Despite the near universal conversation surrounding the bottom line value possible through effective use of data, many businesses still aren’t successfully leveraging data to its full extent. The roadblocks exist across the spectrum of people, processes and technology. However, there is a unifying approach that can unlock the immense opportunity that exists for enterprises to create new products, services and business models through data. That approach is effective use of augmented intelligence – the enablement of employees through a combination of AI, machine learning and analytics.

Enterprises know they need to digitally transform their business, and the pressure has only heightened in the wake of COVID-19. Leading up to the current crisis, KPMG found that 80% of revenue growth will be reliant on new digital offerings as soon as 2022. Where exactly each enterprise finds those new offerings will differ, but I would argue one of the clearest opportunities lies in using augmented intelligence to identify these new products.


Finding The Opportunities The Market Will Value Through Data

The right strategy starts with an examination of the data and augmented intelligence capabilities of the organization, and where these can be complemented and enriched to explore adjacent marketplaces.

For example, the banking and financial services industry has in recent years been wrestling with disruptions from new digital-first competitors. This has been exacerbated by the pandemic, a shift to cashless options, new regulations around open banking-style data sharing, and the rising expectations of customers. As a result, banks and financial institutions have looked to evolve beyond core traditional products offerings such as insurance and mobile payments.

Established banks and financial services companies have a few key advantages over startups – stability, ability to provide a breadth of products with robust support, and massive volumes of data on customers. By leveraging an augmented intelligence approach, they can utilize proprietary data from their core business, blend it with new data sources and pinpoint potential customers with a range of new services such as credit reporting and integrated payment structures. Applying augmented intelligence can ultimately unlock valuable new revenue streams to cement relationships with customers and stave off future disruption.

Every enterprise is collecting more and more data, many times more than it knows what to do with. Through an augmented intelligence approach, predictive scenarios can be executed to surface new opportunities while automating the analysis on such massive data volumes, enabling employees to quickly explore and unearth insights.


Through augmented intelligence, you can become much more strategic by asking questions like:

• What data do we have available today, and where is the data we could be collecting?
• What are the adjacent industries and marketplaces we could enter into if we developed insights and intelligence of real value?
• How can augmented insights enable us to create a competitive advantage through the unique development of new products, services and business models?

Launching a new offering or brand requires a great deal of research and strategic planning. Augmented intelligence is crucial in that effort since it goes beyond a traditional AI focused automation or analytics reporting approach. With an ever evolving competitive landscape, enterprises that deploy an augmented intelligence approach will be quicker to insights and faster to market with larger revenue generating opportunities.