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Unlocking value: Strategic AI investments for business success
Written by Cognizant Benelux
4 July, 2024
In the era of digital transformation, the strategic integration of AI is becoming a cornerstone for business success. Cognizant, in collaboration with CIONET, has produced a comprehensive research report titled "The game of value: In the AI-enabled organization." Based on interviews of 30 CIOs, CDOs, and digital leaders across Belgium and Netherlands, this report delves into the multifaceted process of identifying and investing in AI projects that yield the highest value.
The research, guided by Pierre Marchand, Cognizant’s Chief Data Strategist, emphasizes the critical alignment of business and IT strategies. Utilizing frameworks like objectives and key results (OKRs), organizations can bridge the gap between strategic business objectives and IT initiatives, ensuring AI investments deliver on their promise.
Data products and collaboration: The backbone of AI success
Effective AI adoption relies heavily on well-defined data products that are organized in a common marketplace and reused to boost efficiency and reduce costs. The value of investments (VOI) framework is pivotal in prioritizing use cases and data products by their contribution to OKRs, taking into account multiple value drivers.
Moreover, fostering collaboration between business, IT, and data stakeholders is essential. The synergy created through this collaboration enhances productivity, process efficiency, and unlocks new business opportunities. Success in AI initiatives also hinges on foundational elements like data quality, governance, architecture, and a data-centric culture.
Aligning business and technology perspectives
Aligning the differing perspectives of business stakeholders and technologists requires clear communication, joint strategic planning, integrated decision-making, and ongoing education. Establishing regular communication channels, shared strategic goals, and balanced metrics are effective strategies to ensure comprehensive understanding and alignment.
The future of AI-enabled organizations
Looking to the future, AI is set to redefine organizational structures and roles. Emergent roles like AI Product Managers and Data Ethicists, along with cross-functional AI teams and decentralized data ownership, will become the norm. Enhanced collaboration, continuous learning programs, and a focus on ethical AI practices will be essential.
For businesses aiming to navigate the complexities of AI investments, the insights from Pierre Marchand offer a roadmap to achieving meaningful and sustainable outcomes.
To delve deeper into these strategies and more, download our full report.
