Artificial intelligence (Ai) has become more visible at the C-suite. Executives are becoming more involved about where they are in terms of Ai and how this is going to work in their business. Ai is going mainstream into business as more and more companies see this as an important strategic move.
As companies recognize the importance of a digital transformation, Ai will become even more prevalent in 2021. At a time of uncertainty and continuous market fluctuations, consumer decisions are harder to predict. Therefore, executives are turning to Ai to help realign business goals and strategies.
Faster and less expensive than a team of strategists, Ai is the brain by which machine learning models work. Machine learning automates what strategists do manually, such as forecast demand, identify and reduce customer churn, fraud detection, risk management, and much more.
Let’s take a forward-thinking look at where the C-suite’s attention is now focused and why Ai and machine learning are critical tools in the effort to recover from the 2020 pandemic.
Some companies pursue Ai because it’s a buzzword. Saying they use Ai makes them seem more up-to-date and technologically advanced than they really are. When people talk about Ai, they look at the news. Some of the most talked about Ai capabilities are image, video or audio recognition and Natural Language Processing (NLP). Therefore, people become interested in those trending terms and adopt the technology.
The trendiness continues as executives see Ai splashed across the business section of newspapers. Many very successful companies are using Ai and that makes the C-suite pay attention. For example, historically small companies are rising to the top of the Fortune 500. How is that happening? Companies are implementing Ai and undergoing digital transformations.
But the question remains: do companies really know how to use Ai to its full potential? Or are they merely adding a bot onto their website and saying they have Ai technology to jump on the bandwagon?
As the C-suite’s attention is focused on Ai, we question whether executives truly understand the available benefits. There are differing opinions regarding: what exactly is Ai? Many times, people—especially non-technical people—rely on marketing material to answer that question.
For example, a platform mostly focused on business intelligence (BI) that supports a few rules and maybe simple regression models states they have a fully functional Ai platform. As a customer, if you are not technically-inclined, you will believe that to be using Ai. But that’s far from leveraging Ai and machine learning in your business. Using those rule-based algorithms helps in many scenarios but it is not close to the full potential Ai and machine learning can bring.
As we think of how companies can unlock the solutions awaiting them after a full digital transformation, we must think of current events and the toll it’s taken on the economy. How can businesses pull back up from that downturn?
The COVID-19 pandemic has created consumer uncertainties. Businesses have felt the crushing pain of their customers holding onto money and not spending it for fear of another economic shutdown. Companies will come out of this much stronger, however, if they focus on their core business needs, such as reducing cost, increasing revenue and customer satisfaction, etc.
If you’re going to do things like make your customer happier with a personalized experience while drastically reducing cost, you don’t have any other option on the table than Ai and machine learning implementation. Companies that are succeeding and seeing hockey stick growth during the pandemic are using Ai and machine learning hyper personalization for their customers and controlling cost across the board. There really is no choice but to use this tool. Trying times will bring out the best in companies or they will fail.
The pandemic is really two things: a health crisis and an economic crisis. The economic crisis is caused by the health crisis, but many companies are not contributing to a vaccine or cure. They’re just trying to weather the storm and hope the vaccine or something will help. A clothing retailer is not going to solve the pandemic problem, but they’re faced with an enormous economic problem. Some jobs haven’t been very quick to return. But many jobs have expanded, especially in technology as work from home and other things have pushed companies to accelerate their digital transformation.
Taking a look at this from a forward-thinking perspective, you have to consider how you can optimize your workforce. The more you can use Ai to replace complicated decision-making, the more you can get your costs under control and increase your revenue. Automating manual tasks to increase your time-to-value will keep your customers happy. Let the machine do the heavy lifting for you so you can enjoy an economic rebound in 2021.
Businesses are realizing that implementing artificial intelligence and machine learning is the path towards further success. As this technology becomes even more mainstream in businesses, it’s important to remember that Ai doesn’t stop with a bot on your website. Scaling Ai across the entire organization is an important step to economic recovery and business growth.
How can companies begin the implementation process? Talking with a firm that specializes in Ai and machine learning. ElectrifAi and other firms are here to help you create machine learning models without having to hire an in-house team of data scientists.
Where ElectrifAi stands out, however, is through the largest library of pre-built machine learning models. We can combine our models to create a customized plan to target critical pain points with proven business-ready solutions. Contact ElectrifAi today to find out how quickly we can get you on the road to recovery and success in 2021!