How AI is speeding up the digital transformation in enterprise
The operating environment of enterprises is rapidly and fundamentally being altered. Powered by a smarter, more demanding customer spoilt for choices, and doting employees who expect a consumerised experience to deliver value for their organisation, enterprises who tend to delay the adoption to newer and cutting-edge business demands are bound to be left behind and relegated to irrelevance.
While some leaders are already moving ahead, many others are still studying the strategic justification for moving beyond BI reporting systems to implement Artificial Intelligence.
While the benefits can be profound, the commitment is significant too. In a fast-evolving business environment, strategic objectives need to be paired with the ability to make more frequent, more responsive, and more accurate business decisions.
So what drives the need for AI in commerce?
The technology advantage
Today, technology has the capability to take over the influencing, improving, and managing of every interaction between consumers and businesses.
The speed of objectivity of technology to manage constantly volatile market conditions has created a more compelling value proposition for businesses to readily embrace technology.
The data imperative
Consider the most pertinent decisions any consumer commerce business has to make — what to sell (build), where to sell, when to sell, and what to sell it for. From product to pricing to promotion and now, logistics, and shipping, organisations are looking to deliver value as a proposition.
With the right internal business data gathered, collected, and analysed, AI solutions can also access third-party data that originate outside the company, including understanding the competitive landscape and competitive intelligence on pricing.
The technology can aid the sales team and improve sales performance considerably by using algorithms to prioritise and qualify leads, predicting and recommending the best course of action to meet set goals, and by optimally utilising resources to generate the most impact.
Not just confined to sales trends and tactics, AI algorithms also help commerce to capture business effective business strategies and consumer behaviour.
The consumer preference
Today’s tech savvy consumers are looking for intuitive systems that minimise their interaction downtimes and maximise their digital delight.
Consumer preferences and choices are changing every day and the influx in options is also not going to change anytime soon.
In situations like these enterprises and businesses need to ensure that the kind of messaging and strategy devised is exactly in line with their defined niche to reduce the chances of losing prospective/customers to competition.
Here, integration of AI plays an important role, it helps in stimulating consumer behaviour and preferences to predict the upcoming trends in the demand and supply chain management.
With the right AI solution, businesses have the opportunity to pivot their businesses to greater heights, the inclusion of this state-of-the-art futuristic technology can easily help understand and evaluate customers through multi-level interaction to further make sense and predict the factors that influence their preferences and buying behaviours.
Simply put, these emerging, turnkey solutions are designed to lead enterprises of all shapes and sizes comprehensively and conclusively into the age of AI.
Much more than traditional Business Intelligence (BI) technology, these solutions can measure and monitor business results, clarify why they are occurring, and recommend actions to drive improvements.
The key differentiator being their ability to offer real-time, actionable insights that can trigger specific decisions that drive business value.
So what make Enterprise AI the turn-key solution that will redefine growth?
The rise of micro-intelligence
Today’s AI solutions thrive on the power of data. As more and more complex data patterns get sifted through to create intelligent responses to up business performance, AI will be a critical ingredient for value delivery.
Return on AI (RoAI)
Done right AI implementation can overnight transform businesses with visible substantiable metrics on revenue profitability. These systems have the potential to minimize excess, maximise output and optimise performance.
Customisation and domain focus
What makes good AI implementation is the level of nativity that it provides to the business it serves. There is a high level of domain sync that the AI system absorbs ploughing into the primary and secondary data across the industry making the solution significantly contextual.
It’s important to understand that there is no solution out there that can be “everything to everyone.” At the moment, the developers of these platforms are staking their claims in specific industries and focusing their products on the unique market challenges of these verticals. While this may change in the future, it’s simply not the case right now.
Before partnering with an enterprise AI vendor, businesses should conduct their due diligence and identify the solution that can best meet their business needs.
Today, there are emerging platforms that focus on consumer commerce industries, such as retail, restaurant, hospitality, convenience, ecommerce, financial services, manufacturing, and consumer packaged goods.
Additionally, there are also specialised platforms for businesses operating in utilities, heavy machinery, cyber security and more.
At the end of the day, all of these solutions are designed with a common goal—to speed up digital transformation and ensure that enterprises are able to massively scale the quality and speed of their decisions in order to delight their customers and generate more business value.
It is imperative that enterprises speed up their digital transformation to fully leverage AI and extract value from applying AI into their decision-making processes. Enterprises need to drive their agility by enabling unfettered access to data, compute and enabling a high degree of integration and automation. One way to achieve this is by tapping into one of the hottest sectors within the software industry, enterprise AI platforms.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)