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As artificial intelligence has evolved from a futuristic concept to an accessible tool used in daily life, we are just beginning to see its implications in various businesses. From improving customer service to identifying fraud, AI has brought significant changes when it comes to driving innovation and change within a business.
Although the AI may seem too saturated, only 22% of employees regularly use technology in their work, indicating a significant gap between access and use.
To remain competitive, leaders must harness the power of this new technology to drive innovation and encourage positive growth and change among their employees. And they can do this by using AI to streamline operations, deliver personalized customer experiences, and improve research and development.
Streamline operations and workflow
Today, employees spend huge amounts of money 58% of their time on the coordination of work, with almost 9 hours per week answering emails and nearly 8 hours in meetings. While some of these activities can be helpful in moving projects forward, they distract employees from their deep focus on strategizing and promoting skilled work – tasks that require human creativity and thought. Not to mention that even when focused on strategic thinking, employees are work longer hours and take longer to complete their work to compensate for the coordination of work that takes up a large part of their days.
It’s no surprise that employees then feel burned out, which prevents them from delivering innovative, quality work. Instead, by using AI, meetings can be shortened, workflows can be automated – or at the very least streamlined – and employees are free to focus on the tasks they were hired to do.
Employees can use this extra time to research, brainstorm, and be creative, tackling new problems with new innovations. Rather than focusing on monotonous tasks, employees are given the opportunity to innovate and think creatively to come up with exciting and unconventional ideas.
Promote personalized customer experiences
To be a truly customer-centric business, you need to deeply understand who your customers are in order to deliver connected, efficient, and proactive experiences. However, understanding your customers can take time, often requiring additional research and resources to analyze consumer preferences, build a customer profile, and develop customer segments.
AI can examine massive amounts of customer data to develop personalized recommendations tailored to each individual’s needs. This data can include everything from demographics and purchase history to website and social interactions. With AI, this analysis can be done almost instantly, providing employees with the insights they need to provide personalized recommendations and reduce friction when interacting with your brand.
In addition to providing your customers with an enhanced, hyper-personalized experience, employees are then able to take a critical look at the data to glean insights, thereby integrating it into their broader strategies and, consequently, developing insights. best products and services.
Improve research and development
Businesses are spending more 600 billion dollars each year on research and development in the United States, allocating significant resources to carry out new products and services. Although lead times may vary depending on the sector, on average it can take up to a year from initial idea to public availability, preventing employees from moving forward with other projects.
Similar to personalized experiences, businesses can instead leverage AI and predictive analytics to make informed decisions about their product development, identifying new features or entirely new products that match demands of their customers.
Here, AI can accelerate time-consuming tasks to quickly collect, analyze and interpret large amounts of data and forecast information, without sacrificing quality. For R&D teams, this can help make more informed decisions while simultaneously reducing the risk of costly errors, allowing a better product to be brought to market faster.
In the age of AI, embracing innovation is no longer an option; it is a necessity to remain competitive in the market. By harnessing the power of AI across operations and workflows, customer experiences, and research and development, we are creating a culture of innovation that will shape the future of our business and unlock the full potential of AI to drive growth within our business.