“Despite significant investments in AI, many organizations struggle to derive measurable value,” writes Alejandro Zarate, Columbia Master’s in Insurance Management lecturer, and his co-author Shravankumar Chandrasekaran, in a white paper published by Insurance Thought Leadership.
In their paper, the authors provide guidance for organizations that are leaning into investment and implementation of artificial intelligence (AI) technologies in order to advance and grow their businesses. They posit that understanding the scale of AI’s economic influence and how its transformative impact on business functions will help decision makers appreciate the critical role of data in driving AI success.
Up to 75% of the measurable value of AI implementation can be derived from key operational functions, including customer operations, marketing and sales, and software engineering and R&D. The statistics cited in the paper indicate that while over 90% of organizations are investing in data initiatives, 68% fail to realize measurable value from AI. Part of the disconnect is that 61% of chief data or analytics officers lack a data strategy to support machine learning and data science.
Zarate and Chandrasekaran offer an overview of the key components of an effective AI-driven data strategy, starting with a vision and strategy that incorporates use-case business integration, data assets, skills, architecture, and technology, ultimately supported through organization, governance, leadership, and culture.
For their detailed analysis and recommendations for implementing an effective data strategy and achieving the return on investment of a competitive advantage, read their full article here.
About the Program
The Master of Professional Studies in Insurance Management is for career professionals who want to accelerate their advancement to leadership positions or broaden their expertise in the industry. It accommodates both professionals already working in insurance and those looking to make a career change. The program is part-time, online, and instruction is asynchronous to accommodate working professionals.
