Dubai – This will provide a constant stream of income.
Having a data strategy won’t make much of a difference for an organization unless it’s aligned with that company’s business strategy, experts said.
Speaking at the Artelligence 2021 forum, industry experts highlighted how a strong data strategy that complements an organization’s long-term goals will provide a steady stream of revenue.
“Your data and your AI strategy should be mapped to your business strategy,” said Utpal Chakraborty, head of artificial intelligence, YES Bank, India. “As an CIO, you need to have your own vision with a strategy that encompasses the goals of the organization. Watch 360-degree data capture and hyper-personalization for your customers. We need to understand that due to the Covid-19 pandemic, the focus is on delivering your services through digital channels. The AI will help you a lot that way.
Faisal Ali, chief information officer of Gargash Group, however, cautioned organizations about the business environment in which they operate. The bulk of UAE businesses are SMEs, he said, and often they cannot afford the expense of adopting a broad data strategy like those used by large companies. . Instead, he urged companies to take a “microscopic approach” to AI and data.
“Scale plays a very big role, but so does reuse,” he said. “Take, for example, a restaurant that looks at its point of sale (POS) to review orders. You don’t need big data analysts to figure out which dishes are popular and when. It is enough to use a simple algorithm built to them and provided as a service. They will be able to identify a trend such as dishes and ingredients that are popular with customers for a certain period. The owner can then go to the chef and tell him to create a dish with these ingredients for the next season.
That is, he said, the beauty of reusable digital assets. “Provide them as a service to businesses in general and SMEs in general; let them plug it into their environment and create their own intelligent data-driven AI. “
Lareb Poonawala, Director CIO / IT Saudi Arabia, Procter and Gamble, took a similar approach where she spoke about the importance of being in touch with what consumers are looking for at any given time. Looking at the trends that have accelerated in the post-Covid-19 world, she has identified and highlighted personalization and personalization.
“Consumers today are inadvertently giving us so much data,” she said. “As a result of that, we realized that they no longer wanted common solutions. They expect us to know them and do something about it. With this in mind, we envision mass but targeted marketing, where we want to leverage the first and second party data that we get from our customers to catch them at the right time and with the right product.
She also cautioned companies to be aware of the demographics of the market. “You have to know who is a millennial, who is ready to start a family, who is focused on his career, who might need a new washing machine; create a consumer ID for one-to-one marketing. For retailers, we urge to create smart carts at the individual store level that take into account their previous sales, what neighborhood stores are buying and the basket size in that particular store.