How businesses can leverage AI technologies to sharp strategic edge

Professors at the University of Johannesburg have been at the forefront of revolutionizing the business landscape with their groundbreaking book on blending artificial intelligence technologies into business strategies and operations. Tankiso Moloi, a distinguished Professor of Accountancy at the University of Johannesburg, recently sat down with CNBC Africa to delve into the intricacies of leveraging AI to gain a competitive edge in the corporate arena. In the wake of the global pandemic, the importance of embracing digital transformation has surged to the forefront, prompting companies to rapidly adapt to the new normal. However, Professor Moloi highlighted that despite the widespread adoption of technologies, many strategic decision-makers are still grappling with the full potential of artificial intelligence. The book authored by the professors aims to bridge this gap by elucidating the pivotal role AI plays in enhancing efficiency, streamlining processes, and mitigating uncertainties that impede organizational objectives. By aligning strategic decision-making processes with the three forms of AI - machine learning, natural language processing, and robotic process automation - businesses can harness these technologies to chart a path towards sustainable success. Machine learning, for instance, offers a transformative solution for firms conducting internal environment analysis by enabling the processing of massive data sets efficiently. Through supervised, unsupervised, or reinforcement learning techniques, algorithms adeptly navigate through structured and unstructured data to unveil key trends and patterns essential for shaping strategic objectives. Similarly, natural language processing emerges as a potent tool in understanding and synthesizing textual data, facilitating enhanced decision-making based on valuable insights extracted from diverse sources. On the other hand, robotic process automation automates repetitive tasks, optimizing operational workflows and freeing up resources for strategic initiatives. Professor Moloi underscored the need for companies to grasp the multifaceted advantages of AI, ranging from enhanced data analysis capabilities to improved decision-making processes, ultimately culminating in a competitive advantage in the market. As businesses navigate the complex terrain of modern-day challenges, integrating AI technologies into their strategic frameworks emerges as a pivotal step towards achieving sustainable growth and innovation in a rapidly evolving landscape. The profound impact of AI transcends organizational boundaries, permeating various facets of business operations to drive efficiency, agility, and resilience. With the guidance provided in the book, companies can harness the transformative potential of AI to not only navigate the current disruptions but also position themselves as frontrunners in the digital age. Embracing AI is no longer a choice but a strategic imperative for businesses aiming to sharpen their competitive edge and unlock new opportunities in an increasingly digital-centric world.