Thursday, May 30, 2024

Pivoting with Purpose: How A Data as a Product Approach Can Drive Growth and Reimagine the Future of Business

Last updated Friday, April 26, 2024 11:35 ET

While AI has the potential to revolutionize business, organizations must leverage a data-centric growth model to capture the value AI can provide.

Arlington, Massachusetts, 04/26/2024 / SubmitMyPR /

Generative AI has quickly become a market-redefining requirement for global businesses. However, the current approach to unleashing its power is lacking. PivotX Advisors (PXA) Founder and CEO Poornima Ramaswamy advocates for businesses to move away from focusing solely on being data-driven and making the shift towards being data-centric. This approach will enable organizations to move beyond task-level productivity while simultaneously elevating value and revenue.

The technology world has largely transitioned from cloud migration and machine learning implementation to widespread generative AI (GenAI) experimentation. This explosion is expected to continue as the number of AI tools multiplies by the day and businesses aim to democratize its use. In this environment, businesses will look to embed data and GenAI into every product, service, interface, and experience. These efforts will fall short of their potential without a solid data infrastructure that is equally enabled by AI and machine learning and cost-effective for enterprise deployment.

According to a recent survey, while 93% of respondents feel that data is essential for extracting value from GenAI, 57% have not taken any action to improve their data infrastructure. These figures highlight the importance for businesses to rapidly implement a data-centric approach. Not taking this step threatens sustainable success and underutilizes the groundbreaking capabilities of AI.

PXA recommends an evolved business model that monetizes data products by focusing on user journeys.

"At PXA we believe data products will become foundational in the journey from data-driven decisions to becoming a data-centric business. Our data-as-a-product approach is a unique framework that enables transformations: use cases become user journeys, user interfaces evolve into user experiences, data projects become data products, and IT business alignment shifts into measurable business operating models. Our approach, blends product management discipline, design thinking practices, and agile principles and applies it to the data world.” In product development, designers take user personas, journeys, and needs into account when creating tools. They don't create general-use solutions that will have a low impact. However, most data and AI initiatives don't consider the user journey and experience, instead, they deliver high-potential solutions that focus on task-level automation. So, while they improve productivity as a one-time exercise, they don't leverage data and AI to continuously deliver more value to users and compete with competitors.

"Data and AI professionals should be seeking individualization and not just personalization - this is what Gen AI has the potential to drive,” says Poornima”. By recognizing and valuing an individual's characteristics, preferences, and needs, rather than applying a one-size-fits-all approach, we could achieve unprecedented insights and data decisions that transform business. To get to this point, we need to begin seeing data as a monetization stream that gives businesses opportunities to create platforms for continuous productivity and customer experience.”

"Right now, investments, interest, and intent are aligned in the realm of AI, but we're only seeing a sliver of what's truly possible. By advising and consulting businesses on how to put data and AI at the forefront of their business model, society can use these technologies to drive our success. PivotX Advisors aims to help businesses of all sizes intentionally and strategically use data and AI to empower both themselves, as well as their employees. For businesses to truly shine, each and every person within the organization needs to grow alongside them. Our teams need awareness and training around how AI can elevate not only the business but also their roles within the organization. This will result in businesses taking a leap ahead of competition with a clear vision for scalable momentum." By balancing a business and human solution mindset into her company, PivotX Advisors guides businesses to achieve individualization.

PXA has a suite of data and GenAI offerings that are designed to help businesses pivot into a data-centric growth model to increase organizational success. Some of the data advisory and consulting services include value opportunity mapping, operating model definition, and value measurement. For GenAI applications, PivotX Advisors offers skills assessments, personalized training, user experience and use case definition, rapid prototyping, and experimentation, and establishing GenAI CoE's (Center of Excellence).

"In the fast-moving tech world, data is the one constant that can help businesses understand what's happening, what's going to be impacted, what has already been impacted, and determine what actions are necessary to grow and manage risk”.

Media Contact

Name: Poornima Ramaswamy

Email: [email protected]

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