Written by

Bernard Marr

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.

Bernard’s latest book is ‘Business Trends in Practice: The 25+ Trends That Are Redefining Organisations’

View Latest Book

Follow Me

Bernard Marr ist ein weltbekannter Futurist, Influencer und Vordenker in den Bereichen Wirtschaft und Technologie mit einer Leidenschaft für den Einsatz von Technologie zum Wohle der Menschheit. Er ist Bestsellerautor von 20 Büchern, schreibt eine regelmäßige Kolumne für Forbes und berät und coacht viele der weltweit bekanntesten Organisationen. Er hat über 2 Millionen Social-Media-Follower, 1 Million Newsletter-Abonnenten und wurde von LinkedIn als einer der Top-5-Business-Influencer der Welt und von Xing als Top Mind 2021 ausgezeichnet.

Bernards neueste Bücher sind ‘Künstliche Intelligenz im Unternehmen: Innovative Anwendungen in 50 Erfolgreichen Unternehmen’

View Latest Book

Follow Me

3 Important Ways Artificial Intelligence Will Transform Your Business And Turbocharge Success

2 July 2021

From the smallest local business to the largest global players, I believe every organisation must embrace the AI revolution, and identify how AI (artificial intelligence) will make the biggest difference to their business.

But before you can develop a robust AI strategy – in which you work out how best to use AI to drive business success – you first need to understand what’s possible with AI. To put it another way, how are other companies using AI to drive success?

Broadly speaking, organisations are using AI in three main ways:

  • Creating more intelligent products
  • Offering a more intelligent service
  • Improving internal business processes

Let’s briefly look at each area in turn.

Creating more intelligent products

Thanks to the Internet of Things, a whole host of everyday products are getting smarter. What started with smartphones has now grown to include smart TVs, smartwatches, smart speakers, and smart home thermostats – plus a range of more eyebrow-raising “smart” products such as smart nappies, smart yoga mats, smart office chairs, and smart toilets.

Generally, these smart products are designed to make customers’ lives easier and remove those annoying bugbears from everyday life. For example, you can now get digital insoles that slip into your running shoes and gather data (using pressure sensors) about your running style. An accompanying app will give you real-time analysis of your running performance and technique, thereby helping you avoid injuries and become a better runner.

Offering a more intelligent service

Instead of the traditional approach of selling a product or service as a one-off transaction, more and more businesses are transitioning to a servitization model, in which the product or service is delivered as an ongoing subscription. Netflix is a prime example of this model in action. For a less obvious example, how about the Dollar Shave Club, which will deliver razor blades and grooming products to your door on a regular basis. Or Stich Fix, a personalised styling service that delivers clothes to your door based on your personal style, size, and budget.

Intelligent services like this are reliant on data and AI. Businesses like Netflix have access to a wealth of valuable customer data – data that helps the company provide a more thoughtful service, based on what it knows the customer really wants (whether it’s movies, clothes, grooming products or whatever).

Improving internal business processes

In theory, AI could be worked into pretty much any aspect of a business: manufacturing, HR, marketing, sales, supply chain and logistics, customer services, quality control, IT, finance and more.

From automated machinery and vehicles to customer service chatbots and algorithms that detect customer fraud, AI solutions and technologies are being incorporated into all sorts of business functions in order to maximise efficiency, save money and improve business performance.

So, which area should you focus on – products, services, or business processes?

Every business is different, and how you decide to use AI may differ wildly from even your closest competitor. For AI to truly add value in your business, it must be aligned with your company’s key strategic goals – which means you need to be clear on what it is you’re trying to achieve before you can identify how AI can help you get there.

That said, it’s well worth considering all three areas: products, services and business processes. Sure, one of the areas is likely to be more of a priority than the others, and that priority will depend on your company’s strategic goals. But you shouldn’t ignore the potential of the other AI uses.

For example, a product-based business might be tempted to skip over the potential for intelligent services, while a service-based company could easily think smart products aren’t relevant to its business model. Both might think AI-driven business processes are beyond their capabilities at this point in time.

But the most successful, most talked-about companies on the planet are those that deploy AI across all three areas. Take Apple as an example. Apple built its reputation on making and selling iconic products like the iPad. Yet, nowadays, Apple services (including Apple Music and Apple TV) generate more revenue than iPad sales. The company has transitioned from purely a product company to a service provider, with its iconic products supporting intelligent services. And you can be certain that Apple uses AI and data to enhance its internal processes.

In this way, AI can throw up surprising additions and improvements to your business model – or even lead you to an entirely new business model that you never previously considered. It can lead you from products to services, or vice versa. And it can throw up exciting opportunities to enhance the way you operate.

That’s why I recommend looking at products, services, and business processes when working out your AI priorities. You may ultimately decide that optimising your internal processes (for example, automating your manufacturing) is several years away, and that’s fine. The important thing is to consider all the AI opportunities, so that you can properly prioritise what you want to achieve and develop an AI strategy that works for your business.


Business Trends In Practice | Bernard Marr
Business Trends In Practice | Bernard Marr

Related Articles

Why Every Brand Must Create Immersive Experiences For Their Customers

Are we becoming less material? It certainly seems that way. Research shows that today’s consumers increasingly prioritize experiences over material goods[...]

C2C

Why Every Business Must Consider The Platform (or C2C) Trend

It’s where customers connect with other customers to communicate or trade goods/services, usually via an intermediary platform like Facebook, Uber or Etsy.[...]

How Will Manufacturing Companies Use The Metaverse?

Manufacturers are already using metaverse technology to speed up product design, train employees, and streamline processes. What is the future of manufacturing in the metaverse?[...]

Why Every Business Must Embrace Personalization And Micro-Moments

The successful brands of the future will be those that can identify customers’ needs in the moment, and respond to those needs with thoughtful, personalized solutions.[...]

Future Proof Your Business With AI In Products And Services

There’s really no escaping artificial intelligence (AI) and the Internet of Things (IoT). It seems pretty much anything can be made smart these days – and that goes for services as well as products.[...]

The 4 Biggest Future Trends In The Financial Sector

And our relationship with money – how we use it, who we trust to look after it, and how we as financial customers expect to be treated[...]

Stay up-to-date

  • Get updates straight to your inbox
  • Join my 1 million newsletter subscribers
  • Never miss any new content

Social Media

0
Followers
0
Followers
0
Followers
0
Subscribers
0
Followers
0
Subscribers
0
Yearly Views
0
Readers

Podcasts

View Podcasts