Learning about the company’s working system and plans are essential for AI adoption.
Artificial Intelligence (AI) is clearly a growing face in the technology industry. AI is taking center stage at showing potential across a wide variety of sectors, including retail, manufacturing, and Business. Small and large entities are finding ways to implement AI and its applications in their working system, expecting a better outcome.
For Business, practical AI applications can manifest in all sorts of ways depending on the organizational needs and business intelligence (BI) insights derived from its data. An organization can deploy AI for everything from mining social data to driving engagement in customer relation management (CRM) and optimizing logistics. AI comes in handy when it comes to tracking and managing the product’s moment. Ultimately, PwC analysis suggests that the global GDP will increase by up to 14% by 2030, mostly due to the accelerating development and adoption of AI.
However, applying AI is not an easy process. It involves in-depth, step-by-step analysis and a strong understanding before being employed at a process. Here are some tips that an entrepreneur or an employee who works under an organization could successfully implement AI in the working system.
Learn about the company and its new objectives
Gaining a better understanding of the company comes first before thinking about employing AI. Entrepreneurs or employees might think that they know the company better. But, please don’t jump to a conclusion. There is more about a company while looking at it after many years. There are a lot of internal working systems and strategies that you may not know.
The best way to start with is by going through 10-K. It is a document that companies file every year with the SEC. The 10-K document has details of financial performance, earning per share, organizational structure, subsidiaries, executive compensation, and much more. It is a great place to get a whole view of the company’s overall functions. There are other internal documents that are readily available to look for strategic goals. This will make you know where the company is headed. The strategic priorities indicate challenges, struggles, and points of pain in the company. Overviewing all the flows and flaws will give an idea of where the company needs technological improvement.
Applying emerging technologies to the company’s objective
Artificial intelligence and its application, such as machine learning, cloud computing, Internet of Things (IoT), are the greatest game-changers. Once you understand the company’s strategy and working pattern, it will be easy to implement AI at places where it is most needed. AI helps organizations in many ways like solving a challenge, streamlining a process, improving the customer experience, performing predictive analysis, etc. Henceforth, it is up to the person to adopt the right technology use case, which will complement the company’s growth.
Improving Sales and marketing: The Covid-19 crisis has directly impacted the growing economy and company revenues. While some organizations grew to be a global economy, some others lost their stand on the market and fell short on everything. Henceforth, it is important to look at your company’s sales and marketing strategy and value it to the market style. Artificial Intelligence solutions like machine learning can perform algorithms at the customer’s data gathered in the form of datasets. It identifies the ideal customer profile and matches it with the third-party data to create a target list of prospects for the marketing team. The strategy helps identify specific customer preferences and complements their need.
Enhancing supply chain: Starting from raw material purchase to manufacturing and delivering products to the consumers, the supply chain plays a major role in connectivity. However, the cycle can’t keep going for a long time without technological intervention. An AI application can analyze the company’s ERP data, including current suppliers, POs, invoices, payables, etc. It compares the company’s information with third-party data to give you insight into your supplier ecosystem. The application ranks suppliers and figures out where you can negotiate better discounts. It creates models to help your company optimize procurement processes.
Deploying digital assistants or chatbots: Conversational AI is one of the trending improvement that business organizations adopt to fast-track their growth. It is well known that people hate waiting on the phone line for a long time before an employee could pick the call and hear out the queries. Digital assistants and chatbots fill the waiting time and give quick solutions by engaging directly with the consumers. The conversational interface uses machine learning and natural language processing to guide people to the right information source and walks them through the process. Digital assistants can be a relatively quick and easy way to fill a gap as your company shifts staff with people working from home. Chatbots can also greatly improve the user experience for both internal and external use cases.