Yesterday we were told that tomorrow’s economy would look very different. Machines would empower and enable our thinking and that efficiency and value-based outcomes would be dependent on artificial intelligence and the capability of machines to think faster, quicker and more logically than the human mind.
Tomorrow has arrived, and AI can’t be ignored as we see it in action in our day to day lives, on Google, Amazon, Apple, Netflix, Spotify and countless other tech-enabled tools. The power of machines to deliver value, resource, scalability and profit in our new world has arrived and the time to be cynical, fearful or even ambivalent has passed. To succeed in 2019 and afterwards, businesses of all sizes from small SMEs to giant enterprises will need to engage with AI and embrace the power of machine learning as a tool that will improve their processes and products.
As the customer base grows, so will the pressure on business to retain existing customers and be competitive in getting new ones. Knowing, understanding and being able to predict shifts in demand, productivity and market forces in real time or even better, ahead of time, is a reality with AI and machine learning. To get that extra 10% uplift, every business needs to build and scale its system intelligence quicker than competitors, in order to add value to customers.
These advances are happening today. We have seen a proliferation in business engagement and deployment of AI over the last 12 months so that it is now a commoditised ingredient in all forms of technology.
AI is no longer a green blob with superior brainpower stepping out of a flying saucer with a laser gun. Today, AI simplifies business processes, and is amplified by the speed at which any business is able to build models and convert them into useable, shareable systems (e.g. as APIs). The power of machines, computers and the cloud in linking systems facilitates a much smoother integration – that is new and is driving the growth in AI usage.
Real time access to business intelligence via online dashboards, portals and platforms is also driving AI. And of course, the ability to track and predict outcomes, success, failure profit and loss, ensures that AI benefits outcomes are instantly measurable. None of this is new, but they are now much easier to do and therefore more commonplace.
You are probably thinking, so what? What will adopting an AI machine learning approach actually mean to my business, I already have systems in place that enable me to acquire and retain customers, prospect smartly for new ones and manage my business- I don’t need this. But the time for this type of thinking is over. A lack of enthusiasm for AI adoption could result in lost business, because your customers will evolve their service expectations based on their experience elsewhere, and your competitors will upgrade to meet these expectations. Ignoring AI is a recipe for disaster.
Since we started building AI-driven systems 6 years ago, we have seen the market change dramatically. Our customers and clients have had huge improvement in sales. One of our client has seen a growth of 3-4 times in sales volumes, most of them experience 30% to 50% uplift. This is because they focus their attention on only the best leads, and personalise the sales response based on business insight, and of course, AI. They have a cost advantage over competitors, and are far more efficient.
The lending platforms we provide are also designed with proprietary Optalitix AI built into them. Our customers have grown in the lending markets by using credit portals and systems that give rapid, AI-driven decisions.
Note that the introduction of AI doesn’t mean people aren’t involved in the process any more. Of course the people are still involved – they just do the same job they were doing before, but do it better and more efficiently, giving them plenty of time to develop their business relationships and strategies for their next push.
Artificial Intelligence and Machine Learning are now easy to implement. The technology is available now, for today and not for tomorrow. Gone are the days of AI being for early adopters or the brave technology focused businesses. The adoption of AI and machine learning is something you must do, if you want to compete in the modern world.
Author : Dani Katz