AI for Enterprises-The Value Paradigm By Venkat Subramanian VP Marketing at Bridgei2i Analytics
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AI is here, call it buzz, cause it a bubble, we are smack in the middle of an AI revolution. While there is a strong view building about consumer AI applications, there still seems to be some scepticism about AI for enterprises, primarily due to the lack of clarity and focus on how AI can actually deliver value for enterprises. At BRIDGEi2i, we believe it is important to have a non-fragmented view of the AI ecosystem and a “Value Roadmap” for AI in the enterprise context. As CxOs, it is important to understand where the enterprise is in the transformation journey and define value accordingly. This talk will throw light on how to look at the enterprise AI ecosystem and build the right roadmap for value.
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AI for Enterprises-The Value Paradigm By Venkat Subramanian VP Marketing at Bridgei2i Analytics
- 1. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 1 AI for The Value Paradigm Enterprises
- 2. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 2 Consumer AI is driving New Enterprise Business models Data Explosion ++ Intelligent Chatbots Smart Speakers Facial Recognition Systems Autonomous Cars Velocity Sensors Variety Text, Image, Video Volume Web traffic Analytics + AI New Enterprise Digital Business Models Powered by AI
- 3. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 3 AI for Enterprises – The Emerging story Spend $35.8 billion $79.2 billion in 2019 in 2022 $3.5 to $5.8 trillion Value Potential Source: McKinseySource: IDC
- 4. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 4 AI for Enterprises – Future is promising, but adoption has challenges Expectations for AI adoption across industries: impact on offerings To what extent will the adoption of AI affects your organization’s offerings today and five years from today? Percentage of respondents who expect a large (“a lot” or “great”) effect on five-point scale Data Challenges Need for massive data sets, difficulties in explaining results, generalizing learning, and potential bias in data and algorithms Organization Challenges Challenges around technology, processes, and people can slow or impede AI adoption Societal Concerns & Regulations Use and storage of personal information is especially sensitive in sectors such as banking, health care, and pharmaceuticals Value Realization The cost and complexity of deploying AI may simply not be worthwhile, given the value that could be generated. Data and techniques are maturing, but the value is not yet clear.Source: Forbes
- 5. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 5 AI for Enterprises – A deeper look Timeline Why Adopt? Phase 2015 2018 2025 2035 Try something new or A Hype Hype Phase Solves a problem Correction Phase Part of day to day life Determination Phase INNOVATORS EARLY ADOPTERS EARLY MAJORITY LATE MAJORITY
- 6. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 6 AI Adoption – Innovators Operational Effectiveness Functional Transformation Smart Appliances Preventive Maintenance Enterprise Sales and Marketing Supply Chain Planning Personalization Chatbot and Virtual Assistants Customer Experience Product Innovation Enterprise Technology Ecommerce Enterprise Technology Use Cases 41% of Tech companies are launching or modifying new business models in the next 2-3 years Source: IBM
- 7. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 7 AI Adoption – Early Adopters Operational Effectiveness Smart Appliances Customer Experience Product Innovation Retail Use Cases At 40% CAGR, AI in Retail market size is expected to cross $8 billion mark by 2024 BFSI Retail Healthcare Automotive Predicting & influencing customer behavior Chatbots for customer support Tracking customer satisfaction In-store assistance Eliminating overstocks and out-of-stocks Price Optimization
- 8. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 8 AI Adoption – Early Majority Data powered sales activation Professional Services CPG CPG Technology Use Cases Operational Effectiveness Functional Transformation Individualized store assortments Demand forecasting RoI measurement for marketing spend With AI and advanced analytics at scale, CPG companies can generate more than 10% revenue growth Source: BCG
- 9. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 9 AI Adoption – Late Majority Operational Effectiveness Customer Experience Product Innovation Education Use Cases Personalized learning Chatbot and Virtual Assistants Automation New efficiencies Education Oil & Gas Global Learning Smart content Virtual Facilitators AI-enabled e-Learning tools will reach over $6 Billion in market size by 2024 Source: elearningindustry.com
- 10. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 10 AI Adoption – Value drives adoption INNOVATORS Pan-Enterprise Transformation EARLY ADOPTERS Customer Experience & Operational Effectiveness EARLY MAJORITY Growth LATE MAJORITY Innovation No matter where you are in the curve, there is potential for value realization Value is most tangible when adoption is tied to business outcomes Extent of Adoption and value are tightly correlated
- 11. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 11 AI Adoption – Value view of AI Consumer Business Business New types of data Value: Build a robust data ecosystem, drive better visibility and control Data-driven decisions Value: Real-time insights and recommendations delivered across the enterprise, at the point of decision making Superior CX, Innovation for better lives Value: Customer focused decisions drive growth and make lives better
- 12. © Copyright BRIDGEi2i Analytics Solutions Pvt. Ltd. All Rights Reserved. 12 AI for the Digital Enterprise Big BRIDGEi2i Logo here www.bridgei2i.com | www.humansofanalytics.com Head over to BRIDGEi2i’s Humans of Analytics booth And get a chance to share your story with the world