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“We see the wave coming. Now this time next year, every company has to implement it — not even have a strategy. Implement it.” — Emad Mostaque, founder and CEO, Stability AI
PROBLEM: KEEPING UP WITH AI
In our last AI blog we stated that the impact of artificial intelligence on transforming business functions cannot be underestimated. Not since the rise of the internet has a new technology had such a massive impact on business, transforming not only businesses from within but the way business is done. So it’s vitally important for businesses to be aware of the latest AI solutions and leverage them to gain a competitive advantage.
SECTIONS OVERVIEW
So here are 10 business functions with examples of the AI solutions that are being implemented:
- Human Resources
- Finance
- Marketing
- Sales
- Customer Relationship Management
- Operations
- Research and Development
- Information Technology
- Legal
- Supply Chain Management
1. Human Resources
AI-powered Talent Acquisition Platforms
Greenhouse: Utilizes AI for skills-based resume screening, candidate matching based on experience and company culture, and interview scheduling optimisation.
Chatbots for Onboarding & Training
HiBob: Offers an AI assistant named “HiBob” that helps with onboarding tasks, personalizes training materials based on role and learning style, and answers common employee questions.
AI-powered Learning Management Systems (LMS)
Cornerstone: Integrates AI to curate personalized learning pathways for employees. It identifies skill gaps through assessments and recommends relevant training content based on individual needs and development goals.
2. Finance
Fraud Detection & Risk Management
Feedzai: This AI platform uses machine learning to analyse financial transactions, identify anomalies, and prevent fraud in real-time.
Cash Flow Forecasting
TreasurySpring: This AI platform uses machine learning to forecast cash flow, identify potential liquidity risks, and recommend strategies for optimising cash management.
Financial Reporting & Analytics
Anaplan: This platform leverages AI to analyse financial data, identify trends and patterns, and provide business leaders with actionable insights.
3. Marketing
Content Creation
Copy.ai: This tool helps generate different creative text formats, from marketing copy to product descriptions and social media captions.
Social Media Marketing
Hootsuite Amplify: This AI-powered tool by Hootsuite helps schedule and publish social media content across platforms, recommending the best times to post for maximum engagement.
Marketing Automation & Personalisation
HubSpot Marketing Hub: HubSpot offers a suite of marketing tools with AI-powered features for email personalisation, lead scoring, and customer segmentation.
4. Sales
Sales Intelligence & Automation
Salesforce Einstein (within Salesforce CRM): This suite of AI features built into the popular CRM platform offers lead scoring, conversation intelligence, and sales forecasting to help prioritize prospects and close deals faster.
Conversation Intelligence
Gong.io: This conversation intelligence platform uses AI to analyse sales calls, meetings, and emails. It provides insights into rep performance, identifies winning sales behaviours, and helps with coaching and development.
CRM with AI Features
HubSpot Sales Hub: This CRM platform offers a range of AI-powered features like lead scoring, automation tools, and chatbots to streamline outreach and personalize interactions with potential customers.
5. Customer Relationship Management
Chatbots for Customer Service
Intercom: Offers AI-powered chatbots that can answer common customer questions, collect customer data, and qualify leads within the CRM platform.
Sentiment Analysis & Customer Feedback Management
Brandwatch: This AI platform analyses social media conversations and online reviews to identify brand sentiment, track customer feedback, and help businesses address customer concerns proactively.
Next-Best-Action Recommendations
Oracle CX Commerce Cloud: This platform integrates AI to personalize product recommendations for customers based on their browsing behaviour and past purchases, improving customer engagement and conversion rates.
6. Operations
Predictive Maintenance
GE Predix: This AI platform analyses data from industrial equipment to predict maintenance needs, optimize resource allocation, and minimize downtime.
Robotic Process Automation
UiPath: This platform offers RPA tools that can automate various tasks across different software applications, improving operational efficiency and reducing human error.
Supply Chain Optimisation
RELEX Solutions: This AI platform uses machine learning to optimize supply chain processes, such as forecasting demand, optimising inventory levels, and reducing stockouts.
7. Research and Development
Drug Discovery & Material Science
BenevolentAI: This AI platform uses machine learning to generate novel drug candidates based on specific biological targets, accelerating drug discovery and development.
Research Data Analysis
IBM Watson Knowledge Discovery: This AI platform helps researchers analyse large datasets, identify patterns and relationships, and extract insights to support data-driven R&D efforts.
Patent Research and Innovation Management
Derwent Innovation: This platform provides AI-powered patent search and analysis tools, helping researchers identify relevant patents, understand the competitive landscape, and develop novel inventions.
8. Information Technology
Security Information and Event Management
Splunk: This platform offers AI-powered security analytics that allow IT teams to analyse security logs, detect anomalies, and respond to threats faster.
IT Operations Management
Dynatrace: This platform leverages AI to automate IT operations tasks, identify performance bottlenecks, and predict potential problems before they occur, allowing IT teams to be proactive in maintaining system health.
User Activity Monitoring (UAM) & Endpoint Security
Crowdstrike Falcon Insight: This platform uses AI to analyse user activity and endpoint data, detect suspicious behaviour, and identify potential insider threats or compromised endpoints.
9. Legal
Legal Research & Case Analysis
Lex Machina: This platform uses AI to analyse legal precedents, identify relevant case law, and predict the potential outcomes of cases based on historical data.
Contract Review & Due Diligence
Kira Systems: This platform uses AI to analyse contracts, identify key provisions, and flag potential risks or inconsistencies. It can automate tasks like contract redaction and expedite due diligence processes.
E-Discovery & Legal Document Review
Relativity One: This e-discovery platform integrates AI for document review. It can categorize documents, identify key phrases and entities, and prioritize documents for review based on relevance.
10. Supply Chain Management
Demand Forecasting
Blue Yonder DemandWorks: This AI platform uses machine learning to forecast demand for products, considering various factors like seasonality, promotions, and economic trends. It helps businesses optimize inventory levels and avoid stockouts or excess inventory.
Supply Chain Optimisation & Planning
Omnichannel Cloud by Oracle: This platform leverages AI to optimize various aspects of the supply chain, including demand forecasting, inventory management, and transportation planning. It helps businesses improve efficiency, reduce costs, and meet customer demand effectively.
Inventory Management
JDA Warehouse Management: This platform leverages AI to optimize inventory placement, picking strategies, and replenishment decisions within warehouses. It helps businesses reduce carrying costs and improve warehouse operations.
IMPLICATIONS
We are just at the beginning of discovering what AI can do to transform business functions. As companies deploy AI solutions, the race to get ahead and thrive will be won by those who can harness its power effectively. This requires not just implementing the technology, but also building a culture that embraces data-driven decision making, fosters human-AI collaboration, and prioritizes responsible AI development. By strategically leveraging AI, companies can unlock a future of unparalleled efficiency, innovation, and customer satisfaction.
