Leveraging AI for Tangible Business Outcomes: Insights from the Front Lines of Digital Innovation

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Leveraging AI for Tangible Business Outcomes: Insights from the Front Lines of Digital Innovation

In this interview, Rashesh Mody, EVP Business Strategy & Realization, Aveva, discusses the significant impact of Artificial Intelligence (AI) on digital transformation and how it can provide tangible benefits to organizations, focusing on Industrial AI. He emphasizes AI’s crucial role in enhancing operational efficiency across various aspects of digital transformation. By using AI, organizations can improve decision-making processes, optimize operations, and enhance overall performance. Rashesh Mody illustrates this with examples of AI applications, such as decision support systems that leverage organizational data to provide insights akin to having an expert with decades of experience on hand.

AI can analyze performance trends, identify issues with machinery (like turbines), and suggest actionable insights based on data analysis, such as temperature fluctuations or weather conditions affecting operations. This capability of AI to digest vast amounts of data and provide specific, actionable advice is what makes it a “force multiplier” in operational management and decision-making.

The discussion also touches on the challenges organizations face in adopting AI, focusing on the desire to see AI integrated into existing products and services to enhance their functionality without the need for significant new investments. Rashesh Mody stresses the importance of creating a digital intellect that can integrate and analyze data from various sources, including engineering, operations, maintenance, and financial data, to provide comprehensive insights that humans might not be able to compile due to the limitations of memory and processing capacity.

Furthermore, Rashesh Mody shares insights on how AI has evolved from predictive to prescriptive analytics and its substantial financial benefits, citing examples where companies have saved millions of dollars by preventing incidents or optimizing processes with AI. These examples serve to highlight the ROI that AI initiatives can deliver, supporting the argument for their adoption.

Lastly, the conversation shifts towards digital transformation strategies, particularly those focusing on sustainability. Rashesh Mody points out the importance of using AI to utilize resources sustainably, mentioning applications in hydrogen production, carbon capture, and overall improvement in resource management through digital twins. This sustainable approach is not just about efficiency and cost savings but also aligns with broader environmental goals, underscoring AI’s role in driving responsible resource utilization.

Watch the interview to discover:
1. The tangible impacts of digital and AI initiatives on business outcomes.
2. The methods Aveva employs to ensure its clients realize tangible value from their digital transformation investments, especially in complex industrial environments.
3. The pivotal strategies for embedding sustainability into core business operations within the context of digital transformation.

This blog post was created based on the script of the video with the assistance of https://chat.openai.com/.