As AI has moved from a futuristic idea to an accessible tool used in everyday life, we are just beginning to see its impact on a variety of businesses. From improving customer service to detecting fraud, AI has brought about significant changes in sparking innovation and change in a company.
While AI can feel oversaturated, alone 22% of employees regularly use technology at work, indicating a wide gap between access and use.
In order to remain competitive, executives must harness the power of this new technology to spark innovation and encourage positive growth and change among their employees. And they can do so by using artificial intelligence to streamline operations, deliver personalized customer experiences, and enhance research and development.
Optimize operation and workflow
Workers today are amazing spenders 58% of their time to coordinate work, with approx 9 hours a week answering emails and almost 8 hours in meetings. While some of this can be valuable for advancing projects, it takes employees away from deep focus to build strategies and advance specialized work – the tasks that require human creativity and thought. Not to mention, even when focused on strategic thinking, employees are they work longer hours and take longer to complete their work to make up for coordinating the work that takes up so much of their days.
Not surprisingly, employees then feel burned out, preventing them from delivering high-quality, innovative work. Instead, with the use of artificial intelligence, meetings can be shortened, workflows can be automated – or at least streamlined – and employees can be freed to focus on the tasks they were hired to do.
Employees can use this additional time to conduct research, brainstorm and be creative, tackling new problems with new innovations. Instead of focusing on monotonous tasks, employees are empowered to break new ground and think creatively to bring exciting and unconventional ideas to the table.
Create personalized customer experiences
To be a truly customer-centric company, you need to deeply understand who your customers are in order to deliver connected, effective and proactive experiences. However, understanding your customers can take time, and often requires additional research and resources to analyze consumer preferences, create customer profiles, and develop customer segments.
Artificial intelligence can look at vast amounts of customer data to create personalized recommendations that suit each individual’s needs. This data can include everything from demographics and purchase history to website and social interactions. With artificial intelligence, this analysis can be done almost instantaneously, giving employees the knowledge they need to deliver personalized recommendations and reduce friction when interacting with your brand.
In addition to providing your customers with an enhanced, hyper-personalized experience, employees can then take a critical look at the data to gather insights, thereby integrating them into their larger strategies and, in turn, developing better products and services.
Reinforcement of Research and Development
Businesses are overspending 600 billion dollars each year for research and development in the United States, allocating large amounts of resources to the implementation of new products and services. While timelines may vary by industry, on average it may take up to one year from initial concept to public availability, removing employees from promoting other projects.
Similar to personalized experiences, companies can instead leverage artificial intelligence and predictive analytics to make informed decisions about their product development, identifying new features or entirely new products that align with their customers’ demands .
Here, AI can speed up the time-consuming tasks of quickly collecting, analyzing and interpreting massive amounts of data and predictive intelligence, without compromising on quality. For R&D teams, this can help make more informed decisions while reducing the risk of costly mistakes, bringing a better product to market faster.
In the age of artificial intelligence, adopting innovation is no longer an option. it is a necessity to remain competitive in the market. By harnessing the power of AI in operations and workflow, customer experiences and R&D, we are creating a culture of innovation that will shape the future of our business and unlock the full potential of AI to fuel growth in the company us.