3 Important Ways Artificial Intelligence Will Transform Your Business And Turbocharge Success

3 Important Ways Artificial
Intelligence Will Transform
Your Business And
Turbocharge Success

© 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
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IntroductionIntroduction
Artificial Intelligence (AI) is likely to be the most powerful technology humans have ever
had access to. Here we look at the three main ways AI can be used in businesses to
deliver success.
From the smallest local business to the largest global players, I believe every
organization must embrace the AI revolution, and identify how AI (artificial intelligence)
will make the biggest difference to their business.
3 Important Ways Artificial Intelligence Will
Transform Your Business And Turbocharge
Success

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Is virtual reality (VR) finally going mainstream? The availability of affordable, consumer-
friendly VR headsets like Oculus Go would certainly suggest so. But what I find really
encouraging is the increasing use of VR outside the realms of gaming and
entertainment.
All types of businesses are enthusiastically embracing VR. For me, seeing businesses get
behind a technology trend is a sure sign that it’s tipping over into the mainstream.
Success

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But before you can develop a robust AI strategy – in which you work out how best to
use AI to drive business success – you first need to understand what’s possible with AI.
To put it another way, how are other companies using AI to drive success?
Broadly speaking, organizations are using AI in three main ways:
 Creating more intelligent products
 Offering a more intelligent service
 Improving internal business processes
Let’s briefly look at each area in turn.
Success

Creating more intelligent products
Thanks to the Internet of Things, a whole host of everyday products are getting smarter.
What started with smartphones has now grown to include smart TVs, smartwatches, smart
speakers, and smart home thermostats – plus a range of more eyebrow-raising "smart"
products such as smart nappies, smart yoga mats, smart office chairs, and smart toilets.
Generally, these smart products are designed to make customers’ lives easier and remove
those annoying bugbears from everyday life. For example, you can now get digital insoles
that slip into your running shoes and gather data (using pressure sensors) about your
running style. An accompanying app will give you real-time analysis of your running
performance and technique, thereby helping you avoid injuries and become a better
runner.

Offering a more intelligent service
Instead of the traditional approach of selling a product or service as a one-off transaction,
more and more businesses are transitioning to a servitization model, in which the product
or service is delivered as an ongoing subscription. Netflix is a prime example of this model
in action. For a less obvious example, how about the Dollar Shave Club, which will deliver
razor blades and grooming products to your door on a regular basis. Or Stich Fix, a
personalized styling service that delivers clothes to your door based on your personal
style, size, and budget.
Intelligent services like this are reliant on data and AI. Businesses like Netflix have access
to a wealth of valuable customer data – data that helps the company provide a more
thoughtful service, based on what it knows the customer really wants (whether it’s movies,
clothes, grooming products or whatever).

Improving internal business processes
In theory, AI could be worked into pretty much any aspect of a business: manufacturing,
HR, marketing, sales, supply chain and logistics, customer services, quality control, IT,
finance and more.
From automated machinery and vehicles to customer service chatbots and algorithms that
detect customer fraud, AI solutions and technologies are being incorporated into all sorts
of business functions in order to maximize efficiency, save money and improve business
performance.

So, which area should you focus on – products,
services, or business processes?
Every business is different, and how you decide to use AI may differ wildly from even your
closest competitor. For AI to truly add value in your business, it must be aligned with your
company’s key strategic goals – which means you need to be clear on what it is you're
trying to achieve before you can identify how AI can help you get there.
That said, it’s well worth considering all three areas: products, services and business
processes. Sure, one of the areas is likely to be more of a priority than the others, and that
priority will depend on your company’s strategic goals. But you shouldn’t ignore the
potential of the other AI uses.
For example, a product-based business might be tempted to skip over the potential for
intelligent services, while a service-based company could easily think smart products
aren’t relevant to its business model. Both might think AI-driven business processes are
beyond their capabilities at this point in time.

But the most successful, most talked-about companies on the planet are those that deploy
AI across all three areas. Take Apple as an example. Apple built its reputation on making
and selling iconic products like the iPad. Yet, nowadays, Apple services (including Apple
Music and Apple TV) generate more revenue than iPad sales. The company has
transitioned from purely a product company to a service provider, with its iconic products
supporting intelligent services. And you can be certain that Apple uses AI and data to
enhance its internal processes.
In this way, AI can throw up surprising additions and improvements to your business
model – or even lead you to an entirely new business model that you never previously
considered. It can lead you from products to services, or vice versa. And it can throw up
exciting opportunities to enhance the way you operate.

That’s why I recommend looking at products, services, and business processes when
working out your AI priorities. You may ultimately decide that optimizing your internal
processes (for example, automating your manufacturing) is several years away, and that’s
fine. The important thing is to consider all the AI opportunities, so that you can properly
prioritize what you want to achieve and develop an AI strategy that works for your
business.
AI is going to impact businesses of all shapes and sizes, across all industries. Discover how
to prepare your organization for an AI-driven world in my new book, The Intelligence
Revolution: Transforming Your Business With AI.

Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website
© 2020 Bernard Marr , Bernard Marr & Co. All rights reserved© 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website

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3 Important Ways Artificial Intelligence Will Transform Your Business And Turbocharge Success

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