Most companies are swimming in data right now – but less than 1% of most organizations’ data is being used at all – much less being analyzed for meaningful decision-making.
There’s no doubt that your business is going to need to get smarter. Innovation and change are the new norm, and businesses that can’t adapt to the intelligence revolution risk being left behind.
It’s time to rethink the way we all do business.
Spotting Trends in Your Data Before You Begin Your Revamp
Every business is unique, and your AI priorities might be quite different than your competitors. Start by looking at your data first, and see if you can spot trends – then use that insight to see where AI could truly add value to your business.
You have the ability to collect massive amounts of data on your customers’ habits and preferences: how often they use your products and services, when they use them, and more. Before you rethink your products, services, and processes, use your data to build a detailed picture of your customers’ behaviors.
There are three typical ways to use artificial intelligence – products, services, and processes – but they fall into two perspectives. The external perspective means you look at your business from the point of view of your customer, and find ways to make their lives easier by solving their problems and anticipating their needs.
The second perspective is internal. The most successful companies today aren’t just customer-centric, they’re employee-centric. Optimized internal processes, powered by AI insight, help attract and retain the best talent and keep employees happy and engaged in their work.
Be Like Netflix: Offering Personalized Services
Better customer insights help you provide more intelligent, highly personalized services.
Companies like Amazon use the data they automatically collect from their customers to build one of the world’s most effective product recommendation engines. Netlfix’s streaming service does the same thing.
Netflix’s AI doesn’t just make general recommendations for films or television shows – they make highly personalized suggestions based on the time of day you watch, the actors you like, and other viewing behavior.
If you’ve watched several films that include Robert De Niro in the cast, Netflix can recommend another De Niro film – even a movie in which he plays a small role. If De Niro doesn’t appear on the movie preview image Netflix normally uses, the AI can grab your attention with a different image that does include him. That personalized image will make the movie more enticing for you and make it more likely that you’ll keep watching.
Netflix’s goal is to put the right film in front of you at exactly the right moment. How can your company customize your services so they present the perfect options to your customers at the precise point they’re needed?
The Massive Expansion of Smart Products
The IoT means that many everyday products are getting smarter. We can now integrate increased computing power and small, cheaper sensors into products, give us the ability to create smart TVs, smartphones, health monitoring devices, and more.
I predict that very soon, we will have artificial intelligence in almost all products.
Sound far-fetched? Think about this: There’s already an AI-enabled “smart diaper” that uses a built-in moisture sensor to send an alert to your phone or watch when a nappy needs changing.
There’s also a smart toothbrush on the market that senses how well you’ve brushed your teeth. You can use an app on your phone to see if there are areas you need to clean better.
More intelligent products like these don’t just make customers’ lives better – they also have enormous business benefits in terms of customer retention, customer satisfaction, more positive reviews, and increased revenue.
Streamlining Your Business Processes with AI
The most successful companies in the world are also using artificial intelligence to optimize, streamline, and automate their business processes across the entire supply chain. You can incorporate AI into virtually any business function, including HR, manufacturing, marketing, sales, quality control, IT, and finances.
Start by identifying which areas are the biggest priorities for your business, and where AI can potentially add the most value. Don’t just add artificial intelligence for the sake of it – look at what your company wants to achieve, then determine how AI can help you get there.
Transform Your Business with Artificial Intelligence
Companies can use AI to boost their business results in three primary ways: delivering smarter services, creating intelligent products, and improving business processes with AI.
I recommend that every business looks at all three aspects, as they’re developing an AI strategy. Product-based businesses can benefit from thinking about AI-enabled services, and vice versa. All businesses should consider the possibilities of improving their business processes with AI.
Feeling inspired to learn more? Want to get some great examples of how companies are using AI to create intelligent services, products, and processes? Check out my website and YouTube channel for more information.