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04.03.2021

Can your business survive without Artificial Intelligence?

Artificial intelligence (AI) is fast becoming an essential tool for every organisation. Whether your business is scaling up, building resilience or trying to boost profit margins, AI has a vital role to play in today’s decision-making process.

“If you are figuring out what's the next product to produce, which market to enter, or what skills gaps might exist in your business, AI technology can help you make those difficult decisions with more confidence,” explains Kriti Sharma, VP of Product at GfK.

A staggering 94% of executives see AI as an important tool for solving strategic challenges, and it is not hard to see why. Without data-driven insights to guide your business, you’re relying on gut-feelings and educated guesswork in the battle to stay relevant. Tempered by human expertise, AI mines predictive insights from data to drive your business forward. Missing out on these insights could prevent your business from realising its full potential.

Actionable insights boost operating efficiency

Streamlining operations and squeezing every last drop of value from available resources is essential in business today. AI can transform the output from your workforce, freeing up talent to innovate and tackle more complex problems by automating simpler tasks.

“Everyone is looking for a competitive edge, greater efficiency, but there’s so much uncertainty in the world right now. Markets have experienced unprecedented disruption from the pandemic,” Sharma explains. “Therefore, it’s key to make the right business decisions fast and to extract the right signals from noise.”

The UK government describes how a global bank brought AI into its regulatory compliance process. The team of 120 people drew on 10 data sources and 180 data points, taking an average of four hours per audit. Without AI, they could only check a sample set of 10 to 15 percent of completed sales. Machine learning reduced the time this process took by 80 percent and freed the team to review 100 percent of cases.

In logistics, AI reveals the most cost-effective networks balanced against the need to deliver a high-quality customer experience and informed by your risk appetite. AI is a game changer for route efficiency. UPS’s ORION navigation system, for example, was fed with driver data and calculated the most efficient routes for delivery trucks. One insight found that avoiding left turns whenever possible would save 10 million gallons of fuel annually, reducing costs by around $400 million.

AI insights find signals in the noise

We see the power of AI playing out in healthcare through augmented diagnostics and decision-making. Applying machine learning to enormous data sets unveils connections that even the best medical professionals struggle to see. Researchers at Google AI studying the impact of AI-automated ophthalmologic screening found that the technology surpassed just automation and actually helped to assist physicians in “accurately diagnosing diabetic retinopathy”. The study concluded that “AI and physicians working together can be more accurate than either alone”. In the right hands, AI automation can help save lives.

“The right intelligence at the right time can make all the difference,” says Sharma.

Customer journey mapping informs better business strategy

Customer experience (CX) is vital for brand success and differentiation. AI helps you better understand and serve your customers. The top two use cases for AI and machine learning among CX professionals include analytics to develop customized and relevant products and services and the creation of more highly-personalised experiences, according to an Oracle report.

A full 86 percent of CX leaders plan to use AI and machine learning to customize every product, service or offer by 2024. Adopters use advanced analytics to tweak product lines and services and offer more personalized experiences. It’s already proving effective, with 45 percent of firms reporting increased total spend per customer.

AI is available 24/7 and learns from customer behaviour. A personalized approach increases customer acquisition, average spend per transaction, and overall satisfaction. Using AI to fully map the customer journey helps businesses understand what drives purchases, the expectations of different demographics, and how customers perceive brands.

As one of AI’s most successful proponents, eBay has integrated it effectively to offer personalized shopping across a global marketplace, logging every interaction as a machine learning opportunity and successfully linking millions of buyers with relevant sellers every day. To give just one example, English to Spanish machine translation on the eBay platform increased exports by 17.5 percent.

Invest in your future with AI decision making

“gfknewron delivers not just descriptive data but actionable recommendations using a unique blend of quality data sets, advanced machine-learning technology, and expert modelling,” says Sharma. “Up to the minute forecasts that include market conditions, and the latest developments enable fast decision-making by providing always-on access to critical knowledge.”

Fail to invest in AI and you’re leaving value on the table. Embracing AI insights alongside relevant data and expertise offers unparalleled opportunities to predict customer demand and anticipate emerging market trends. Integrating AI decision making can spark the kind of disruptive innovation that defines industry leaders.

 

Find out how gfknewron can provide the latest market intelligence, reveal your true competitors, and empower you with a deeper understanding of your customers.

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