The term “intelligent operations” is used frequently when topics like Artificial Intelligence are discussed. What is AI for intelligent operations? The term “intelligent operations” refers to a state of organizational maturity. A company that performs “intelligent operations” essentially leverages AI tools and human ingenuity to achieve competitive advantages.
Such companies can battle competitive threats and meet the ever-changing demands of their customers. How can organizations become more agile and responsive to external market conditions? The key lies in infusing data into key business processes. If your company can optimize all the data it collects, it can achieve “data supremacy” in 2021.
Here are how companies can leverage AI solutions to become intelligent, data-driven industry operators:
The Need to Leverage Data
Why should data optimization be the key motive for companies that want to invest in AI technologies? Because it is the key priority of most senior operations executives.
- According to a recent study by Accenture, leveraging data to improve customer experiences is the main priority of companies in the US.
- Over 90%of senior operations executives are certain that data-driven decisions will make their companies more efficient at achieving business goals.
- A 2020 study by Forrester Research proved that data-driven organizations grow 30%faster every year. On the other hand, companies flooded with unstructured, unprocessed data deviate away from their core business objectives.
The Challenges of Leveraging Data
Most modern-day companies have vast amounts of data at their disposal. Most of this data is unstructured. Hence, converting data into insights and insights into actions is impossible for these companies. Here are the main challenges that companies face while attempting to leverage their data:
- Inability to extract any value from unstructured data. Data from old-fashioned tools like Optical Character Recognition (OCR) tools cannot track the handwritten messages of employees.
- High volumes of external data from third parties (supplier data, social media data, etc.) are becoming harder to store and optimize.
- Their data sources are not unified. Their data is siloed away on old-school databases and systems.
- These companies do not have well-defined technical or business strategies to optimize their vast stores of unstructured data.
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Using AI-Powered Solutions to Tackle these Data-Related Challenges
Currently, only 13% of companies in the US have established fully automated unstructured data interpretation systems. The rest are struggling to become data-centric. How can AI for intelligent operations help these companies? Here are some AI-powered solutions that can help companies harness their data and infuse valuable insights into their business processes:
- Entity extraction software that uses Natural Language Processing algorithms to find context in unstructured data.
- Sentiment analysis tools to extract value from customer data (reviews, complaints, etc.)
- Cognitive Capture tools to sort and optimize unstructured data from sources like – forms, contracts, customer queries, etc.
- Advanced Analytics tools to establish end-to-end visibility over all data processing systems. Once all company data is integrated into a unified, analytical platform, employees can discover valuable information much more easily and at faster speeds.
When structured and unstructured data across all internal and external networks are correctly sorted, analyzed, and processed – companies achieve “data supremacy.” Companies that use AI for intelligent operations become masters of their own data. They obtain the breakthrough insights needed to improve business performances.
