A Data Dilemma - Is Your Business Really Ready for AI - Part 1
Data is the oil of the digital era. And artificial intelligence (AI) is the tool that many companies are using to extract insights from their crude sources of information. But how do you ensure your business is really ready for AI?
In this article, we’ll discern the differences between truly data-driven organizations and companies masquerading as one. We’ll also discuss some of the most pertinent benefits that make AI a must-have technology for any modern company.
The Difference Between Data-Driven Organizations and Imposters
Organizations around the world are spending a lot of money on data analytics — nearly $40 billion annually. But many of them end up with little to nothing to show for it; in a survey of 64 C-level executives, more than 50% admitted they were not competing well on this front.
Sadly, the song remains the same for AI applications. A study from Boston Consulting Group and MIT Sloan Management Review found that 83% of businesses consider AI a strategic priority. Yet, another survey reports that 65% of companies have seen no positive fruition from their AI investments.
These figures reveal a harsh reality: It takes more than technology and data to use AI effectively. Too many organizations are embarking on AI efforts with no discrete objectives in mind; that’s a recipe for disaster. If you want to tap into the true potential of your data and AI, you must make sure they’ll drive you in the right direction. After all, if you don’t know where you’re going, how will you get there?
To address this, begin by answering “Why?” What are your desired results? How can AI help you get there? You must have concrete, concise answers to these questions. As the numbers above demonstrate, failing to do this can lead to costly misuse of resources.
Every data-driven organization is defined by its ‘why’. Any company can have technology, information, and even the expertise to connect the two. But without a purpose, your business and its processes will never be aligned around producing the best outcomes for your unique circumstances.
Start with your ideal outcomes. Then reverse-engineer the steps you must take to reach them.
Some of the Best Benefits AI Provides
Whether it’s e-commerce, manufacturing, or marketing, AI offers immense benefits for every industry. Over the years, Realware has helped companies in each of these sectors to leverage AI’s advantages. Here are some of the most common ones that this technology brings to the table.
Making Customer-Centric Experiences
Through tools like predictive analytics, statistical modeling, and context creation, AI allows you to comprehend your users with unprecedented detail.
For instance, if you’re running a SaaS business model, you can gain insight into your customers’ preferences and needs. You can even track purchase decisions back to specific marketing campaigns in order to understand why some consumers bought your product and others didn’t.
Opportunities abound with these capabilities. You can create more accurate buyer personas, increase your marketing and selling effectiveness, and of course, improve your customer satisfaction and loyalty rates.
Improving Operational Efficiency
Business is ever-changing, so it’s vital that you stay adaptable. AI is giving data-driven organizations the insights they need to pivot their operational infrastructures more effectively.
Modern manufacturers are a prime example of this. With AI, a business in this industry can rapidly revamp their supplier onboarding, quality assurance, and strategic sourcing to reach unparalleled efficiency. In turn, this often leads to a process that produces higher customer satisfaction. Boston Consulting Group found that AI can decrease the conversion costs of a manufacturing business by up to 20%, with more than 70% of this reduction attributed to better workforce productivity.
But factories aren’t the only ones reaping the benefits of AI. By adding this technology into their fold, 45% of digital retailers are experiencing faster time-to-market. With these numbers, it’s no wonder that, by 2025, Gartner predicts customer engagement platforms with embedded AI will increase their operational efficiencies by 25%.
Deeper Insights for Decision-Making
Above all else, AI’s greatest potential perhaps lies in its ability to facilitate better decision-making. At Realware, our main mission is to put users back in control; everything we design isn’t about being tech-driven, it’s about being outcome-driven. And we’ve found that AI is a profound tool for this philosophy.
No matter what problem you’re trying to solve — whether it be in marketing, medicine, or finance — AI can help steer you in the right direction regarding your choices. With abilities such as opinion mining, augmented analytics, and automation, this technology excels at cutting through the noise to unearth insights that can make a big difference for big decisions.
Want to Know How to Get Your Business Ready for AI?
If you’ve reached the end of this article and realized that your business isn’t ready for AI, don’t fret. In my next post, I’ll discuss some of the most important steps you must take to get your AI endeavors off the ground.
Until then, I recommend that you spend some time striving to understand your objectives with this technology. It’s an imperative step that will ultimately shape the success of your AI initiatives. Stay tuned.
At Realware, we take an outcome-driven approach to make your vision a reality. Reach out today to see how we can help you!