Data analysts and business strategy officers from the banking, insurance, fintech, and real estate development sectors got together last February 20 at the Amihan office in the Zuellig Building, Makati for the first of this year’s Amihan CxO Series.

The CxO Series is a quarterly gathering of business executives interested in creating transformation within their organization to strategically adapt to fast-changing trends and technologies. Titled Navigating the New Economy with AI and Analytics, the session focused on how artificial intelligence and analytics can spur business growth and transform digital customer experiences.

Amihan’s Chairman, Winston Damarillo, opened the day’s event by sharing some insights about the early-stage digital journeys of some of our local industry leaders.

“We have uncovered many interesting things — not just how to use big data analytics for value creation, but also how it could be used to manage risk as well as to detect fraud. Most importantly, how it can be used to find and open up new markets,” Damarillo shared.

He added: “These days, it’s no longer a question of whether you should do big data analytics or take up digital transformation. It’s really a question of how fast do you want to do it.”

 

Winston Damarillo opening Amihan's CxO session on using Data Analytics and Artificial Intelligence in various businesses and industries.Joining Damarillo were Amihan’s Chief Technology Officer Francisco “Kiko” Reyes and Data Analyst Rikki Mendiola. Mendiola shared how data analytics has evolved to become a driver in digital transformation initiatives while Reyes explained the practical applications of using artificial intelligence in the enterprise setting.

“AI and Analytics together can be economically significant, precisely because it will make something important much cheaper,” Mendiola explained the value of using data analytics for decision-making. “You will only lose out on opportunities and waste valuable time and money by ‘trusting your gut’. Stop flying blind and become more data-driven. You can bring in more value with (your) data.”

Incorporating the profile and needs of customers using the data that businesses collect simplifies the end-goal of the whole analytics process. “We have a saying in design — ‘Asking the right question is half the job done.’ One of the core things of digital transformation is knowing and prioritizing your users, or your customers.”

Rikki Mendiola, Amihan Data Scientist, sharing insights on using Data Analytics with Artificial Intelligence for better business decisions. Reyes shared a short history of the recent gains in Artificial Intelligence, but he also gave a stark reminder of how to use it given its complexities. “We should think about where we put AI in the spectrum (of business). It would be fantastic to place AI throughout the entire process, but your employees might get scared (for fear of losing their jobs).”

He further added how using AI in certain scenarios can be an exercise in risk management — that people who will use the technology must be at the center of any transformation initiative. “If you implement AI, you should not alienate your employees,” explained Reyes. “You have to be mindful in communicating the reason for this implementation — that this will make their jobs better.”

Amihan's Chief Technology Officer gives his thoughts on the differences between Data Science, Machine Learning, and Artificial Intelligence. At the end of the session, Damarillo gave a short briefing about his new book, Ready or Not 2020: The 5 Trends Changing the Landscape of Business. Out now in Fullybooked branches, the book illustrates the new decade’s wave of continuing technological innovation and the necessary steps local businesses and entrepreneurs must take in order to thrive.

In a quick synopsis of his book, Damarillo exclaimed that while e-commerce is making waves in the metropolitan areas, “hybrid commerce” in far-flung towns — a combination of online selling and face-to-face transactions — is fast growing. He also shared about how cash is being heavily digitized nowadays, the increasing usage of QR codes, and the issue of using passwords for data protection.

Watch the full video recording of the event.

Amihan's Executive Chairman Winston Damarillo talking about the current use cases of AI and Data Science, while sharing a light moment with CxO guest attendees. Do you have a question about using AI or Data Analytics in your company? Shoot us a message and we can schedule a meeting to discuss your needs.