AI has pushed the frontier in domains such as health, B2C segment (such as online shopping), language translation, cybersecurity that were unimaginable a few years ago due to cheap computing power and large amounts of data to train the algorithm. This trend will continue for many years to come. AI technologies have matured and found application in consumer technologies thanks to large amounts of training data. Now, we see AI taking roots in B2B and enterprise solutions. We are in exciting times. Some of these technologies can be seen leveraged in B2B to provide breakthrough innovations in how business teams discover the right software for their digital transformation.
Two crucial aspects that have accelerated digital transformation are a Cheap Computing Power, and Algorithmic Breakthroughs In Deep Learning. Newer technologies in AI and ML have used cheap computing and abundance of data to smartly use a trick called information bottleneck to tradeoff the noise and complexity to learn with noisy data and also transfer the learnings smartly. The basic principle here is that if there is a lot of data, then by compressing the information one can pick up patterns that matter and ignore those which are noisy.
Here are five things to keep in mind to maximise your gains from digital transformation; 1. Be rooted in your business needs. There is no need to compromise on your needs. Every business is unique. Both Dell and HP sell PCs that barely differ from each other. Yet, nobody can say HP and Dell are the same. There are so many unique solutions there that you will always find a near-perfect match for your needs.
2. Be aware of Peer experiences. They can be excellent stepping stones for your experimentation and success.
3. Be future proof. Peer experiences tend to be retrospective. Don’t forget to listen to the experts about what the future portends. Your best decision always involves what has worked — and what is around the corner.
4. Be agile. With verticalized software solutions, byte-sized solutions, it is now possible to experiment and tune your strategy faster and better. Digital transformation is all about agility. If you need to manage your advertisement on TikTok, you just need something to do it (and it works seamlessly with your existing solutions). You don’t need full-fledged ad management software. If you are not agile in your software selection and execution, don’t expect your transformation to quickly take you to the next level.
5. Be relentless in your differentiation. I was talking to some of the software vendors in the so-called “Conversational Intelligence” category. The leader in the category is frustrated because he wants to be known differently as Revenue Intelligence. One of the emerging players is frustrated with the category classification because they want to be known for behavioral coaching. My recommendation to both of them is the same. Don’t try to position yourself in a category.
One of the biggest inhibitors for a successful digital transformation is the selection of the right software solution. Most managers are not technologists. Matching a technology solution that best solves a business need is challenging as each business need is unique. Every software product is different too, as they are designed to solve very specific use cases. Selection is complicated as any choice needs to fit into the business’s existing technology stack and meet the security and compliance needs.
AI is democratising technology to break these barriers and help non tech leaders manage their businesses more effectively.
The above content is written by Mr. Krishna Prasad, Co-Founder at Cuspera. He is a successful tech entrepreneur with a background in business, technology, research and sciences.