New Way Forward to Formulate Strategic Plans
Singapore, 18 March 2022 – The Centre for AI Innovation (CEAI), the social innovation arm of MyFinB Group, has launched a series of capacity building programme to help diverse types of organisations with strategic planning, using AI. This was implemented in view of the volatility of the business environment that causes many organisations to adopt reactive strategies rather than proactive ones. However, reactive strategies or “fire-fighting” are typically only viable as a short-term solution, even though they may require spending significant resources and time to execute them.
The special programme aims to help firms proactively address issues, while also addressing a more long-term view.
“When it comes to adopting AI or implementing AI within an organization, business owners and entrepreneurs view it as an expensive approach with a high investment to get started. However, this is no longer accurate, since with the help of AI, one is able to analyse any given company, based on limited data, in a short period of time. This analysis, derived out of the limited data, is powerful enough to extrapolate into scenarios and possible recommendations,” explains Mr Shanker Damodaran, Head of Research and Advocacy.
In fact, the Centre has been organising the “Witness AI LIVE in Action!” free public webinars, where each session involves a company, that is randomly chosen by the audience, at the beginning of the session. In a matter of minutes, the machine gives commentaries on the financial and business conditions of the company after digesting the financial data fed into the engine. It explains the factors that cause the trends, the way forward and strategic recommendations to deal with the underlying issues.
On a broader note, CEAI offers organisations opportunities to upskill and reskill their workforce using AI systems. Through CEAI, organisations have the option to Use AI, with the Restore and Rebuild Programme, or Build AI, by designing an AI solution as part of the Certification in Applied AI, without the need for coding and programming – for their strategic planning needs.
The Restore & Rebuild Programme helps organizations turn their plans into reality. By using AI to interpret competitive and business strategies along with financial data, it automatically turns this information into easy-to-understand reports that can help in business decisioning and future planning in areas such as fund raising, market and customer insights, business model redesigning and valuation.
The Certification in Applied AI (CAAI) Programme is a global certification that allows practitioners, policy makers and academicians to become Ai authors and build prototypes to address key pain points. CAAI is specially designed for managers and executives without coding or programming skills to build customized AI solutions – while helping them to gain experiential learning over a three-month period
Among the primary benefits derived from using AI as part of strategic planning, are the following:
1. Helps formulate better strategies using a logical, systematic approach.
2. Enhanced communication between employers and employees.
3. Empowers individuals working in the organization
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