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The Five Elements of AI to Leverage Data and Dominate Your Industry

In: Creating Innovation Spaces

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  • Alexander Thamm

    (Alexander Thamm GmbH)

Abstract

Using data to make better decisions has been a formula for success for almost two decades now. We went from business analytics to predictive analytics, Big Data and now artificial intelligence (AI). Industry experts predict that within this decade we will see the second wave of AI companies generating $13 trillion GDP growth (Ng, AI transformation playbook. How to lead your company into the AI era, 2018). This growth will be dominated by industry incumbents who understand how to innovate their business model and thus outgrow their industry rivals. Winners will build AI assets to defend against challengers while others will vanish from the market. In this article, you will learn the recipe to generate value from data and AI by combining five main ingredients. After reading you understand what AI really is and how to build an effective AI product portfolio, an engaging AI culture and organizational structure, professionally train and hire AI experts, built a hands-on data governance and a solid data and AI technology platform.

Suggested Citation

  • Alexander Thamm, 2021. "The Five Elements of AI to Leverage Data and Dominate Your Industry," Management for Professionals, in: Volker Nestle & Patrick Glauner & Philipp Plugmann (ed.), Creating Innovation Spaces, chapter 18, pages 235-258, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-57642-4_18
    DOI: 10.1007/978-3-030-57642-4_18
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