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Point of no return: Turning data into value
Journal of AI, Robotics & Workplace Automation,
1
(1),
43-57
(2021)
Abstract
The Cambridge Dictionary defines the point of no return as the stage at which it is no longer possible to stop what you are doing, and when its effects cannot now be avoided or prevented. Exponential advances in technology have led to a global race for dominance in politically, militarily and economically strategic technologies such as 5G, artificial intelligence (AI) and digital platforms. A reversal of this status quo is hardly conceivable. Based on this assumption, this paper looks to the future, adding the lessons of recent years — the years when the point of no return was passed. In addition, the paper uses practical examples from different industries to show how digital transformation can be successfully undergone and provides six key questions that every company should ask itself in the digital age.
Keywords: business model innovation; business process re-engineering; data analytics; artificial intelligence (AI); platform economy; use case; digital transformation
The full article is available to subscribers to the journal.
Author's Biography
Jochen Werne is the Chief Development and Chief Visionary Officer (CDO/CVO) and executive committee member of PROSEGUR Cash Services Germany Ltd. Prior to that he was director and authorised officer of the Bankhaus August Lenz & Co. AG. Jochen is also part of the innovation leadership team of the European Banking Group, member of the Federal Ministry of Education and Research Initiative ‘Learning Systems’ — a platform for artificial intelligence, member of the expert board of Management Circle, as well as a member of one of the most important think tanks worldwide: Chatham House, the Royal Institute of International Affairs. Jochen is a keynote speaker at various banking, innovation and executive conferences as well as an author and co-author of several textbooks and professional articles.
Johannes Winter is the Managing Director of Germany’s Artificial Intelligence Platform (National German AI Platform ‘Lernende Systeme’). In addition, he heads the technology department at the National German Academy of Science and Engineering (acatech). Previously Johannes was the head of economic and science relations and personal assistant to Professor Henning Kagermann, the father of Industrie 4.0 (smart manufacturing) and former CEO of SAP SE. He holds a PhD in regional economics from the University of Cologne and has served as lecturer at the University of Applied Sciences and Economics in Munich. Johannes’ research interests cover digitalisation (artificial intelligence, Industry 4.0/smart manufacturing, smart services, business model innovation, business process re-engineering, digital transformation), economics, economic geography and industrial organisation. His prior work experience includes positions in automotive industry, management consulting as well as academic research.
