It’s surprising to know that you have better chances of surviving a heart attack in Copenhagen than the rest of Denmark. The reason is emergency dispatchers in Copenhagen use a virtual agent to recognize cardiac arrests. Though more than 50% of cardiac arrests are identified by human dispatchers, primary data suggests that the virtual agent plus a human dispatcher distinguishes cardiac arrests 95% of the time. This is indeed a classic example of Artificial Intelligence (AI) that can become a starting point for digital transformation that empowers machines to reenergize the efficiency of an organization.
However, despite such triumphant functional value of digitalization, only 11% of leaders have actually shifted to digital business. If you aren’t transforming the way you make profits or deliver value to the business, then there is much that needs to be thought upon. It is being observed that the biggest hurdle to digital transformation is the inability of businesses to find a starting point for digital business transformation. Generally, there are four starting points from which you can begin the journey of digital transformation.
Though not actual transformation, connectivity is an optimization initiative. No organization can clock higher efficiency indexes if it fails to reduce delivery times and improve device utilization. That’s where technologies like the Internet of Things (IoT) come in the picture. You can begin the digitalization by leveraging the element of the interconnectivity of these technologies. For example, through social media interaction with your customers, you can deduce what changes they expect in your product/service. You can then pass on this information to the product development team.
This can be considered as a starting point of digitalization that focuses on both business model change and operating model change. It aims to create value for your organization through the active participation of third parties. It’s easy to achieve through application programming interfaces (APIs) and open-source technologies or blockchain. Note that each business is different, and that’s why each business has different needs. Customization creates the possibility of addressing those unique needs.
For example, you can make your services more consumable by roping in the third party, which is efficient in creating APIs. It can create new revenue streams by charging for API calls and digital identity. It has already been tried in the banking sector.
Beginning with this end, you can empower your customers as well as those who form the ecosystem of your business. Resultantly, you may see the added business value. Examples of IoT devices in the medical sector that let people perform basic self-examinations at home is a case in point here.
Indeed, companies have formulated a new source of revenue through the examination kit. Kristin Moyer, vice president and distinguished analyst at Gartner, says: “Healthcare payers don’t have to compensate physicians for basic exams, and patients don’t have to commute to a medical facility and spend time in the waiting area.”
A well designed autonomous structure of the digital transformation framework gives a better chance to technology to assist humans with more freedom. AI, with real-time speech analysis and advanced machine learning, can identify the context clues to be at the forefront of this framework. Furthermore, it can give rise to new business models. It’s not far-fetched to imagine that technology providers can sell anonymous data to emergency responders to assist them in allocating resources more effectively.
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