At the 2024 World Economic Forum meeting in Davos, Switzerland, artificial intelligence (AI) emerged as a dominant theme, sparking discussions on its applications and implications for businesses. Here are three key predictions on how AI will shape business changes in the coming years:
1. Digitization of Enterprise Knowledge
Many global companies still struggle with siloed and tribal knowledge, hindering quick access to critical information. To address this, organizations are urged to expedite the digitization of key functions and processes, transforming tribal knowledge into digitized knowledge models. This shift will enable companies to compete based on the quality of their digital knowledge models.
2. Multitier Supply Chain Visibility
The Covid-19 pandemic underscored the importance of multitier supply chain visibility. Companies are encouraged to enhance their understanding of risks and opportunities by developing digital models of their supply chains. Collaboration with suppliers through ESG initiatives can drive this visibility and improve supply chain resilience.
3. Hyperautomation and Dynamic Simulation
Manual forecasting and planning processes can lead to inefficiencies and disconnected operations. By digitizing tribal knowledge and embracing hyperautomation, businesses can streamline planning processes and enable touchless operations. Dynamic simulation and scenario planning can help organizations simulate impacts of risks and strategies, facilitating quicker decision-making.
Overall, the adoption of AI technologies and digital transformation will play a pivotal role in reshaping business operations over the next few years. Companies that embrace these changes early on are likely to lead the way in business transformation, while others may lag behind in leveraging the full potential of AI.
