovators must understand that everything we do is for the betterment of people and society.
There is no point in creating “Product or Service Inspired Innovation” as it has to first deal with how exactly innovated products and services can alleviate intended customers/user's pain areas and their incremental needs. Historically, “People Inspired” innovations always succeeded in the past such as Airbnb, Amazon, Google, Apple, etc. to name a few.
In the context of AI/ML, it is mandatory to utilize Human-Centered System Development that is aligned towards creative thinking and problem-solving approaches. Human-Centered approaches help to contextualize the AI Solution for the specific targeted segments to achieve specific goals/tasks. It certainly builds the ability to produce tangible value propositions and positive changes for the businesses & intended customers.
Standardizing and Humanising AI Solutions offers significant benefits in terms of ultimate human experience with AI products/services, precise governance, maintainability, and scalability of AI Solutions & most importantly the long term ongoing economic benefits such as cost-savings, effort reduction, and competitiveness. Standardized AI Solutions always assure a strong relationship with intended customers, clients, stakeholders, and partners. Standardization encourages co-creation and collaboration between enterprises & intended customers and helps build a strong value chain. Truly speaking we all now live in an “Experience World” of Economy and “Transformation” which could be the new stage of Economy. The AI Producers and Investors should prepare themselves to assess, realize, recognize & measure the true value propositions for the end customers to deliver industry-specific economical solutions.
This article was originally published by him on LinkedIn. Read our blog on Predictive analytics: The key to improve business performance