In the past few years, there’s been a lot of talk about AI innovating and improving our lifestyles. Remember when Waze first came out, and it shortened your commute? Siri is pretty cool, too. As AI becomes more developed, it’s becoming less about “cool” new innovations and more about business impact.
I attended the AI Summit in San Francisco where Melissa Boxer, Oracle’s VP of Adaptive Intelligent Applications, gave her keynote on Practical AI. In her session, Melissa tapped into the perspective of the CEO by addressing six challenges of running her business and how “Pragmatic AI” can help.
- Are you in full control of your data?
Customer trust is everything in today’s digital world. Hacking remains a major threat. As a CEO, the data you manage contains powerful customer insights but also carries a great deal of responsibility to ensure data privacy and security. Autonomous Cloud is an example where AI and machine learning automate processes that address security concerns and increase productivity so the IT department can focus on bigger and more important business decisions.
- Are you relevant to customers?
It’s no secret how important customers are to any business owner. What we didn’t realize was how difficult it is to personalize engagements with customers across every interaction with us, in real-time. Oracle AI Apps provide convenient capabilities that help you deliver intelligent recommendations and interactions to marketing, sales, commerce, and service teams to personalize each engagement with customers at the right time.
- Are your employees engaged?
“It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” – Steve Jobs.
As a CEO, leading an organization means leading people. However, hiring and retaining the best match remains difficult. With Oracle AI Apps for HCM, the goal is to help recruiters identify and rank candidates based on their likelihood to satisfy the requirements of the role, fit-in with company culture, and ultimately thrive at the company over a long tenure.
- How effective is your salesforce?
In a Harvard Business Review study, it was found that “Two thirds of sales people are average or worse.” Being a top seller is extremely difficult. When revenue growth is a top priority for a CEO, how can sellers sell more? Today, Oracle AI apps for CX can minimize pipeline risk and drive deals toward closure with intelligent ranking of opportunities through AI-powered win probabilities and recommended next best actions.
- Are you optimizing cash flow? Is your supply chain risky?
Traditionally, supply chain was considered a connected, linear system that involved everything from planning to delivering a finished product. But in the digital age, supply chain has morphed into an “interconnected web, with the customer in the center.” As a CEO, you need to strategically look at your entire business at all times necessary. Oracle AI Apps for ERP uses AI to classify your supply base across a number of factors including strategic importance and financial stability as well as identifying organizations most suited to initiatives such as discount programs that offer early payment in exchange for discounts which in turn increases working capital.
- Are my teams efficiently developing AI innovations for my business?
As the world continues to innovate and AI becomes a part of our realities, it’s important to remain competitive by leveraging technologies that will allow you to accelerate your business. As a business leader, investing in the right tools, frameworks, and infrastructure can be the backbone to leverage machine learning quickly to drive positive business outcomes before your competition.
As Melissa asked the audience these six questions, I realized how valuable AI can be to an entire business strategy. AI is not just “cool.” It is practical and touches the entire business.
To learn how companies are using tech to build their AI, read more about Oracle AI and machine learning o gain insight on how a platform will help you grow your startup the way you envision it.
Read the original blog post on the Oracle site.
Article by Alice Park