Just a few years ago, artificial intelligence was merely a playground reserved for innovative giants of Silicon Valley. However, the landscape has changed, and today, its evolution and democratization are undeniable: AI is the new industrial revolution. All companies must now include it in their operations to remain competitive over the next 5, 10, or even 15 years.
Businesses are now faced with the necessity not only to review their strategy but also to integrate AI significantly into the core of this strategy. This is where the key to sustained and lasting growth lies.
What is interesting about AI (and this is what we advocate) is adopting an iterative and incremental approach. We recommend starting with simple projects that will quickly generate significant impact, thereby facilitating a smooth integration of AI within the organization.
In this article, we will explore why this is a necessity.
Why AI is a necessity in business?
AI transforms decision-making by providing in-depth analytics.
AI revolutionizes decision-making by enabling conclusions to be drawn from available data. By harnessing this wealth of information, AI offers businesses a clearer understanding of trends, consumer behaviors, and market dynamics.
This informed vision allows decision-makers to better anticipate potential challenges, identify growth opportunities, and make more informed strategic decisions. By reducing uncertainty and complexity, AI helps minimize the risks associated with business decisions while maximizing profitability by directing resources towards the most promising initiatives (if that’s what the company is trying to optimize). In fact, AI enables the optimization of business objectives.
Maximizing operational efficiency through AI.
By leveraging the insights generated by these systems, a company can gain a better understanding of its current situation, enabling it to make more informed decisions while optimizing its operations. This allows for predicting events or quantities based on all available signals that influence demand.
For example, by considering data such as the correlation between sunny weather, ongoing promotions on ice cream cones, and sales history, it’s possible to accurately predict demand for ice cream cones. In this simple scenario, the benefits are manifold :
- Optimizing inventory management by anticipating the required quantity of ice cream.
- Efficient scheduling of work hours based on sales forecasts.
- Achieving business assumptions by maximizing operational efficiency and profitability while reducing workload for the team.
Thus, the judicious use of AI enables a company to better respond to demand, improve its operations, and achieve its business objectives more effectively.
Personalizing the customer experience strengthens brand loyalty.
Personalizing the customer experience is a powerful driver of brand loyalty. According to a recent study by McKinsey, 76% of consumers are more likely to consider purchases from companies that interact in a personalized manner, while 78% state that such content encourages them to repurchase. The integration of AI offers unique opportunities to achieve this.
By leveraging customer data, companies can provide tailored support experiences. By harnessing technology, they can offer more efficient, effective, and personalized services, thereby enhancing customer satisfaction and loyalty.
Let’s take the example of an online retailer increasing its sales through an AI-powered recommendation system. This system, integrated into the website, provides real-time personalized recommendations based on customers’ preferences and purchase histories. This proactive approach not only streamlines the purchasing experience but also strengthens brand loyalty by providing personalized customer service while reducing the workload of the existing customer service team.
By analyzing the data generated by these interactions, companies refine their understanding of consumer behavior, adjust their offerings, and anticipate future needs. This deep market knowledge allows the company to remain agile and responsive, maximizing sales opportunities and minimizing potential losses.
Concrete artificial intelligence projects completed
Since 2018, our teams have generated innovation for our clients by developing applied artificial intelligence solutions. We have assisted dozens of organizations in discovering and accelerating projects. Here are some examples to help you understand what can be achieved with artificial intelligence.
- Optimize inventory and workforce management
- AI-powered personalized meal planning tool
- Predict maintenance activities
The future of AI in business
Artificial intelligence (AI) is transforming the business world, and its impact will only continue to grow in the years to come. Numerous studies and reports from leading consulting firms confirm this trend.
Here are some key points to remember:
- McKinsey : By 2030, AI could generate up to an additional $13 trillion in global GDP.
- Accenture : AI could create up to 26 million jobs by 2025 (yes, you read that correctly).
- EY : 75% of business leaders say that AI is essential to the growth of their company.
- Deloitte : AI could help companies reduce their costs by 9% by 2025.
- BCG : AI could help companies increase their revenues by 10% by 2025.
The future of AI in business is promising, but it is important to remember that AI is not a miracle solution. It is essential to implement a clear AI strategy and have the skills and resources necessary to implement it.
Here are some tips for businesses looking to leverage AI :
- Start by identifying the most relevant use cases for your company.
- Develop a clear AI strategy and define your objectives.
- Invest in the skills needed to implement your AI strategy.
- Be prepared to experiment by starting with a project that offers high potential value and presents minimal risk.
- Collaborate with external partners to get the help you need.
In conclusion, AI is a powerful technology that can help businesses improve their performance and stay competitive. By adopting AI strategically, companies can prepare for a prosperous future.
Olivier is co-founder and VP of decision science at Moov AI. He is the editor of the international ISO standard that defines the quality of artificial intelligence systems, where he leads a team of 50 AI professionals from around the world. His cutting-edge AI and machine learning knowledge have led him to implement a data culture in various industries.
