The biggest challenge implementing artificial intelligence is moving from concept to scale. A new report from Deloitte finds that in consumer-related businesses, the challenge is especially difficult because many have large legacy data and analytics platforms, and decentralized data and analytics operations. Another common obstacle is achieving alignment and integration across business units and among IT stakeholders. These consumer businesses include consumer products, retail, automotive, lodging, restaurants, travel and transportation. Yet, "consumer-related businesses are actively exploring ways to harness the power of AI, and many valuable use cases are emerging,'' according to the report, The AI Dossier. However, AI adoption and maturity levels vary widely for reasons including scalability due to data quality and complexity, organizational constructs and talent scarcity, and lack of trust, the report noted. For each industry, the report highlighted the most valuable, business-ready use cases for AI-related technologies and examined the key business issues and opportunities, how AI can help and the benefits that are likely to be achieved. The report also highlighted the top emerging AI use cases that are expected to have a major impact on the industry's future. For example, in customer service, one of the largest segments of customer relationship management, it is now possible to personalize the customer experience across all channels, using machine learning, conversational AI and natural language processing through the customer journey and lifecycle, the report said. SEE: Digital transformation: A CXO's guide (free PDF) (TechRepublic) AI can help by automating customer interactions through the use of chatbots. It can also be used in tandem with Internet of Things devices to sense the sentiments and needs of connected customers and to personalize the customer experience, the report said. Consumer demand planning, forecasting and marketing will also be enhanced through AI, the report said. "As the number of sales channels used by consumers continues to grow, retailers should continue to improve how they plan across multiple sales channels--and how they handle disruptions.

'The future is already here – it's just not very evenly distributed.' The Internet of Things (IoT) is a term coined by Kevin Ashton, a British technology pioneer working on radio-frequency identification (RFID). He conceived a system of ubiquitous sensors connecting the physical world to the Internet, a system of interconnected devices embedded in everyday objects, enabling them to send and receive data via the Internet. Leaders of the digital transformation, who are leveraging emerging technologies such as artificial intelligence and machine learning that take a cognitive approach to innovation, are creating a'Strategy for the Future' foundation; a comprehensive road map that has the potential to take nations to the next level of development. An important part of this Strategy for the Future should be an understanding of the future consumer.

The next generation of digitisation in financial services will propel the industry into the knowledge economy. More specifically, financial services firms can look forward to a future of using a more contextual knowledge and understanding of their clients to generate tangible economic value. How much time do your customers typically spend on your website? And what are you doing to encourage them to engage more frequently, invest more time with your brand and use more of your services? Even if you've created a dynamic, customisable user-interface enjoyed by your customers to access a range of services easily and simply across multiple devices, you can still do more to service their needs in this next wave of'data driven' digitisation in financial services.