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According to a study led by Charles Darwin University (CDU), Artificial Intelligence (AI) could play a crucial role in helping companies avoid significant job losses and financial setbacks. The study focused on using AI to predict organisational agility, which refers to a company’s ability to effectively respond to changes brought about by factors like market competition, economic pressures, and emerging technology.
Data from 44 respondents in both public and private sectors in Australia were used to develop AI models that could predict the agility of organisations based on questions related to their agility practices. The AI models demonstrated impressive accuracy, predicting organisational agility with 99% and 97% accuracy in two different scenarios.
CDU Faculty of Science and Technology Associate Professor, Niusha Shafiabady, who led the study, highlighted the importance of this data in helping organisations improve their agility. Strategies such as fostering flexibility, adaptability, open communication, and empowering team members could be informed by the insights provided by AI predictions.
Professor Shafiabady emphasised that agility is a critical measure of how quickly an organisation can respond to change. Lack of agility can lead to profound consequences, hindering progress and causing obstacles in executing strategic plans. This, in turn, can result in significant financial losses and job cuts, affecting both the organisation and its employees.
Predictive AI models were hailed as invaluable tools to guide strategic growth. By predicting agility, organisations can align their strategies with their capabilities and better handle changes in a rapidly evolving business environment. This proactive approach allows them to stay ahead and overcome potential disruptions.
The collaborative study, ‘Using Artificial Intelligence (AI) to predict organisational agility,’ involved Torrens University, The University of New England, The University of New South Wales, and Central Queensland University.
In conclusion, the integration of AI to predict organisational agility holds great promise for companies seeking to thrive in an ever-changing landscape. Leveraging AI’s predictive capabilities empowers organisations to make informed decisions, optimise their capabilities, and successfully navigate uncertainties, ensuring sustained growth and success.
As of 2022, the global artificial intelligence market reached a value of US$136.55 billion and is expected to maintain a strong growth trajectory with a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. The widespread adoption of advanced technologies, driven by continuous research and innovation by tech giants, has led to significant integration of AI across various industry verticals, including automotive, healthcare, retail, finance, and manufacturing.
Today, AI has become the central driving force behind organisations. Industries ranging from self-driving vehicles to life-saving medical equipment are witnessing the infusion of AI into virtually every aspect of their operations, making technology an indispensable element for their growth and success.
The accelerated pace of AI innovation is driven by increased accessibility to historical datasets. With cost-effective data storage and retrieval, healthcare institutions and government agencies are making unstructured data available for research. Researchers now have access to rich datasets, spanning from historical weather trends to clinical imaging. The emergence of next-generation computing architectures, coupled with access to these vast datasets, is inspiring information scientists and researchers to innovate at a faster rate.
Moreover, advancements in deep learning and Artificial Neural Networks (ANN) have further propelled AI adoption in various industries like aerospace, healthcare, manufacturing, and automotive. ANN excels in recognising patterns and offers customised solutions, making it a valuable tool for enhancing processes and applications in these sectors.
