Artificial Intelligence: The Journey Ahead To The Top

To this extent, the deluge of data also increases the risk of data fraud. Thus, another key challenge now is to implement strong data privacy and security protocol.

Additionally, there has been a misunderstanding about how AI is used in general. When we are talking about enhancing data analytics or machine learning with AI capabilities, they are not the only application of AI. The technology has gained particular attention in its application in chatbot and as human-to-machine interfaces. Especially, with capabilities like text-to-speech recognition, visual and voice recognition, AI has found its latest application in virtual assistance like popular voice smart speakers Alexa and Google Home. So, as all these data become available to us, we need to streamline these interactions and put them in context before applying them for a decision-making logic.

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Best Practices for CIOs

In our journey to capture customer data, we also need to remember the key principle is transparency. Gone are the days when businesses would operate behind the smokescreen of fine prints. If they want to strike a close and harmonious relationship with their customers, businesses must understand that customers are the owners of their personal information. So customers must know how and where their data will be used, and if they are to trust companies more, they should be able to decide not to share their personal information. To achieve this level of transparency, companies need to set up strict internal guidance and procedures around how they use customer data and who they further authorise to use the data.

My Advice to CIOs

Many companies today look at AI to speed up their processes. But the focus should be on AI’s ability to offer precise information at the right time at the right place. From the aspect of contextual data, precision to process the information is more important than speed to mine the data. If the quality of your data is weak, then using AI, machine learning, or analytics-driven processes might create more harm than good. Key decision-makers need to have a good understanding of AI and its broader applications, and they should be able to educate others when required. We need to understand, AI is not a magic technology that we integrate with a process, and everything starts working. Instead, it is a journey to demystifying the realm of AI and put that to our best of uses.