PhD Holder and result-oriented Director with 25 years experience with involvement in all levels of Business Strategy, Sales and Marketing, Managing Project and Product Development. Aside of managing a company, he is also the best corporate trainer and public speaker in seminar and conference.
Data Science and AI: A Powerful Combo to Boost Competitive Advantage
"Consumer data will be the biggest differentiator in the next two or three years. Whoever unlocks the realms of data and uses it strategically will win." - Angela Ahrendts, Former Senior Vice President of Apple
Aligned with what Ahrendts stated, data in this digital era has been the most important source of fuel for business. Business leaders in the world assume that data can provide an invulnerable competitive edge as it informs better products, attracts more customers, and ultimately marginalizes competitors.
To deliver the best business outcomes, companies need to manage and analyze their data efficiently – to drive innovation, transform customer experiences, and unlock new revenue streams. Hence, data science and artificial intelligence (AI) have now become a powerful combo to boost competitive advantage which will lead to business growth.
Data Science and AI - The Powerful Combo
In business, data science refers to using an analytical method to solve problems and make decisions by evaluating data. On the other hand, AI simply refers to the use of intelligent computer software with human-like characteristics. Data Science and AI are proven to be able to improve customer experience, increase productivity and efficiency, accelerate growth, and retain a competitive advantage.
"AI is set to be the key source of transformation, disruption and competitive advantage in today's fast changing economy." - PwC
McDonald's, the world most famous fast-food restaurant, is using big data and AI to maximize their business. They updated their mobile app that allows customers to order and pay easily via their mobile devices. In return, they collect essential information about their audience to see what foods and services customers order, or how often or even whether they visit the drive-thru or dine in. This data later will be used for more targeted promotions and offers.
How The Powerful Combo Boost Competitive Advantage
"If you don’t have a competitive advantage, don’t compete." – Jack Welch, Former Chairman and CEO of GE
A short yet powerful sentence above was stated by Jack Welch, former Chairman and CEO of General Electric (GE). In this fast-changing and digital era, companies must have a competitive advantage that will be a differentiator with their competitors. The combination of data science and AI will make it happen.
Data science helps companies to make decisions using important insights and powerful analytics. AI, on the other hand, assist businesses in implementing and automating analytical processes to assist them in making data-centric decisions based on generated or acquired data.
Data science, along with AI, aids enhanced business analytics that support the company's essential demands and requirements. Many business challenges can be solved with data science and AI, including anticipating the optimal courses of action for a company or even pre-determining the outcomes of certain business actions.
Data science benefits companies in all fields, and AI is now capable of doing practically any type of task from any industry, which can accelerate the company’s growth and competitive advantage.
Find out more about how companies can boost competitive advantage through data science and AI at Indonesia International Digital Innovation Summit 2021 on December 16th, 2021!
Secure your seat now! FREE registration at https://i2dis.multimatics.co.id/#register
Reference:
Anand, S. (2021, September 22). What Is the Future of Data Science and Artificial Intelligence? Blogs & Updates on Data Science, Business Analytics, AI Machine Learning. https://www.analytixlabs.co.in/blog/data-science-and-artificial-intelligence/#sub3
business.com editorial staff. (2020, June 8). How to Use Data Science to Get Ahead in Business. Business.Com. https://www.business.com/articles/how-to-use-data-science-in-business/
Ferreira, K. (2021, August 5). How Data Science For Business Can Help You Gain Knowledge About Customers. Rock Content. https://rockcontent.com/blog/data-science-for-business/
Greer, M. (2018, September 24). Exhaust into Fuel: Turning Data into a Strategic Business Asset with AI. EDGE Sirius. https://edge.siriuscom.com/data/exhaust-into-fuel-turning-data-into-a-strategic-business-asset-with-ai