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By Prasad Rai, Vice President – Applications, Oracle India
The joint forces of the Internet of Things (IoT), Artificial Intelligence (IA) and Blockchain represent an unprecedented opportunity for companies in the public and private sectors. Each institution, which has the capacity to exploit these technologies, will have a clear advantage in streamlining and radically improving existing processes and developing innovative products and services for a new generation of consumers.
While each of these technologies individually presents interesting opportunities for businesses, we think that IoT, IA and blockchain together – their transformative impact will be unprecedented. This is the first time in modern history that three transformation technologies have emerged in the same generation and their whole effect has yet to emerge.
The digital revolution has altered the technological interruption from an unrepeatable event to a constant process. Now, the companies that lag behind will quickly find themselves with an insurmountable gap to close. Here, we will explore how not only can you prepare your business for artificial intelligence and blockchain, but also how to upgrade your organization to exploit them now and forever. The purpose of this is to discuss how cloud can act as an enabling factor and as an accelerator, paving the way for the implementation of any new technology.
AI: THINK OF DATA
Prasad Rai, Vice President – Applications, Oracle India
IoT is the sensitive part of processing technology and artificial intelligence is the part that thinks. Artificial intelligence has the potential to enable rapid and intelligent decision making, to support human intelligence or in place of it. Companies can delegate trivial or complicated activities to achieve a level of precision and efficiency beyond the capabilities of human beings. However, making decisions in the hands of intelligent machines has profound moral, ethical and even theological implications. While artificial intelligence and machine learning are already making intelligent interventions on behalf of human beings, for example in our personal voice-activated assistants, there is work to be done before the machines receive full authority.
Machine learning in action
The knowledge generated by automatic learning will help the company better understand customer expectations, allowing automatic and personalized assignments. It will help in the creation of new goods and services, designed to quickly and accurately meet the needs of modern consumers. Automated learning enhances customer service chatbots, provides marketing information, identifies cybersecurity vulnerabilities, enables customized products and services, and much more. It is difficult to think of a technology with a more significant transformation potential, now or throughout history. Undoubtedly the impact of machine learning on the business will be profound. So, why are not we seeing today more innovative products, products, services and business models based on machine learning? The answer, as with IoT, is that maximizing the business benefits of machine learning can be more difficult than it seems. The implementation of these technologies is not the case to launch a switch and watch it come to life. It is an incremental and long process. Businesses must do some homework to exploit the true value of machine learning in the real world: a) Recognize opportunities for greater intelligence within the business or supply chain, b) Accumulate and store huge amounts of data, both internal and external, structured and unstructured, c) Attracting and maintaining the right talent with the right skills to make the machine work, d) Deeply integrating machine learning in both old and new applications, e) Distribute it on more features, rather than on restricted use cases.
Considering that ethical and moral issues are being imposed to a large extent on the scope of application of AI, the exploitation of machine learning in the enterprise has proved challenging. But the benefits of doing it successfully are abundantly clear. Companies have no choice but to find a way to permeate their business models with machine learning, otherwise they will fall behind more agile competitors. Machine learning is the present, not the future. That's why we need to connect our core applications (ERP, SCM and HCM) with ready-to-use machine learning capabilities. We also need to create automation in our cloud platform services, creating self-driving, self-secure databases, analysis, security, management and more.
Considering the recent media advertising campaign regarding blockchain and cryptocurrencies, one would expect the blockchain to be adopted and implemented more widely now. But beyond that agile fintech novelty, it is still a comparative rarity. The problem is almost the same as the problem with the risk and complexity perceived by the IA. Cost, availability, lack of regulation, untested contracts, risk aversions are some of the barriers to blockchain adoption. Blockchain is undoubtedly transformative. In reality, much of its impact has yet to be explored, even at the theoretical level.
REALIZE TOMORROW, TODAY. AI, IoT and Blockchain
These transformation technologies will bring changes in our professional lives, in our personal lives, in society as a whole. But their impact is not something that belongs to the future or a science fiction movie. Almost all these features are available today. The question is not when, the question is how: how do you take the future forward and strengthen your business to take advantage of the transformative impact of IoT, AI and blockchain? The answers are in the cloud. Without cloud, the implementation of any new technology is extremely difficult. Effectively levels the playing field. With the cloud, even small businesses can access the same power and computing resources of large organizations, while traditional companies can adopt the same flexibility as agile technology start-ups.
The cloud enables innovation, helps reduce IT spending and accelerates the adoption of new technologies. Things to keep in mind when preparing your business for transformation technologies:
- Focus on the big three: Blockchain, AI and IoT.
- Remember that the cloud levels the playing field. You can not get there without it.
- Understand that these technologies are supported by huge amounts of data.
- Appreciate that the adoption of transformation technologies and the realization of their full potential may require a change in business processes or models.
- Remember the cognitive power of AI and machine learning together, they are completely transformative, capable of transforming every sector, sector and line of business in the lead.
A technologically active future has arrived. It's time to carve out your niche. Start your transformation and say BAI!
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