In this age of disruption, with businesses transforming rapidly, all the way down to impacting core business models, are you ready to lead intelligently?
Much like Personal Computers in the early 80’s or the Internet in the early 90’s, Artificial Intelligence (AI), remains little more than a curiosity for most business leaders. AI is the most trending technological term in business world today.
According to a study by MIT Sloan Management Review, one trillion dollars of new profit will be created from the use of artificial intelligence technologies by 2030. That is roughly 10% of all total profits projected for that time.
A global survey of business leaders has revealed that rather than hindering them, AI will be key to the survival of their companies over the next five years.
With pressure on business leaders to make the right decision in the face of severe uncertainty greater than ever, the technology now exists to turn what is currently passive knowledge spread across the organization into AI – keeping the business one step ahead.
Some of the business areas where AI will cause a major in the impact in the next ten years are;
Market and Customer Insights
Predictive analysis can be applied to the data assembled from system matrix, web matrix, and social media to build a better and enhanced product. You can take customer experience to the next level through customer insights. Businesses can explore opportunities to work on a different thought process and innovate new solutions for their business growth.
Chatbots and virtual assistance can play a significant role in how customers are interacting with technology. In the next decade virtual assistants could become a core part of our lives and more companies are going to use this to take their customer service to the next level.
A new era of process automation is emerging with AI quickly automating routine cognitive processes. Smart algorithms are playing a crucial role in many industries like retail, logistics, hospitality, financial firms etc. These machines or algorithms not only do a very proficient task but they also can work 24 hours without a break.
80% of the data generated from online platforms is unstructured. Analyzing unstructured data rather than structured data, will be the most impactful factor for any business over the next ten years.
Efficient Sales Process
An effective AI-driven CRM can multitask and handle all business functionalities. Sales teams are using AI to get to know their customers better while offering tailored solutions. E-commerce companies are using AI to understand customer preferences to customize the products and offer only the ones which can be the best fit.
Personalized Customer Experience
Through actionable sales intelligence, businesses can analyze a particular buyer pre, during & post purchase behavior. This allows them to create a more personalized experience and create a form of customer engagement at every single interaction. Predictive intelligence can help companies engage their customers in a real and impactful way.
While businesses are already witnessing a phase where enormous technology-driven change is helping them to address a number of challenges in achieving optimum growth, AI as a technology, has extremely strong developmental implications with data analytics playing a major role in making AI more enterprise ready.
However, implementation of AI has its own challenges. Businesses need to fine tune some of the key following areas for successful implementation of AI in any of the areas mentioned above, viz;
Culture: A company’s culture is paramount for embracing data and enhanced capabilities. A willingness to embrace and invest in innovation is a must. The business and culture must value data and be invested in collecting it.
Data: 90% of the effort to deploy AI solutions lies in unscrambling data. The more high-quality data, the more accurate the predictions. Bad data is the number one reason most AI projects fail
Strategy: Artificial intelligence is an enhanced capability to achieve your business goals. Any AI program must be tightly aligned to support the corporate strategy and data as a corporate asset must be fundamental to the business strategy.
Technology: Artificial intelligence models require tremendous computing power to process massive data sets. This requires businesses to have ready access to computer power on-demand. Embracing cloud-based computing and storage technologies are critical for AI programs to produce effectively.
Expertise: Without internal expertise, AI adoption can prove to be challenging. To successfully move AI projects through the development life-cycles, from data to production, businesses need to have in-house technical expertise.
Operations: Without well-defined technology processes, projects risk never making it into production. It is important to have a connection between the business strategy and the delivery of AI technology. It’s especially important to have a plan in place for how to access the data, train the model, and handoff the model to be deployed as a usable solution.
As per a Gartner analysis “within the next 5 years, 50% of the analytical decisions will be based on AI”
So is your business ready to claim stake in the AI opportunity and survive the impending technological disruption?