As a business solution provider what best a Executives Forum could offer you make a real connections. Most of the business problems occur due to improper decisions related to outsourcing, selecting the wrong vendor or carrying out delivery tasks without sufficient resources.
Recently a report on global B2C marketing automation company details the company’s burgeoning impact on the digital marketing industry. The report leverages on cloud services for all its marketing, focuses on the company’s core artificial intelligence (AI) and machine learning capabilities, and firmly plants the company as a promising mid-market suite that reduces silos across the enterprise.
What better a place could be than Executives Forum facilitated by Top5Optimizers to learn from all of this in one place.
A company’s strategy is the game plan business owners and management use to position their organization in its chosen market area, to compete successfully, satisfy customers, and achieve good business performance.
Business leaders at Top5Optimizers Sme Supply Chain pay attention to the developments in the world because they are intertwined with market forces that affect consumers and demand. They have to adapt their business strategy to a constantly shifting environment. Thus, learning from Executives Forum makes it easy to learn and benefit in many ways.
Keeping a watchful eye on technical innovation is vital to develop a clear vision for the future of any business. But effective strategies for success depend on managers and executives avoiding hidden blind spots and investment decisions that obscure the way forward. Last year, according to World Economic Forum figures, private sector global spending on digitizing business operations exceeded $1.2 trillion dollars, yet just 5% of executives reported being satisfied with the results. In most industries the transition from analog to digital is one of the biggest challenges facing business leaders today. There are 8 common mistakes executives make.
Finding the best way: As with most human activity, planning is everything. The digitization process is a unique opportunity for executives to take a good hard look at their enterprise and ask some important questions:
What digital activities are already underway?
What will the industry look like in 5, 10 or 20 years?
What strategies can the company employ to succeed in a digital future?
What is the end goal of the transition from analog to digital?
Understanding where the business is attempting to go should help avoid some of the following bumps and wrong turns in the journey. Most of the common mistakes executives make with the digitization process relate to investment. Nearsighted investments focus too heavily on the short term, giving insufficient consideration to an organization’s long-term needs. While, farsighted investments focus on future needs with scant attention given to immediate development, which undermines current performance and impacts future goals.
Even when the current and future needs of a business are given equal consideration blind spots can occur, as parts of the business are overlooked by investment and turn into points of weakness that disrupt overall performance. Putting a coherent strategy in place directs funding to areas of the business most in need. As well as scheduling where and when to invest, this strategy prevents executives making “scattershot” small investments without an overall funding plan.
Mind your own business As each organization is unique, no two paths to a digital future are the same. The structure of a business can influence its digitization journey, with heavily centralized companies at risk of suffering from a rigid chain of imposing policy from on high. Similarly, command structures that encourage parts of the business to operate as independent units, or islands, can duplicate investments which also duplicate costs. Every six months the management should ask these questions:
How the digitization of work affects us all?
Why a futuristic digital healthcare system, might not be out of reach?
How can we build a workforce for our digital future?
Enabling change Aside from investment decisions, another common area where mistakes are made relates to the balance of resources and their application. A company’s data, technology, operating model and talent either work to enable digital progress or hinder it. Some companies focus too heavily on building up these enablers, without considering if additional staff, technology and data capacity add value to the business. Whereas, the digital transformation of other companies suffer from a lack of resources to accommodate spending on new business applications.
The new digital reality Image: WEF The pace of technological change is impacting the business and social worlds faster than ever before. A new digital reality is emerging where 85% of customer interaction will take place without humans and where 65% of today’s young will grow up and work in industries or jobs that don’t yet exist. Companies that successfully bridge the gap from analog to digital are in prime position to fully embrace the opportunities offered by a digital future.
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One of the most misunderstood terms in technology is artificial intelligence. There have been several arguments of how this could result into a very disturbing concept for the human race. However, without knowing, the cognitive system is already in use and even appreciated by all who fear its effect. Some argue that it will cause several distortion especially unemployment. However, artificial intelligence are managed, maintained and even coded by humans. This is an employment means, instead of unemployment.
What this simply means is that artificial intelligence can help to improve human life and reduce stress. Here are the benefits of artificial intelligence.
Insight in Marketing and Business
Data is probably the most important raw material for the transformation of an economy to a digital economy. However, this raw data are hovering in the air untapped, unprocessed, and useless. It can be deployed for data mining, and processing of big data in a few minutes to provide information on business insights.
One of the movies that displayed to a high extent what Artificial Intelligence can really do is the 2012 BattleShip. Artificial intelligence can be deployed in the detection of fraud by data analysis of several fraudulent behaviors. The system can trace out links and possible direction, which a fraud is most likely to take through the application of artificial intelligence, which involves Data analysis of previous record deployed in a cognitive system to track, trace, and even be totally be aware of possible fraudulent action before they occur.
Speedy Input and Management of New Information
Over the years, companies are constantly seeking ways to manage date, speedily input them and also recover them when needed. This has go through different series of improvement from introduction of filing to several other storage methods. However, data can be imputed at a faster rate and also be fast in recovery, and arranging every single file accordingly without time wastage by the use of artificial intelligence.
Big Data Analysis
For every company, organization and even the government, decision-making is a very vital role to play. A single error could cost a lot or possible bring the organization to a ruin. There are possible millions of data that need to be analyzed to make sure that every single aspect have been viewed before decisions are taken. Big data analysis helps to extract, analyze and compress raw information to assist in decision-making.
Since the evolution of the industrial sector, the improvement of technology has always recognized and work along side automated systems to improve works. Introductions of artificial intelligence in hotel bookings, tractors and factory machine are all speedily becoming automated with a lot of advantages as to minimizing waste, decreasing errors and improving production.
As business, begin to plan their improvement and growth; it has become paramount to introduce different measure that will assist in achieving this goal. Artificial intelligence has come to play that very pressing role that can transform the face of a business, a government and even an entire economy from just a regular way of getting things done to a more sophisticated means.
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