Enterprises are at the cusp of evolving into an “Avatar Business.” Companies’ processes are being animated by AI and simultaneously moving and engaging between physical and digital spaces. These new realities bring us closer to an enterprise dynamically built on data and algorithms.
So, what is an “Avatar Business”? What are the implications for our future business models and what is the vision and strategy to shape your data for tomorrow?
Recently, at the Forrester Data & Insights conference, we had the pleasure of hearing a group of AI experts discuss what’s next in AI, specifically how it applies to avatars in business. The panel, including Chris Miller – Capgemini Invent, Abhijeet Bhandare – GE Power, Gareth White – Crunchyroll, and Michele Goetz – Forrester, explored the future of data- and algorithm-driven enterprises.
The panelists reflected on how businesses that generate value through experiences, rather than linear productivity, will leapfrog their competition. It is not just about lean processes and reduced total cost of ownership (TCO). The “Avatar Business” operates in a bi-directional and fluid coexistence, with collaboration between humans and intelligent technology. Cutting-edge firms are already demonstrating how these ecosystems create, execute, and scale out value-based experiences with great success.
Moving to the “Avatar Business” is a significant culture adjustment and will require time to fully take hold. Innovation and ideas can come from anywhere, and data, algorithms, and automation will change the way almost everyone works. You need to keep driving the projects, products, and services that have made you successful while concurrently shifting your entire organization. It is a tall order, but it will lead to success and growth.
Within the next three years, 95% of consumers expect to be using a conversational assistant, including a voice assistant in the car to access information. As more people use conversational assistant technology outside of work, they will expect to be able to use it to be more productive at work. To activate the power of AI and drive innovation, the panelists highlighted a few tips and tricks to help evolve thinking and change mindset:
- Treat every data project differently: Take a strong position on the data that passes through your company and fight for rights to that data. After all, this is the same data that either makes or breaks your AI projects.
- Rethink your recruiting process: The new generation of employees is here, and they will fundamentally disrupt how companies work, recruit, manage, and progress.
- Change management structure: Managers must sell everyone on the new way of working, and executives need to create shorter-term strategic plans and put in place the structure for people to make it happen.
- Find new ways to measure: Traditional metrics do not always apply to automation. Companies have to move beyond the usual to figure out how to keep score in a meaningful way.
- Modify the fail-fast mindset: The idea of failing fast needs to mature. There need to be metrics in place for every project, so you can analyze what happened and if improved processes could have led to a different result.
As Chris Miller stated: “Innovation and artificial intelligence are often at odds with the structures and processes that your business puts in place. But, by creating new ways of measuring progress and success of these innovative AI solutions and finding alternate ways of doing business, such as flattening the organization, you can help accelerate the development and implementation of AI across your business.”
Market disruption is happening so quickly, it is nearly impossible to keep up. The times of linear thinking are over. Algorithms, innovation, and perhaps the next “Avatar Business” will disrupt your industry. Are you ready to include avatars in your business model?
Next, read about why it’s critical for firms to work towards building AI systems ethically.