Artificial intelligence (AI) will soon be solving the tech skills gap for employers thanks to a new innovation. Cisco’s Business Critical Services and High-value Services uses AI and machine learning to manage labor-intensive tasks, reducing the workload on management talent and freeing up workers to focus on priority tasks. The new service suite can automate IT maintenance tasks, predict system failures, reduce security risks, ensure compliance and enhance analytics. Moreover, the new AI-powered approach is an example of how artificial intelligence innovations are helping businesses achieve their operational objectives. Here’s a look at three ways AI innovations are helping companies drive more sales and reach business goals.
Generating Real-time Data Insights
One way AI is helping companies achieve their business goals is by providing real-time insights into data that can be used to analyze and improve performance. For example, for the past few years, Walmart has been using SAP’s HANA business intelligence platform to process data from its over 11,000 store locations, which generate half a trillion transaction records. By processing this data in real time and displaying it in a visual format, Walmart is able to better manage its overall operations. For instance, one Halloween, Walmart noticed that a certain cookie brand was selling well at all locations except two stores, which turned out to be the result of a stocking error. Once this was noticed, Walmart was able to correct the problem in time to salvage holiday sales that would otherwise have been lost.
Walmart relies on a giant private cloud to run its artificial intelligence applications, but innovations are making it possible for companies to gain AI-generated real-time data insights on mobile devices. Qualcomm’s Artificial Intelligence platform is designed to be fast and powerful enough to support on-device AI applications, allowing companies to process data directly on smartphones without the delay of transferring information through the cloud. This empowers workers on mobile devices to enjoy the benefits of real-time insights. For instance, a floor representative trying to assist a customer can be supported by a real-time data feed about the customer’s purchase history, product information, the store’s inventory and competitors’ pricing.
Improving Operational Efficiency
AI is also helping companies achieve operational efficiency goals. One way AI accomplishes this is by automating repetitive tasks. For example, the average worker spends 20 percent of their week locating and collecting information. AI can perform this type of task automatically, winning back wasted work hours.
AI is also helping improve the efficiency of physical operations plans and tasks through use of robots. Amazon’s AI-powered Kiva robots assist human workers in performing routine warehouse picking and packing operations. This has reduced the average amount of human labor needed to pack a shipment down to one minute, while cutting operational costs by 20 percent. Using AI-powered robots also allows Amazon to store 50 percent more inventory per warehouse.
Predicting Buyer Behavior
AI is also helping companies meet their marketing and sales goals. One way AI supports marketing is by predicting the probable outcomes of promotional campaigns. This enables marketing departments to select profitable campaigns to launch, saving money while increasing revenue results.
AI also helps sales by predicting individual consumer behavior. For instance, Salesforce’s Einstein AI tool mines data from past customer behavior in order to identify your hottest prospecting leads and make recommendations likely to appeal to individual buyers. This produces a more personalized sales process with a higher conversion rate.
Generating real-time data insights, improving operational efficiency and predicting buyer behavior are three ways that artificial intelligence is helping companies achieve their business goals. Using AI to guide operations empowers companies to make more objective, data-driven decisions, providing a firm foundation for business success.