Swift technological prowess in fields such as robotics, data sciences, artificial intelligence and business analytics are fueling in new work opportunities, while reshaping the existing ones. These technologies themselves are not static and continue to evolve. This has massive implications for the larger economy.Opportunities are available now, but soon we will witness the next wave. Businesses are also looking at different approaches at data warehousing so that a lot of irrelevant information may be filtered out. Only that data is useful which will provide strategic insights. Deriving these insights is also an art, not just a scientific puzzle. Due to the dependence on data, legacy firms’ assets are getting underutilized. The extent of digitization varies unevenly across industries. McKinsey has even formulated a Digital Quotient Score to gauge the score lines for different companies. 84 was considered a high, and lowest was 4, with 34 out of 100 being bang average. Emerging economies are still well behind the developed ones in terms of leveraging its digital potential. Leaders amidst this situation must constantly experiment, learn and scale up fast. Existing business models need to be remodeled. The balance sheet now needs to incorporate intangible digital capabilities too. Humans and machines need to be aligned so they can work together.

Source:https://www.mckinsey.com/global-themes/digital-disruption/whats-now-and-next-in-analytics-ai-and-automation

Uploaded Date:23 June 2018