Why AI is a no-brainer for your business
In today’s fast-changing business environment, rich analytics and artificial intelligence (AI) are now must-haves for business success. With customers just one click away from your nearest competitor, today’s businesses need to operate with more speed, agility, and customer insight than ever before. How can AI help make that happen?
With AI embedded in your front and back office systems, you can achieve actionable, real-time insights to help you react to market shifts faster, serve customers better, spot revenue opportunities sooner, and run leaner. Here are a few reasons why AI should be a no-brainer for your business.
1. Turn data overload into actionable insight
Your customers have produced more data about their buying preferences and intentions in the last two years than in the past two decades. The volume, variety, and velocity of this data is more than any human, spreadsheet, or traditional analytic tool can transform into actionable insight. Augmenting your efforts with AI capabilities is the only way to both stay ahead of this torrent of information and leverage that information to make accurate, timely predictions based on specific patterns of customer behavior. When you combine the predictive capability of AI-enabled infrastructure with the empathy and creativity of your people, you have a winning combination.
2. Get metrics that drive customer retention
In an era when it’s much more profitable and efficient to grow through customer retention, it’s important to align everyone around customer success metrics. Product adoption rates, project status, usage rates, and service call patterns all help signal future rates of renewal, churn, and expansion. With AI in the mix you are able to get the accurate timely, metrics to clearly set goals—and even compensation—to put your organization on the path to greater customer satisfaction and business growth.
3. Adjust product strategies faster and smarter
Say goodbye to the static product model and take advantage of the power of AI to produce meaningful predictive analytics and dashboards customized by product, service, geography, and more. Know exactly when to make simple adjustments on how your offering is consumed, bundled, monetized, or packaged—all based on market shifts and customer need. Know when to capitalize on product upgrades or cross-sells, which regions to focus on, or which customers need proactive outreach to keep them happy and retained.
4. Make real-time the only time
How important is real-time to you? Hopefully as important as it is to your customers. While batch order processing and monthly billing and reconciliation used to be acceptable, speed has become integral to driving business success. Understanding the costs involved in developing and delivering new offerings—and being able to course-correct to maximize profitability or customer satisfaction—can’t wait for a monthly close or a quarterly review. This is where AI is critical to help you quickly derive insights about your business and act on those insights—while it still matters.
Learn more about AI
These benefits are just the tip of the iceberg. Powering your business with AI and rich analytics is a key topic at this year’s FinancialForce Community Live in Las Vegas from May 7 – 9. The three-day thought leadership event is dedicated to helping executives uncover and apply the strategies and metrics required to thrive and grow in a hyper-competitive, customer-centric business landscape. You can still register for the event here. Also, learn more about AI in the No-Nonsense Guide to AI in the New Services Economy.