When I first think of Artificial Intelligence (AI) for business I focus on what the system can learn from the data. The term most used for this is machine learning. Many companies focus on the effects of machine learning on sales and how to increase revenue and profits. An equally, if not more, effective use of AI is to help the company from hurting itself and thus allow it to prosper.
Let us focus on the “I” in AI. The algorithms and formulas run periodically over the data supplied by the systems and are trained to hone in on problems and opportunities. It can help you prevent things like dead stock and the costly damage that come from defects and perpetual issues of repeated product quality problems.
Machine learning teaches us how to optimize date sensitive items and to avoid write-offs for unnecessary spoilage. It helps prevent waste by minimizing scrap. But let’s not focus only on inventory, let’s consider the effects on customer satisfaction and finance. Our machines can also teach how to improve on customer satisfaction and prevent losing our most valuable assets, our customers.
You might be wondering how we do this. We teach our machines to learn from the data. We then instruct them to take action internally and when to engage the right person on the team who should have knowledge, experience and the right touch to prevent or heal the situation.
Wow – what a concept! Systems can be trained to block, tackle and handoff the ball to help heal and strengthen the team and to win.
You do want to win, don’t you?