Why leading enterprises using AI to propel their business
As we look ahead to a new year of continuing disruptions and opportunities, it’s important to ask how connected your data is, and how optimized by AI.
Data is at the heart of digital transformation , yet many organizations struggle with exploding volumes of data trapped in different silos and formats across their organization. In a study by HBR , 92% of firms agree that the pace of investment in data and AI is accelerating. However, only 30% of the respondents report having developed a well-articulated data strategy and only 24% say that they considered their organizations to be data-driven as of now.
We are at a tipping point for AI technology maturity , where it can deliver tangible business value in every industry. Today’s data and AI investment decisions will determine who will be the leading organizations of the future . That’s why it’s so important for organizations adopting a data cloud to ensure it not only unifies their data but also provides AI capabilities, so they can unlock the full potential of that data.
By combining data and AI, organizations can provide transformative experiences for customers through modern applications. They can unlock timely insights across various data sources, and enable businesses to act on data-derived decisions to drive impact.
Data-driven organizations can innovate faster
Data leaders are able to adapt quickly when market trends change or unpredictable events occur, such as a global pandemic or economic downturn. Having a better handle on not only the data within your company but beyond — drawing on relevant industry, supply chain, economic, and other competitive intelligence — can have a huge impact on operations and execution, particularly when it comes to being agile during challenging moments.
While it’s true the more you know, the more you can do, there’s also a delicate balance at play — one AI can also help strike. Most organizations often have too much data at times to reasonably manage, which is where AI comes in, to help analyze it all for real, actionable insights.
Home Depot used data and AI to transform its curbside pickup offerings during COVID-19.
Look no further than the experience of Home Depot . During the COVID-19 pandemic, this major US-based retailer of home improvement tools and products, had to quickly pivot how they engaged with customers. As many people in the US were under lockdown in the first weeks of the pandemic, the traffic to Home Depot’s website and mobile apps nearly doubled, particularly as the demand for DIY home projects skyrocketed.
In response, Home Depot offered their customers more shopping options digitally combined with physical curbside pickup. Home Depot was dealing with an explosion of interest, and the company had to keep supplies accurate and reliable to provide customers with a seamless experience across digital and physical worlds. Through its fast action, Home Depot was able to grow customer transactions by nearly 20% year over year.
Data and AI investments drive profitability
Investments in data and AI can unlock new revenue streams, reduce operating expenses, and increase overall IT cost transparency.
For example, data scientists can use AI to model customer behavior as part of personalized recommendation engines , which will help drive up conversion rates — first, though, they need access to large amounts of data in an easy, fast and secure way. Organizations have turned to chat and voice AI, such as Google Cloud’s CCAI , which can manage up to 28% more chat conversations concurrently with the same level of call center staff. Smart chat can deliver not only improved customer experience by reducing wait times, it also makes the call center employees more productive. AI can even optimize IT infrastructure operations by recommending the deletion of idle resources, cutting down on unnecessary overhead.
