BLUF

Organisations are changing the way they do business, and the digital transformation is being expedited due to COVID-19.

Summary

The Covid-19 pandemic has provided important lessons for leaders and organisations about digital transformation. Among the most compelling lessons is the potential of data analytics and artificial intelligence (AI). The pandemic has accelerated the adoption of analytics and AI, and this momentum looks set to continue. A survey by The AI Journal found that almost three-quarters of business leaders felt optimistic about AI's role in the future. Not only that, but most of the executives surveyed believed that AI would make business processes more efficient and help create new business models. Innovation and IT author Joe McKendrick argues that AI and analytics became critical to organisations as they reacted to the shifts in working arrangements and consumer purchasing brought on by Covid. Furthermore, organisations will probably guide their efforts into the decade ahead in ways as follows:
  • Understand the power and potential of analytics and AI on organisations.
  • Using AI to alleviate skills shortages.
  • Understanding that AI and analytics can boost productivity.
  • Appreciate that AI and analytics are delivering new products and services.
  • Incorporating AI to accentuate corporate values.
  • Using AI and analytics to address supply-chain issues.
  • Appreciate that any future boom in business growth and innovation will probably be data-driven. 
  • Understand that AI and analytics will probably play a key role in boosting business innovation and encouraging new business models.