Why make AI your next strategic investment? -Forbes France

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

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

AI technologies produce tangible results

Two recent State of AI reports reveal that companies continue to implement AI technologies at a rapid pace. According to the latest McKinsey Global Survey on artificial intelligence in 2021, the use of AI is on the rise: 56% of respondents say they use AI in at least one business function, compared to 50% the previous year. Another study carried out by NewVantage Partners on the 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 fueled 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 producing results. The McKinsey Global Survey also finds significant cost savings, particularly in marketing, sales, product and service development, strategy and corporate finance applications.

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

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

For example, call center managers implement real-time speech-to-text voice recognition solutionsto speed up data entry, improve average handle time (AMT), increase resolution rates, reduce training times, and increase the consistency of agent responses to customer inquiries.

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

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

The rise of data skills is democratizing the use of AI solutions

The rise of data science careers and the growing number of specialists in data-driven decision-making are also contributing to the growing adoption of AI, as is the continued shift to agile application development platforms. Traditionally, advanced technologies like AI require specialized skills to implement and manage.

Decades of business school graduates mastering quantitative analysis and the emergence of Chief Data Officer and Chief Data Analyst roles provide the manpower and organizational structure businesses need to transform. These skills and roles will continue to grow in importance. Our own investigationconducted with 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 widening 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. AI should therefore establish itself as a leading tool for many strategic operations.

Companies already applying 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-powered tools. They test and track the performance of AI models and establish data governance processes. Our investigation also points in this direction. 73% of the people we surveyed say it’s important to keep up to date with the latest technology, and 71% say AI and automation will have a transformational impact on workflows and operations. These results suggest that organizations lagging behind in their digital transformation risk quickly finding themselves overtaken by the competition.

It’s a safe bet that your competitors are increasing their investments 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 has fallen behind, you need to act urgently. Innovation in AI is ongoing, so its uses are far from plateauing. But don’t wait too long to start taking advantage of the transformative capabilities of AI. If you haven’t yet identified any strategic goals, now is a great time to start. Its uses are multiple and much broader than just a few years ago.

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Why make AI your next strategic investment? -Forbes France

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