How can Artificial Intelligence be used in businesses?

Summary

This transcript discusses the transformative impact of AI on businesses, highlighting four key areas: enhancing data utilization to uncover trends, providing personalized customer services, integrating AI into products to make them smarter, and optimizing business processes through automation. The speaker, who has worked with global companies and organizations like Shell and the UN, emphasizes AI's role in making better use of data, improving customer insights, and streamlining operations.

Takeaways

• 💡 AI can help businesses make better use of their data and identify important trends automatically.
• 📊 Less than 1% of organizational data is currently used for decision-making, but AI can automate insights from this data.
• 🛒 AI can enhance customer service by providing more intelligent and personalized recommendations, like Amazon and Netflix.
• 🎬 AI can even customize the presentation of products, like changing movie titles based on user preferences and viewing habits.
• 🤖 AI is increasingly being built into consumer products, from toothbrushes to cars, making them smarter and more responsive.
• 🚗 AI-enabled products, such as autonomous vehicles and smart household appliances, are becoming the new standard for competition.
• 🏭 AI is optimizing business processes by automating tasks in production, supply chain, and delivery systems.
• 📦 Autonomous robots are being used for deliveries and warehouse management, becoming more common in logistics operations.
• 🔄 AI-driven robotic process automation can streamline repetitive clerical tasks, like in call centers and email management.
• 🏢 AI can improve both physical and clerical business processes, helping companies become more efficient and competitive.

Q & A

What is the primary role of the speaker in the transcript?

The speaker helps organizations understand how they can use artificial intelligence and assists them in designing strategies around AI.

Which notable organizations has the speaker worked with?

The speaker has worked with big global companies like Shell and government organizations like the United Nations.

What are the four specific areas where AI can be applied in a business according to the speaker?

The four areas are: making better use of data and understanding trends, providing better personalized services, making products more intelligent, and optimizing business processes.

How does AI help in making better use of data?

AI can analyze large amounts of data to identify important patterns and trends without the need for manual intervention, thus automating insights from data.

What is an example of how AI can provide personalized services?

Companies like Amazon and Netflix use AI to provide personalized product recommendations based on customer insights and viewing habits.

How does AI make products more intelligent?

AI is integrated into various products like smartphones, TVs, cars, and even toothbrushes to make them smarter and more responsive to user needs.

What is an example of how AI optimizes business processes?

AI can automate tasks in factories, warehouses, and supply chains, as well as clerical and managerial tasks through robotic process automation.

Why is it important for businesses to consider AI for their operations?

AI can lead to more intelligent decision-making, smarter services, more intelligent products, and more efficient business operations.

How does AI help in understanding customer behavior for service provision?

AI can provide insights into customer behavior by analyzing data, which allows businesses to offer more personalized and intelligent services tailored to customer needs.

What is the future prediction made by the speaker regarding AI in products?

The speaker predicts that soon AI will be integrated into almost all products, making them more competitive and responsive to user needs.

How can businesses learn more about the application of AI as discussed in the transcript?

Businesses can learn more by subscribing to the speaker's YouTube channel or visiting their website for articles on AI in business.

Outlines

00:00

📊 Leveraging AI for Data Analysis

The speaker discusses the application of artificial intelligence in businesses, particularly in data analysis. AI is used to identify patterns and trends in the vast amounts of data that organizations collect, which is often underutilized. Modern cloud computing infrastructure can automate analysis, allowing AI to uncover insights such as identifying the most profitable customers. The speaker mentions their experience working with global companies like Shell and government organizations like the UN to enhance data usage. They emphasize the importance of AI in automating the extraction of insights from data, which is becoming increasingly crucial for businesses.

05:01

🤖 AI in Personalized Services and Smart Products

The second paragraph delves into how AI can enhance personalized services and make products smarter. It links back to the first point about data analysis, suggesting that better customer insights lead to more intelligent services. Examples given include Amazon and Netflix, which use customer data to make personalized product recommendations. The speaker also predicts that AI will be integrated into almost all products, from smartphones to toothbrushes, making them smarter. The fourth area of AI application mentioned is the optimization of business processes, which includes automating physical processes like supply chain management and clerical tasks through robotic process automation. The speaker gives examples of automated warehouses and self-driving delivery robots, illustrating the growing trend of AI in business operations.

Keywords

💡Artificial Intelligence

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. In the context of the video, AI is discussed as a transformative tool for businesses to leverage data, provide personalized services, enhance product intelligence, and optimize business processes. The speaker mentions working with companies like Shell and organizations like the UN to implement AI strategies.

💡Data

Data refers to the raw facts and statistics collected together for reference or analysis. The video emphasizes the importance of using AI to make better use of the vast amounts of data that organizations collect, which is often underutilized. AI can identify patterns and trends within data, such as predicting customer behavior or market shifts, without explicit human direction.

💡Cloud Computing

Cloud Computing is the delivery of computing services, including servers, storage, databases, networking, software, analytics, and intelligence, over the Internet (the cloud) to offer faster innovation, flexible resources, and economies of scale. The script mentions modern cloud computing infrastructure's capability to automate data analysis, which is facilitated by AI.

💡Personalized Services

Personalized Services are tailored experiences or offerings provided to individual customers based on their preferences, behavior, or other data. The video gives examples like Amazon and Netflix using AI to recommend products or content that aligns with individual customer tastes and habits, enhancing the customer experience.

