German businesses have an immense trove of machine and operational data, says Dr. Wolfgang Faisst, co-manager of the business model innovation working group at the Learning Systems Platform . But the data must be used economically to enjoy the competitive benefits it provides. The platform’s 76-page guidelines support this process. Faisst continues, stating that there’s no magic formula, but a few steps during the strategic conception and implementation of a business model have proven indispensable. Businesses really have to learn to appreciate the added value that AI could bring them. Focusing on the benefits for customers, among other things, is advisable here. Furthermore, the development of digital ecosystems is recommended to maintain skills and share infrastructure.

A study by Deloitte consulting recently determined that most German businesses lack an overall view of the topic of AI. Projects are all too often implemented at a departmental level, though they are usually based on company-wide guidelines.