Qikspace was started as a research company and before developing the Qikspace product it spent 8 years
analyzing data issues, contextual relevance and the deployment of ML & AI solutions. The following is a
few of the conclusions about how business is evolving and what companies can do about it:
1. Leverage Technology: Technology is improving all aspects of our personal and business lives. Technology not only has an impact on your business operations but also on how customers interact with the business and how employees do their work and find satisfaction in their work. To leverage technology efficiently it must reduce the friction involved in the interaction and add value beyond the previous method. To prepare an organization to take advantage of the latest offerings it must understand its core competencies, evaluate its current and historical data and decide how to integrate a new solution set. Integration is always the hard part, people will talk about cleaning up the data, but the most important data is the 80% which is unstructured and will need to be contextualized and structured before it can become useful.
2. Adapt to Industry Shifts: Take time to see how your competitors are changing their business models and how up-and-coming fringe competitors can disrupt how your business or industry segment operates. Take time to review how others are deploying Integrated Solution.
3. Make Use of All Data: This is the information age. The volume of information is ever-increasing, the velocity of information is increasing, the disparity of information is increasing, and employee tenure is decreasing. It is no longer possible to manually track and analyze the information bombarding the company and its employees, an AI empowered approach is required. Providing your individual employees and teams to be as innovative and progressive as possible they need better information and tools than the competitors.
4. Accurate Forecasting: How far out are your forecasts accurate? Are you even doing comprehensive forecasts? Understand today’s tools are often very limited and need sector-specific knowledge to visualize any anomalies and detect outlier data that might be distorting the forecast.
5. Tighter Business and Project Controls: Integration of human efforts and technological augmentation allow quantum leaps in the ability to control and monitor operations. Don’t forget that having the latest information is not always the important part, sometimes you need to see the origin and versioning that took place. Knowing the version history, of data and interactions, enables faster error detection and correction.
6. Increase Productivity & Operating Efficiency: All the previous steps are fruitless unless you increase the operating efficiency, increase productivity, and increase your market share, and profitability.
David A. Smith