“Digital transformation” is a word we’ve been hearing a lot of lately. The ultimate corporate buzzword of the pandemic, digital transformation sums up how businesses pivoted to survive lockdown. But going digital isn’t just about working online or enhancing your digital presence. Makati Business Club’s new podcast “Global Ideas” explains why adopting artificial intelligence can help businesses make the smartest, most data-backed decisions. Launched by MBC’s Global Ideas Committee, every new episode of the podcast will be followed by an interactive Zoom talk where business leaders can discuss all the innovative ideas mentioned in each episode.
MBC’s Global Ideas Committee was established “to challenge traditional thinking in our local business community, by bringing in globally innovative or disruptive ideas directly to the community through established Filipino leaders in that field,” said Jaime Alfonso Zobel de Ayala at the MBC “Unlocking Your Business with AI” Zoom event.
“There is a common interest among the business community to better understand the applications of digital transformation, and it’s important to recognize how AI enhances digital transformation processes and the decision-making associated with it,” added Zobel, who is also the Head of Business Development at Ayala Corporation and MBC Global Ideas Committee Chair.
Industry leader Stephanie Sy was the expert speaker of the podcast and subsequent event, which was moderated by the co-founder of Penbrothers and MBC member, Nicolas Bivero. After leaving Silicon Valley, Sy set up Thinking Machines in the Philippines to help businesses and organizations make informed decisions using data, AI, and machine learning.
“When you're talking about AI, most people don't realize that it's really the tip of the iceberg, where AI is the most visible [part], like a shiny new toy. But underneath the water is most of the iceberg, which is data—data, reconciliation, data systems, etc.,” explained Sy.
“I think where AI is super powerful is not in isolation, but as part of a human-centered workflow where it helps to augment the humans’ judgment calls.”
One company that has benefited greatly from AI implementation is EastWest Bank. The bank’s senior AVP Isabelle Yap joined the talk to discuss how EastWest Bank successfully integrated AI to optimize outputs and productivity. With the help of Thinking Machines, the bank launched the “ATM Auto-Reconciliation Project,” which used AI to solve problems related to fraud and broken ATMs. Using AI, EastWest Bank was able to predict which of the ATMs were broken down, streamline two million monthly customer transactions which used to be done manually and solve human errors that interrupted customer experience.
By fixing the kinks in the process, EastWest Bank’s manpower was able to refocus their efforts on more important tasks, which in turn boosted productivity. This “human-centered workflow” debunks the idea that AI will replace human jobs. Instead, it lets workers focus on what’s important and what needs their attention the most.
Of course, implementing data is easier said than done. One thing many businesses don’t realize is that AI and data science are about more than just numbers. For a company to successfully integrate AI like EastWest Bank, you’ll need a team of data scientists who can translate numbers and algorithms into actions and decisions. And this, in turn, begins with leadership—AI-supportive leadership that understands and expands the importance of data.
“Businesses do not only need someone who can code, but someone with strong analytical skills of the industry they are in to help inform a company’s AI framework,” said Sy.
There’s a lot more to be done to complete the Philippines’ digital transformation, but Makati Business Club’s Global Ideas talks are a great way to start. To listen to the full MBC podcast, visit Spotify and Apple Podcasts, and keep an eye out for the next episode and Zoom talk.
