Tech Corner

Economics to Economical Values of Artificial Intelligence: A Strategic Perspective | Part 3

Dr. Swapnil Dambe, Ph.D.
Sep 14
4-5 mins

Table of contents

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Economics to Economics value

In Part-2 of this series, I covered the importance of the role of AI Strategist to model the AI Products/Services with the help of iceberg diagram. The intent of this diagram is to help AI Service providers and adopters to visualize and offer reference estimating high-level efforts, cost & ROI for building AI Solutions. Most importantly how one can think about the maturity levels (from contextualization to standardization to humanizing) of AI Solutions as they nurture in designing business transformation journey with AI.

The stated solution building steps and its alignment with the maturity levels would certainly help in increasing the potential of AI & its outcome. The right interpretation and approach towards AI will help businesses to reveal new “Economy” out of it. The AI investors should be able to realize the cost of producing predictions, detection and recommendations. In the business context, the AI Strategists (creative thinkers & problem solvers) should be able to transfer the non-predictable tasks to predictable tasks. Here “Tasks” referred to are enterprise business processes, flows, customer service journeys and interactions as ML only works in the form of precise tasks and not with the overall “work-flows”. Identifying such predictable, detectable, recommendable enterprise business scenarios would positively double the growth and business avenues for AI players.

Transformative Experience Economy

Let’s look into the critical part of Standardizing and Humanizing AI Solutions considering the Evolution of society.

Technological advances have changed the way of making and understanding the things created by humans. Industrial manufacturing, production and other emerging technologies have profoundly transformed the working environments and lifestyles of people. Remarkably where do we find ourselves now – ‘From Industry 1.0 Evolution to Industry 4.0’? I specifically call it “Evolution” as it is positive, incremental and optimal development and betterment of our lives.

We are currently going through the Fourth Industrial Revolution; some portion of it has already been implemented within various industry verticals. This is categorized by the application of information and communication technologies, physical to digital world and autonomous computing which connected the world.

Amazingly, Industry 4.0 symbolises an essential transformation in the way people live, work and relate today. I believe it’s a paradigm shift for humans and their advancement empowered by unusual technological developments. Most importantly the current cyber-physical ecosystem is gradually integrating and uniting the physical, digital and biological world and thus evolving human potential.

In a nutshell, Industry 4.0 is heading towards betterment of human beings. Moreover, it is more than just computational technological focused transformation. It’s an opportunity for mankind to leverage the same and support everyone in order to create all-inclusive human-centric empathetic and futuristic world. The fundamental goal of 4th Industrial evolution is to clarify, simplify and amplify people’s life positively. If you carefully observe the overall incremental growth of people, communities, industries, ecosystems & global economy, it is perceived that initially Humans were not considered as the central part of the entire evolution. Innovators must understand that everything we do is for the betterment of people and society. There is no point in creating “Product or Service Inspired Innovation” as it has to first deal with how exactly innovated products and services are able to alleviate intended customers/users pain areas and their incremental needs. Historically, “People Inspired” innovations always succeeded in the past such as AirBnB, Amazon, Google, Apple etc. to name a few.

In the context of AI/ML, it is mandatory to utilize Human Centered System Development which is aligned towards creative thinking and problem solving approaches. Human Centered approaches help to contextualize the AI Solution for the specific targeted segments to achieve specific goals/tasks. It certainly builds the ability to produce tangible value propositions and positive changes for the businesses & intended customers.

The Human Centered Design Process

Standardizing and Humanizing AI Solution offers significant benefits in terms of ultimate human experience with AI products/services, precise governance, maintainability and scalability of AI Solutions & most importantly the long term ongoing economic benefits such as cost-savings, effort reduction and competitiveness. Standardized AI Solutions always assures the strong relationship with intended customers, clients, stakeholders and partners. Standardization encourages co-creation and collaboration between enterprises & intended customers and help build strong value chain. Truly speaking we all now live in an “Experience World” of Economy and “Transformation” which could be the new stage of Economy . The AI Producers and Investors should prepare themselves to assess, realize, recognize & measure the true value propositions for the end customers in order to deliver industry specific economical solutions.

This article was originally published by him on LinkedIn.

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Dr. Swapnil Dambe, Ph.D.

Dr. Swapnil is Digital Customer Experience Transformation Business Leader, Design Thinking & Design Led Innovation Strategist recognized for successfully incubating and driving new Consumer-Enterprise-Digital initiatives and Enterprise Experience Design Studio Teams, with over 24 years of strong cross-industry cross-function experience.

He has successfully impacted top-line & bottom-line, effectively managed P&L, delivered business outcomes, productivity, and utilization improvement through efficiency, automation, quality initiatives, and pyramid optimization.

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