In today’s fast-paced business world, it’s more important than ever to have access to the right information at the right time. But with so much data to manage, it can be challenging to make sense of it all. That’s where artificial intelligence (AI) comes in. Josh was joined by Tony Webster from Inviga to explain how your business can be better with AI.
Tony is an expert in the field of AI who has over 20 years of experience in the information technology industry. During this time, he has worked with organisations in Australia and New Zealand to translate their ideas and intents and collaborate on producing the best solution possible.
How Does AI Help businesses?
AI is all about evaluating data. By using predictive algorithms, businesses can identify anomalies in their data and make better decisions. But AI is much more than just predictive modeling. It can also be used for tasks like voice-to-text translation and automatic data entry into CRM systems. For larger organisations, AI is especially useful for security and anomaly detection. By using AI tools to look for differences and trends in data, businesses can identify potential issues and take action to address them.
AI is often misunderstood, and that businesses should focus on the outputs they are trying to achieve rather than thinking about AI specifically. By thinking about how to make business processes better, how to detect anomalies, and how to get predictive modeling in place, businesses can ultimately implement some sort of AI solution. AI is all around us, from Alexa and Siri to other simple AI technologies that we use all the time without thinking about it.
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Perfect for Repetitive Processes
By using machine learning, businesses can train AI algorithms to recognize patterns and identify differences. For example, AI can analyze incoming invoices and make an educated guess about the invoice number and where it should be placed in the CRM. The AI can then report back to the user with a confidence level, indicating how likely it is that the guess is correct. By flagging potential errors and allowing users to correct them, the AI can learn and improve its accuracy over time. As a result, the process becomes more efficient and requires less manual intervention.
Every Situation is Different
There is no one-size-fits-all solution when it comes to using AI to solve business problems. It really depends on the specific challenges and processes that an organization is dealing with. However, there are many business processes that are highly repetitive and follow a predictable pattern. In these cases, AI can be used to automate these processes, freeing up staff to focus on more complex tasks.
For example, invoicing and timesheets are two areas where AI can be particularly useful. By automating these processes, businesses can save time and reduce the risk of errors. AI can also be used to analyse data from these processes to provide insights that can help organizations make better decisions.
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It’s Not Straightforward
However, implementing AI is not always a straightforward process. It requires careful planning and execution to ensure that the technology is properly integrated into existing systems and processes. In addition, AI is not a magic solution that can solve all business problems. It is a tool that must be used strategically and in conjunction with other business processes and strategies.
How to Implement
For businesses with multiple employees, automating processes can lead to significant financial and efficiency gains. However, in order to leverage the power of AI, it’s important to get your data from multiple systems into one location, in a format that the algorithm can read and make sense of. This is necessary to provide meaningful insights into the data and allow the AI to identify patterns and anomalies that might otherwise be missed.
The solution involves implementing a data hub style system, where data from the different systems is brought into a central hub, which is underpinned by a database. There are two ways to set up the systems, either by syncing the data from the different systems into one location, or by maintaining separate records and replicating them back out to keep everything in sync.
The advantage of a data hub system is that it provides a single source of truth for all data, making it easier to manage and analyse. It also enables businesses to identify patterns and insights that might otherwise be missed. However, implementing such a system requires careful planning and execution to ensure that it is properly integrated with existing systems and processes.
Relying on staff to maintain and update information across multiple systems can often lead to errors and wastage, but with a data hub system, information can be updated in one place and automatically synced across all systems, providing confidence that the data is accurate.
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Look at Internal/External Factors
Businesses should also look at internal and external factors that affect their performance. They should identify what levers they can pull to achieve the desired outcome and use predictive analysis to model future scenarios. This will give them a high level of confidence when making important decisions and can help them secure funding from banks or investors.
While having more data is generally better, it’s crucial to have the right data to avoid being overwhelmed by irrelevant information. Additionally, Tony suggests that detecting changes in patterns early on can make a significant difference in avoiding problems. By having flags or alerts set up, businesses can be proactive in addressing issues rather than reacting to them once they’ve already escalated.
Potential Risks
While AI has the potential to transform business processes and drive efficiency gains, it’s important to approach its implementation with caution and careful planning. By identifying areas where AI can be most effective and integrating it strategically into existing processes, businesses can leverage its power to drive success and stay ahead of the competition. At the same time, it’s important to be aware of the potential risks and concerns associated with AI, and to address these issues in a responsible and ethical manner.
How Tony Can Help
I love working with people. I love working with organisations and helping them to improve the way they work. I get a big kick out of implementing systems and seeing business organisations grow. And the people who are really on board with that, getting them, working with them, it’s about people, it’s not really about business.
If you think your project or company might be interested in with Tony, contact him over the Inviga website.
