Industry Disruption

Many factors related to new technologies and Data Science are changing the relationships of most companies with their providers, clients and workers. The companies that will be able to adapt to the new environments and understand how to use and apply Data Science will survive.

For example, banks need to adjust their IT systems and facilitate the transformation to the digital world supported by AI initiatives. These challenges are not exclusive to banks, most companies need to adopt a proactive approach in response to the new technological changes.

As we know, Artificial Intelligence is one of the most important drivers of industry disruption. According to PwC’s 2019 AI survey, financial services executives expect their AI efforts to result in increased revenue and profits, better customer experiences and innovative new products. However, AI is not magic. From my point of view, people that think that AI will solve all their problems automatically are wrong. All the Data Science/AI initiatives must be undertaken considering people, culture and processes. Otherwise, the IA initiatives will be unsuccessful.

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Data Strategy