Digital maturity is the process of your company, learning how to respond appropriately to the emerging digital competitive environment. Yet, it’s also not something that your organization, leaders, and employees will instinctually know how to do.
Artificial intelligence (AI)
Sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. Leading AI textbooks define the field as the study of “intelligent agents”: any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals. Colloquially, the term “artificial intelligence” is often used to describe machines (or computers) that mimic “cognitive” functions that humans associate with the human mind, such as “learning” and “problem solving”.
Artificial intelligence can be classified into three different types of systems:
Humanized artificial intelligence.
A distinct correlation exists between an organization’s digital maturity and the use of artificial intelligence (AI), a Cognizant report found. Those lower on the digital maturity curve, who classified themselves as beginners, said they were far less likely to consider themselves advanced in AI. While, digitally mature organizations—also referred to as leaders—currently invest in AI to generate insights from data, rather than just simply collecting the information.
Cognizant’s Investing in AI: Moving Along the Digital Maturity Curve, released on Monday, surveyed nearly 2,500 executives globally to determine what it takes to reach digital maturity, identifying AI as the critical component.
Nearly 70% of respondents cited themselves as leaders in digital strategy, with the top tactics including implementing AI solutions (38%), replacing legacy systems (60%), and analyzing customer needs (47%), the report found.
Cognizant’s significant investments in data science talent, industry expertise, design practices, and technology – including acquisitions – all contribute to a comprehensive AI offering that goes beyond data science and technology. … Additional modules also provide data science and machine learning capabilities.
Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating, and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build, and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 193 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant
“As businesses become more digital, they are generating and capturing more data and also unlocking new forms of data such as unstructured text, images, voice, and sound,” said Bret Greenstein, author of the report and senior vice president of AI and Analytics at Cognizant. “More data doesn’t make you more digital; understanding that data and knowing what it means to your business is the heart of being digital. A digital leader uses AI to gather and understand all the data that matters toto operate in new and more meaningful ways.”
Bret Greenstein is Global Vice-President and Head of Cognizant’s Digital Business AI Practice, focusing on technology and business strategy, go-to-market, and innovation, helping clients realize their potential through digital transformation.
Evolutionary AI use cases
The report referred to the latest advancements in AI as evolutionary AI, which is much more specialized than automating manual tasks. This type of AI can establish causality behind data, as well as predict decision outcomes and prescribe actions that will achieve the best results.
A maturity model is a business tool used to assess the current status of some of the capabilities within an organization and help them to be precise.
The value of AI comes from its ability to process and draw insights from large amounts of data—a volume incomprehensible to humans. Most companies use AI to automate menial tasks, allowing human workers to spend their time on more impactful work, which is why companies plan to double AI projects in the next year.
However, advancements in AI allow companies to do more with the technology, such as optimize algorithms and analyze data that help organizations make educated business decisions.
Evolutionary AI unlocks two powerful concepts, according to the report. The tech allows companies to create a virtual representation of business and optimize the business through simulation. A virtual image is created via a model of business performance data and past decisions. And instead of testing ideas on real people and machines, AI allows ideas to have experimented virtually.
Most human resources (HR) departments are on their way to becoming more digital, and the few that have already arrived are reaping a variety of benefits. Many companies are not yet wholly or primarily digital when it comes to HR. Only 40% of HR professionals report that in their departments, either “virtually everything is digital” (7%) or “many things are digital” (33%). It is promising, however, to note that nearly two-thirds of HR professionals believe their departments will become much more digital over the next two years.