Whether you’re a tech expert or someone who simply enjoys dabbling in the latest technological gadgets around, you’ve probably heard terms such as ‘big data’and AI,the ‘Internet of Things (IoT)’ and ‘machine learning’ thrown about from time to time in conversations about digital transformation. But have you heard of ‘Exponential Intelligence’? Well, don’t fret if you not,you don’t really know what it’s all about because we’re here to enlighten you.
We’ll start by breaking things down and establish what people mean when they say ‘Exponential Intelligence’ before going on to explain why it’s the new buzzword within your techy circles. We’ll also talk about some of the challenges we face when embracing this technology’s potential. So here goes.
What Is ‘Exponential Intelligence’?
Exponential Intelligence refers to forms of data interpretation that go far beyond the levels of human capacity by embracing several different technologies, including Artificial Intelligence, IoT, big data and machine learning. These days technology advances at unfathomable rates, and companies looking to operate successfully in this fast-paced world are continuously being forced to reformulate processes, rethink their operations and act with agility when it comes to establishing solutions that position the consumer as the central focus of the business.
If we take the iGaming industry as an example, there has been a proliferation of tech to try and understand customers beyond what a human can comprehend. It’s easy to see that all types of businesses can benefit greatly from this type of Exponential Intelligence. The iGaming industry is using it to determine if a 40 free spins no deposit casino offer is better than a 20, 30, or 100 free spins offer. It’s being used to predict behavior, playing patterns and bot traffic.
Why Is It Important?
Any business that fails to approach technological advances in a pragmatic manner and remains resistant to changes in this more agile, volatile and seemingly uncertain world is likely to be thrown off course by this new revolution and the associated disruptive ideas which come about as a result of collaboration between various actors including employees, large corporations, starts and academic institutions.
New technologies these days need to be built in ways that allow institutions and businesses to understand the customer journey better and use this knowledge to anticipate trends and adapt their operations to meet the needs or requirements of their clients. In an instance where a company acts quickly to offer a solution that can be a market benchmark, it is acting with exponential intelligence. When this speedy response is teamed with the creativity to introduce products or services that exceed customer expectations and move beyond the current trends being followed by their competitors, it can be great for business revenue.
The Benefits Offered by ‘Exponential Intelligence’
Investing in technology during this crucial time of digital transformation will act as a catalyst for exponential growth. In fact, this could be a make-or-break factor when it comes to maintaining a leadership position for the company within its market, so it makes sense to take advantage of the opportunities presented to us at this time.
If we look at the current Fortune 500 Index, it is predicted that around 40% of those corporations on this list today will cease to exist within the next decade or so. Why? Well, it is argued that these companies will stagnate due to the presence of what is essentially an internal ‘immune system’, which seeks to eradicate innovative ideas before they are consolidated.
Companies often become complacent when they are doing well and fail to innovate for the future. At the end of the day, if you want your business to thrive rather than simply survive, it is important to stay ahead of the tech curve and embrace change in order to remain competitive. Unless companies are radical in changing and incorporating technology in smart ways, it is unlikely that they will be able to keep pace with exponential growth organizations.
Challenges That Lie Ahead
When it comes to the advancement of exponential technology, the biggest challenge which lies ahead is not really to do with its deployment or operation. In fact, this actually becomes easier as technology advances. The challenge really lies in our design thinking.
The fact is that these days companies don’t think broadly enough when it comes to design thinking. In most cases, companies are reactive – responding to intrusions and access violations. In some instances, you may see some preemptive measures, such as detecting early-stage prohibited behavior through machine-learning-based video analytics.
While we can’t downplay the importance of these measures, modern businesses need to consider broader ways of advancing the company’s mission. This requires thinking outside the box and perhaps embracing more non-traditional methods too.
Concluding Thoughts on ‘Exponential Intelligence’
It is evident that understanding ‘Exponential Intelligence’ will be incredibly important for businesses and institutions that are looking to stay at the top of the game in an ever-competitive and technological-driven world.
As well as embracing exponential intelligence tools, companies really need to strive to develop an ecosystem of innovation whereby they foster a culture that welcomes new ideas and knowledge as part of a broader mission to co-create. However, this does not mean we should necessarily disregard the good work done in the past but rather build on that foundation through the incorporation of exponential intelligence technologies.
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