The Role of AI in Business Transformation: Creating the Impossible

The following leaders discuss AI’s role in enabling businesses to become agile, efficient, and customer-centric in the session “The Role of AI in Business Transformation - Creating the Impossible.”  The session was presented at the CDO Midwest Summit 2022,  hosted by CDO Magazine and ComSpark.

• Todd James, Chief Data & Technology Officer, 84.51˚

• Dave Ramsey, Director, Product Analytics, Macy's Inc.

• Dennis Kettler, Global Head of Enterprise Data Solutions, FIS

• Jarrod Anderson, Senior Director, Artificial Intelligence, ADM

Mark Johnson, Vice President of the Southwest Ohio Regional Market, Fusion Alliance, moderates the session.

At the outset, Anderson emphasizes the importance of transformation to maximize efficiency, profitability, and overall performance. He suggests focusing on three areas: 

• Customer experience

• Operational efficiency

• Innovation

Anderson asserts that personalization is intrinsic to customer experience and that operational efficiency is necessary for innovation.

Next, James discusses how AI has revolutionized the customer experience, enabling personalization. He suggests that a massive innovation will come from equipping people with capabilities to use AI across customer and associate journeys. 

Sharing his point of view, Kettler says that algorithms are an underlying strategy that helps achieve business transformation. He notes that AI should be tangible to help businesses with their goals.

Ramsey adds that AI is primarily statistical computation with better marketing. He explains that marketing is necessary for executive buy-in and R&D funding. 

Emphasizing impact, James suggests that one needs to have an in-depth knowledge of the business. He urges data scientists to have an intimate relationship with business partners to drive meaningful change.

Next, James names three key points to consider regarding achieving success in the business world:

• Increase analytic intelligence

• Deliver value

• Maintain credibility

He also affirms that creative leadership is necessary to build credibility and make difficult prioritization and organizational decisions.

Kettler believes data and AI must align with business goals for successful transformation.

In conclusion, James and Kettler discuss the potential for AI to help create a metaverse and remove friction from financial services. However, Anderson cautions people to be careful with these new tools against the risk of losing who we are as humans.

Watch other CDO Midwest Summit 2022 sessions HERE