Continuity ERP Solutions
Jun 08, 2023

How AI, BI and Automation can transform your business

Industry analysts and economists have spent much of the past decade preaching the importance of preparing for an increasingly disruptive business environment brought about by exponential advances in technology. However, the Covid-19 pandemic seems to be serving as a catalyst for businesses to undertake digital transformation efforts.

For the longest time, technology  like artificial intelligence (AI) and robotics seemed like inventions from the distant future, only seen on the silver screen through Hollywood blockbusters. So it may seem jarring to technology skeptics to note that artificial intelligence currently lies at the heart of ever-changing business models.

In its Future Jobs Report 2018, the World Economic Forum (WEF) estimated that 133 million new jobs would be created “to accommodate the new division of labor between humans, machines and algorithms”.

According to the same report, in 2018, on average, 71% of total working hours in 12 industries – including retail and financial services – are performed by humans and 29% by machines. However, by 2022, 57% of total working hours are expected to be processed by machines. The report further predicts a tectonic shift where “62% of an organization’s information and data processing and information retrieval and transfer tasks will be performed by machines, compared to 46% today.” These numbers are expected to be revised to illustrate the effect of the Covid-19 pandemic, which has only served to accelerate companies’ digital transformation efforts.

AI-driven technologies that provide business intelligence (BI) and automation are now at the forefront of strategic decision-making. The Covid-19 pandemic hit the e-commerce sector, where 10 years of e-commerce growth took place in just 90 days. E-commerce businesses, especially those in retail, are increasingly aware of the need to reach customers across all touchpoints.

Operating in silos with on-premise legacy systems is an approach that is woefully disjointed and falls far short of digital business expectations. For example, in retail, an omnichannel business strategy is emerging as one of the most effective approaches that emphasizes the customer experience. As consumers move from one platform to another, the onus is on businesses to offer highly personalized shopping experiences to their customers.

artificial intelligence

In a recent article, a dropshipper named Oberlo, attributed the significant growth of AI in the retail industry to companies adopting it to boost customer engagement.

Meanwhile, automation helps perform menial tasks that allow your employees to focus on other more important tasks. Automation also helps eliminate human errors that can occur with manual data entry.

A PwC study titled 8 Insights to Shape Business Strategy showed that more than half of businesses report an increase in productivity after implementing artificial intelligence. The report further states that automation with artificial intelligence has also led to better decision-making, with two-thirds of executives saying it helps “enhance and strengthen collaboration between humans and machines.”

AI-based solutions are not limited to BI and automation. The breadth and depth of AI is such that the scope can be endless. However, for companies at the beginning of their digital transformation, the priority is to establish the building blocks that will ensure a solid foundation on which future technologies can be integrated.

Below, we look at how businesses at the beginning of digital transformation can benefit from incorporating artificial intelligence into their operational processes to reap its benefits.

Unlock Insights and Drive Growth

In a highly competitive business market that is often in constant flux, key advantages accrue to those who take full advantage of the data at their disposal.

Modern cloud-based enterprise resource planning (ERP) systems help consolidate data from a variety of disparate sources. This allows data analysts to extract key insights that can help a business gain an edge over the competition.

Improved customer service

Automated messaging services such as bots help reach customers and provide them with all the relevant and up-to-date information they are looking for.

These bots are quick to respond to issues and go a long way to improving customer service. Salesforce’s recent State of the Connected Customer survey found that nearly one in four organizations are now using AI-powered chatbots to handle customer service.

Speed ​​up delivery services for e-commerce businesses

For example, third party logistics providers (3PLs) deal with different customers using different systems. This process becomes more complex when discrepancies in the data are taken into account.

A merchant’s order for services may sometimes be missing key customer information such as addresses. Here, the combined use of robotic process automation (RPA) and more advanced automation solutions helps detect discrepancies immediately and alert traders to the error. This helps avoid delays in sending orders, as merchants are immediately notified to respond.

Consolidated data for marketing and sales teams

Marketing managers can use business intelligence (BI) tools to track campaign metrics from a centralized system. BI tools provide marketers with real-time campaign tracking and help measure the performance of each effort as they plan for the future.

BI dashboards also provide sales teams in an organization with quick access to comprehensive information such as discount analysis, customer profitability, customer lifetime value. This helps business managers track their goals.

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