Master Data Management

Generative AI readiness: Transforming data into strategic assets

Just a decade ago, data had a supporting role in any business, with IT departments using it as a technical resource to benchmark performance against goals and understand the current status of the business. With advancements in analytics capabilities, data has then been transformed into a valuable business asset, leveraging predictive analytics to anticipate market dynamics and guide company strategy.

The next step has been to use AI for data analysis, leveraging principles of data science, machine learning, and deep learning to integrate predictive analytics into operational decisions. These operational decisions create more data, which again feeds into AI analytics for prescriptive analytics, where AI drives the business strategy.

But how has data been able to transform into a strategic asset, and what role does it play in modern businesses?

Role of data in a business

Often mirroring the importance and potential of oil, data reigns supreme as one of the most valuable assets in the modern business ecosystem. A business that can effectively collect, analyse, and leverage data has the insights and agility to sustain a competitive edge.

Not only can data demystify customer behaviour and market trends, but it can also fuel innovation when it comes to operational decisions and strategic planning for a business. Furthermore, integrating data analysis and AI can help enhance business performance through predictive insights and automated solutions. Therefore, data not only plays an instrumental role in building a competitive edge but is essential for survival as well.

AI analytics

With data playing an instrumental role in modern businesses, AI analytics – a fusion of AI and data analytics – is allowing them to leverage advanced machine learning and AI algorithms to process vast amounts of data in real time. As the volume of data continues to grow, diverse applications of AI analytics are becoming apparent in uncovering hidden patterns and insights, detecting anomalies, and making data-backed decisions for improved efficiency.

Acting as a pivotal strategic asset for businesses, AI for data analysis has several applications, including:

• Automated data preparation
• Advanced predictive analytics
• Natural language processing
• Anomaly detection
• Personalised recommendations

With its wide array of applications, integrating artificial intelligence and business strategy can help improve customer insights, streamline operations, assess and manage risks, ensure security in the physical world, segment the market, and allocate resources for better business outcomes. By harnessing such AI-driven insights, businesses can gain a competitive edge in the contemporary, fast-paced business landscape and achieve sustainable growth by embracing innovation.

Using generative AI in business

Traditional strategic planning methods – even the ones that leverage AI for data analysis – primarily rely on past or present data to establish patterns or anticipate market dynamics when making data-driven decisions. However, generative AI in business is transforming the ability to imagine potential business scenarios and the strategic planning process.

Here are some ways you can leverage generative AI services for more effective strategic planning:

• Using the right prompts can help you uncover novel market insights and strategies that can help you address challenges and achieve your goals while simplifying the strategic planning process.
• Generative AI can calculate hundreds of potential scenarios, strategic planning elements, or outcomes with a single prompt. Using these insights, you can further leverage the creativity and innovation of generative AI services to future-proof your strategic planning.
• Generative AI can also act as a virtual focus group, simulating customer, competitor, or regulator response to your actions, allowing you insights into potential pain points, preferences, and improvements.
• You can also summarise your strategic plans and reports in seconds with the help of generative AI tools to understand how different stakeholders will interpret them or act on them.
• Generative AI aids in modern logistics operations by optimising route planning, predicting demand, and improving inventory management. It generates efficient schedules, forecasts demand patterns, and optimizes warehouse layouts, enhancing overall operational efficiency.
• You can optimise content creation with generative AI tools, summarising your key findings, preparing reports, or designing presentations that outline your strategic plan. You can also create visual content to illustrate your data, making it easier to understand for different stakeholders.

AI in business strategy can give you and your team the necessary insights and tools to understand the market dynamics, anticipate challenges, and leverage opportunities as you move forward in the digital economy. AI is set to reshape the strategic planning process as we know it, and being an early adopter of AI business strategy can be the difference between success and failure moving forward.

How can Infosys BPM help you leverage AI for data analysis?

Data is the bedrock of survival, success, and competitive edge in the contemporary business environment. And if you can leverage AI for data analysis and implement generative AI in your business, you can make your strategic planning future-proof. Infosys BPM Generative AI Business Operations – a suite of AI-first, ready-to-use BPM-focused solutions – can help you achieve just that by reimagining your business processes. So, usher in rapid technological innovation and transform your data into a strategic asset with Infosys BPM.