Why make AI your next strategic investment?

Political instability, market volatility, skills shortages, distributed work environments, growing workloads, and consumers looking for ever-faster, digital, and personalized on-demand services: In the face of all these challenges, you may not know where to look. locate your resources. But for the success of your business, it is more crucial than ever to make the right decision. The time has come to put artificial intelligence at the forefront of your priorities.

Many companies are currently implementing strategic projects to modernize and digitize their data and operating systems, in order to automate their workflows and streamline their services. But there comes a time when automation is no longer enough. After big initial gains, companies are realizing that they need AI to further optimize their automated processes.

AI technologies produce tangible results

Two recent reports on the state of AI reveal that companies continue to implement AI technologies at a rapid pace. According to the latest McKinsey Global Artificial Intelligence Survey of 2021, the use of artificial intelligence is on the rise: 56% of respondents say they use artificial intelligence in at least one business function, a 50% more than the previous year. Another NewVantage Partners study on big data and AI in 2021 indicates that 92% of respondents are accelerating their investments in big data and AI, and 81% are optimistic about the future of AI in their business.

This accelerated pace is driven by the growing acceptance of AI technologies. In recent years, companies may have limited AI to smaller experimental projects, but as the results of these surveys suggest, leaders are beginning to extend the use of AI to their core business as they gain confidence. .

Investments also increase due to the profits made. According to NewVantage, 96% of respondents say their big data and AI efforts are paying off. The McKinsey Global Survey also finds significant cost savings, especially in marketing, sales, product and service development, strategy, and corporate finance applications.

The uses of AI are many and varied, depending on your strategic goals

AI tools are no longer in the experimental phase. They are now practical solutions that help companies understand information, decide what to do and act. Among the results generated: detect patterns in the data, determine customer sentiment, predict possible service problems, or even evaluate appropriate actions according to the circumstances. The uses are varied, from risk analysis to marketing to service operations, depending on the strategic need.

For example, call center managers are implementing real-time text-to-speech solutions to speed up data entry, improve average management time (AMT), increase resolution, reduce training times, and increase consistency. from agents’ responses to customer inquiries.

These AI-powered tools use features such as natural language processing, speech analysis, and intelligent automation to understand the intentions and feelings of conversations, and trigger real-time actions. They automatically fill out forms with customer information and provide agents with guided answers, knowledge base information, and next steps. As a result, repetitive, labor-intensive tasks are automated, the workflow for the call center agent, and the customer is streamlined, and the service is more consistent with each call.

For operational applications, AI helps analyze event logs, identify risks, and measure workflow results. The goal is to anticipate and find vulnerabilities in supply chain processes or gaps, and thus suggest the best ways to address them. By integrating AI into an operational feedback loop, companies automatically optimize their core processes and achieve efficiency more quickly.

Increasing data capabilities is democratizing the use of AI solutions

Increasing careers in data science and the growing number of data-driven decision-makers are also contributing to the growing adoption of AI, as well as the continued shift towards agile application development platforms. . Traditionally, advanced technologies such as AI require specialized skills to implement and manage them.

Decades of graduates in business schools who master quantitative analysis and the emergence of the roles of data director and data analyst in chief provide the manpower and organizational structure that companies need to transform. These skills and roles will continue to grow in importance. Our own survey, conducted among 750 operations managers around the world, reveals that digital and IT, as well as strategic skills and critical thinking, are the priorities of managers for the next three to five years.

However, the sharp increase in needs is increasing the shortage of available skills. With low-code development platforms, analyst teams can collaborate with business teams to identify opportunities to integrate AI capabilities and define safeguards for data and AI governance. Therefore, AI should establish itself as a leading tool for many strategic operations.

Companies that already implement AI are taking the lead

According to the McKinsey Global Survey, the companies that get the most out of AI are those that use design thinking to develop AI-driven tools. They test and track the performance of AI models and establish data governance processes. Our research also points in this direction. 73% of respondents say it’s important to keep up with the latest technology, and 71% say AI and automation will have a transformative impact on workflows and operations. These results suggest that organizations that lag behind in their digital transformation are at risk of being quickly overtaken by competition.

It’s a safe bet that your competitors are increasing their investment in AI

Nearly two-thirds of companies surveyed for the McKinsey Global Survey plan to increase their investment in AI over the next three years. Therefore, if your business is lagging behind, you need to take urgent action. Artificial intelligence innovation is underway, so its uses are far from stabilizing. But don’t wait too long to start taking advantage of AI’s transformative capabilities. If you haven’t identified any strategic goals yet, now is a good time to start. Its uses are multiple and much wider than just a few years ago.

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