We are going through an incredible transformation with breakthroughs in AI translating across every industry and changing every company. Goldman Sachs research believes that new developments in AI could drive as much as $7 trillion in global economic growth by 2030.
Every business leader recognises the need to keep pace. They need a digital strategy that builds resilience, drives greater efficiency and productivity.
To unlock new opportunities and achieve growth in 2023, companies need to create a single source of truth, connect every customer interaction to deliver personalised experiences, and make their entire organisation smarter, faster and more productive.
However, developing a clear AI strategy aligned with their business objectives, safely implementing it, and driving results is easier said than done. Organisations must work collaboratively and ensure guardrails are in place.
Here are key trends that will help companies unlock the true potential of transformative technologies and drive growth.
Leveraging Generative AI Effectively requires Understanding its Potential and Risks
Generative AI holds immense potential to enhance business operations and surpass targets while freeing up valuable time for teams to engage in more strategic tasks. In 2023, businesses – and employees – must learn how to partner with generative AI to bring out each other’s strengths.
Sales teams, for instance, can leverage AI insights to identify optimal next steps and accelerate deal closures. With AI, customer service can engage in human-like conversations and handle repetitive inquiries, enabling agents to tackle more complex requests. Marketing can comprehend customer behavior and personalise the timing, targeting, and content of marketing activities. Commerce teams can power highly personalised shopping experiences and smarter e-commerce platforms.
AI is only as good as the data powering it. While it demonstrates a firm grasp of language, it lacks human common sense and worldly knowledge. When deploying AI in customer interactions, ensuring accurate and up-to-date data across every touchpoint is crucial to deliver effective results.
To mitigate risks associated with relying on generative AI systems, it is essential to comprehend the technology’s strengths and weaknesses.
To gain a competitive advantage, companies should approach their AI strategy with care, utilising trustworthy products and empower their entire workforce to deploy them effectively.
Data Insights Will Guide Trusted Decision-Making
To navigate uncertain economic conditions and enhance their business impact, an increasing number of companies are relying on real-time data to gain valuable insights and make informed decisions. To achieve success, organisations need to allocate resources to data tools and provide training for employees to convert these insights into actionable strategies.
We can expect greater utilisation of predictive analytics, incorporating artificial intelligence and machine learning. The recent volatility in supply chains has underscored the disadvantages faced by businesses unable to gather and analyse relevant data in real time.
As consumers become increasingly discerning about their spending habits, businesses that can deliver a seamless end-to-end customer experience and provide personalised interactions in real-time will distinguish themselves from competitors and cultivate customer loyalty.
Another emerging trend is the way companies leverage data. Currently, 75% of marketers rely at least partly on third-party data, but with upcoming changes in privacy regulations, this strategy needs to adapt.
Businesses that pivot toward zero-party data (provided explicitly by users) and first-party data (directly collected from customers) will position themselves favorably in the long term.
Automation and Integration Strategies Will Drive Efficiency and Productivity
Currently, organisations employ over 1,000 applications, yet 70% of these remain disconnected from each other and the core business.
Embracing composability and integrating business systems, organisations can cut costs and unlock new levels of efficiency – eliminating data silos and automating workflows, creating a cohesive and collaborative ecosystem.
Combining the power of AI, data and CRM, companies can now create seamless, connected, and hyper-personalised customer experiences that weren’t possible before. In harnessing their full potential, companies can adapt to changing market dynamics and stay ahead in a rapidly evolving digital landscape.
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