6 March 2020

Why do CEOs need Data Analytics and Artificial Intelligence?

The current economic context happens at a frenetic pace and is characterized by gigantic market competitiveness. This is a huge challenge if we consider the ability that organizations have to plan and adapt their decisions for the future. Therefore, it is an obvious sign that organizations must anticipate several scenarios, whether are made of opportunities or risks.

However, this anticipation of scenarios places us in two different situations. The first one is the assumption that there is no anticipation of scenarios from organizations. The second one is related to the hypothesis of making uninformed assessments or based on inaccurate or even incorrect data. In both situations, the consequences are evident and can be translated, into a higher difficulty to understand, where the organization should be positioned, where to innovate, lead, what are the costumers’ needs, how to face the competition and in which areas should be the investments channelled.

Thereby, it is essential to obtain several data from our activity, to take maximum advantage at the strategic level, and thus transform the generated insights into competitive advantages.

According to IDC forecasts, in 2019, more than 50% of the 500 largest Portuguese organizations will present a team dedicated to digital transformation. And, by 2033, 60% of the G2000 organizations will have a digital development ecosystem with thousands of developers and half of these organizations will generate more than 20% of their digital revenues through their digital ecosystem/platform.

These data reinforce, not only the importance of these specialised teams but also the importance for organizations of having a solid technological basis, which is capable of supporting the entire machine and analytical processes.  Such as, it is undeniable that the success factor of organizations goes through the transformation of data into insights, and the focus on Data Analytics and Artificial Intelligence (AI) solutions builds a strong and assertive set of analytical skills.

Thereby, the CEO has a fundamental role in the strategy of preparing and adapting the organization, and the respective teams, for this digital future, and new decision-making methods, always bearing in mind that the organization’ success will depend on how decisions are grounded and implemented.

Data Analytics and Artificial Intelligence solutions play a fundamental role in the CEO’s work and the entire organization and allow to monitoring in real-time the operations, and therefore, it is possible to respond immediately to challenges, which enhances the performance increase and higher involvement in all the organization’s processes.

The CEO must be able to have access to important and reliable insights, that make possible to have an overview of the organizations’ performance and activities, allowing that assertive and accurate decisions can be made anytime and anywhere.

In short, technology offers CEOs the opportunity to streamline their processes, make more informed decisions, optimise business, generate more opportunities, analyse the performance of their teams, better understand the competition, and anticipate market trends.

In a market characterised by digital transformation, technological solutions allow organizations to remain competitive and increase business profitability.

 

 José Oliveira BI4ALL
  José Oliveira         
        CEO