Original article was published by Md Ashikquer Rahman on Artificial Intelligence on Medium
How To Use Artificial Intelligence To Grow Business And Create Corporate Value
John Michaelis, an expert in the artificial intelligence industry, said, “Companies using artificial intelligence can achieve sales growth through more targeted and relevant customer engagement, faster scalability across business operations, and higher productivity.”
He shared three basic skills for companies to use artificial intelligence to develop their business and create corporate value:
(1) Artificial intelligence learns from user data.
Before starting to use artificial intelligence extensively, it is important to recognize that artificial intelligence is different from others. The fundamental difference between algorithm systems. Artificial intelligence learns from user data, so its performance will improve over time. This means that data sets must be reliable, and companies must invest in demonstrating and communicating their ethical practices to ensure that there are no biases in their algorithms.
(2) Understanding data assets
Before making any major investment in artificial intelligence, companies should have a clear understanding of possible technologies and available data. The personnel who understand the data assets should preferably be composed of two or three people. These people come from the customer-facing business department and have a comprehensive understanding of the company’s data assets.
(3) Investment priorities The investment priorities of
companies should determine which artificial intelligence projects to invest in first. For companies with high growth potential, projects that increase customer acquisition or up-sell opportunities may be better choices. Therefore, it may increase productivity, reduce operating costs, expand scale, and accelerate the launch of new products and services.
New products and services
Pardoe Ventures founder and general manager Andy Pardoe explained that artificial intelligence can not only promote the production of new products and services, but also increase operational efficiency and improve customer service.
He said: “Enterprises can use artificial intelligence to enhance existing processes and procedures. It is a natural trend to improve efficiency and operational quality. Although this may increase profits, the benefits of this approach are limited. On the contrary, corporate CEOs, CIOs and CTOs should seek to develop new products and services. These new products and services can only be realized with the massive application of artificial intelligence capabilities. Automation products and services will provide new opportunities for large-scale growth in the future. Opportunities.”
Artificial intelligence is becoming more widely used in business.
CCS Insight’s senior vice president of corporate research Nick McQuire said that most companies plan to increase their IT investment in the next 12 months to promote transformation and increase resilience.
He believes that more importantly, many companies are seeking business growth. According to a CCS Insight survey, more than 60% of companies now plan to increase investment in artificial intelligence as a key area to achieve this goal.
McQuire said, “We are seeing three important areas that are helping companies grow in this difficult environment. The most important thing is that these areas are accelerating changes during the epidemic. The first is in terms of customer experience and virtual agents. Artificial intelligence is used in the field to improve waiting time, and the contact center is transformed to help people working remotely from home handle higher-value customer queries. The
second field is personalization. Artificial intelligence is being used in e-commerce to Improve the buying experience and more accurately improve demand forecasts. In some cases, we have found that if artificial intelligence is effectively used in the buying experience, the conversion rate can be increased by 20%.
Third, we also see artificial intelligence being used In fraud detection, it helps companies (especially financial institutions), improves customer experience, and saves money in fraudulent transactions.”
Artificial intelligence is part of the modern workforce.
Like McQuire, Appian’s vice president of product strategy and deputy chief technology officer Malcom Ross also said that the coronavirus epidemic has revealed that companies need a plan for rapid change and continuous adaptation.
He said: “This epidemic has disrupted almost every major business process from R&D to supply chain, distribution and customer service. Artificial intelligence can play an important role in recreating these broken processes into smart processes, which can help Companies make better decisions in the future.”
But on its own, artificial intelligence will not affect business results. Instead, artificial intelligence will become a member of the modern workforce, fighting side by side with robots and workers. He suggested, “In order to get the maximum value of business results, all modern workforces (including people and machines) must be seamlessly coordinated in a single workflow. This is how better decisions become faster and better The way of action.”
From manual to automation
Finastra’s head of artificial intelligence and machine learning Adam Lieberman explained: “Using artificial intelligence to understand customer behavior is essential to help companies build stronger interactions with customers and drive growth. Get history Data, understanding historical data, and identifying patterns, enable companies to better understand who their customers are, what they like, how they use products, and build smarter products and services based on their needs.”
He continued: “Enterprises can use artificial intelligence to automate inefficient manual tasks, increase productivity and reduce costs. For example, the artificial intelligence method in optical character recognition (OCR) not only greatly reduces the time required to extract and construct relevant data, but also It can also eliminate human errors in the extraction process and use it with other artificial intelligence-based models for tasks such as error correction.”
Let everyone embark on the journey of artificial intelligence
, added Alan Gibson, vice president of Alteryx Europe, Middle East and Africa Said: “In the next five years, companies that will benefit the most from artificial intelligence will not only invest in the right technology to equip their entire workforce, but will also build a culture that enables all employees to achieve change, not just Data scientists and analysts.
This will allow everyone to embark on the journey of artificial intelligence, and growth means simplifying and automating processes. To this end, business leaders need to consider how to make emerging technologies available to all employees. An easy-to-use one automated data analysis platforms will prove to be the most valuable in the next ten years.”
Taking the popular fitness brand Gymshark as an example, Gibson explained that it uses an automated analysis platform to quickly and accurately identify which categories are performing well. The platform enables companies to adjust product offerings, customize marketing methods, and ultimately remain agile and profitable in times of economic uncertainty.
However, not all companies are at this stage, and many companies are struggling to accept and adopt artificial intelligence. Gibson said: “The obstacle we currently face is the intersection of people and technology. The key to their overcoming obstacles lies in solving the skill’s gap, and by introducing an intuitive and easy-to-adopt platform, empowering employees to solve complex data science problems and being able to synchronize with the modern workforce. It’s widely believed that data can add value, but only when staff can pick out practical insights to provide information to the company.”