💡Intelligent Products

Intelligent Products are items that incorporate AI to provide enhanced functionality, user interaction, or automation. The script discusses how AI is being integrated into everyday products like smartphones, TVs, cars, and even toothbrushes, making them 'smarter' and more capable of understanding and responding to user needs.

💡Business Processes

Business Processes are the set of activities or tasks that are performed within an organization to achieve a specific business goal. The video talks about using AI to optimize these processes, making them more efficient and automated, which can lead to cost savings and improved productivity.

💡Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is the use of software robots or 'bots' to automate routine business processes. The script explains how RPA, enabled by AI, can handle repetitive tasks such as data entry, document processing, and customer service queries, which can streamline operations within a business.

💡Trends

Trends refer to the general direction in which something is developing or changing. In the video, AI is highlighted as a means to identify trends within data, such as consumer behavior or market movements, which can inform strategic decision-making within an organization.

💡Customer Insights

Customer Insights are the understanding of customer behavior, preferences, and needs derived from data analysis. The video script mentions that AI can provide deeper customer insights, which in turn can lead to more personalized and intelligent services being offered to customers.

💡Optimization

Optimization is the process of making the best or most effective use of a situation or resource. The video discusses how AI can be used to optimize business processes, such as automating tasks, improving supply chain efficiency, and enhancing decision-making, to achieve better outcomes.

💡Autonomous Vehicles

Autonomous Vehicles are self-driving cars or other types of transport that use sensors, cameras, radar, and AI to navigate without a human driver. The script gives autonomous vehicles as an example of intelligent products that use AI to improve safety, efficiency, and convenience.

Highlights

Artificial Intelligence can help organizations make better use of their data and understand trends.

AI can analyze large volumes of data to identify important patterns without explicit instructions.

Cloud computing infrastructure is increasingly automating data analysis.

AI can pick up trends in consumer behavior, such as product preferences.

AI can automate insights from data, making it easier to understand customer needs.

AI can provide more personalized and intelligent services based on customer insights.

Companies like Amazon and Netflix use AI for personalized product and content recommendations.

AI can fine-tune recommendations based on timing and personal preferences.

AI is making everyday products smarter, such as toothbrushes and cars with built-in intelligence.

AI integration is predicted to become standard in almost all products for competitiveness.

AI can optimize business processes and streamline operations.

Intelligent robots and automation are transforming supply chains and production.

AI can handle clerical and managerial tasks, improving efficiency in call centers and other services.

Robotic Process Automation (RPA) is enabled by AI to automate repetitive tasks.

AI can watch and learn patterns to automate responses to common inquiries.

Organizations should consider AI for making more intelligent decisions, services, products, and operations.

The speaker offers more information on AI applications through a YouTube channel and website.

Transcripts

what are the areas where artificial

intelligence can be used in your

business

i help organizations understand how they

can use

artificial intelligence and then i help

them design strategies around this

i've worked with big global companies

like

shell i've worked with government

organizations like the un

to help them make better use of their

data and use ai

and when i do this we tend to look at

four

specific areas i think it's really

useful to explore when you want to

understand how

ai is relevant to your own organization

so the first one is where we look at how

can we use

artificial intelligence to make better

use of our

data and understand trends

so we now live in a world of big data we

have

more data than ever before less than one

percent of all the data that

organizations have

is ever used let alone used to inform

any meaningful decision making

so what ai allows you to do is to run

on your data and see are there any

important patterns

so without you consciously saying is

this a business question this is how i

analyze it

let's say who are my most profitable

customers the ai can do some of this

with

for you so modern cloud computing

infrastructure already has the

capability to

to basically automate some of your

analysis and this will happen

more and more that ais will pick up

certain trends

if you're a retailer for example they

might say okay

there are certain products that seem to

go up more people want to buy toilet

paper now more people want to buy

biscuits alcohol sales are going up and

down without you

having to actively look for this and

this is becoming increasingly important

so

ai can automate your insights from data

the second area is where ai can help you

provide better more intelligent and

personalized

services this is actually linked to the

first one because if you have better

customer

insights or better customer

understanding this then allows you to

provide

intelligent services so if you think

about companies like amazon

they are using the insights and the data

they're collecting to automatically

recommend the best products to you

netflix does something similar

they are getting more and more

intelligent so they're not only

recommending a particular film

because you like to watch it they are

now trying to fine-tune this and say is

this the right time where you would

normally watch the film

and they might also even give you a

title that is more attractive to you so

for example if you like robert de niro

and you have watched lots of films with

robert de niro and they're not saying

this film might also be interesting in

but the poster hasn't got him on the

title

on the on the poster because he only

plays a tiny little role in it

they might give you a different tile as

a preview okay this makes it more

enticing for you to watch

so we want more of this we want more

personalized services that are

customized for to the needs that we have

in any given point in time

and ai enables that the third one

is where we use artificial intelligence

to make

our products more intelligent and

smarter so we now have

ai built into our phones into our tvs

into our cars into our watches and so on

and what i predict is that soon we will

have ai

in almost all products that you can

imagine i already see this

with toothbrushes you now have a

toothbrush that usually uses artificial

intelligence and sensors to

see how well you've brushed your teeth

and you up you can then use your app to

see

which part of your mouth you need to

clean a bit better

we now have this in cars that are

becoming increasingly autonomous

at the moment they're helping us to

detect

blind spots watch what's going on around

us

make sure we stay in the lane in the

future they will drive for us

so all products from

toasters to fridges that cannot

understand what's within them and can

make recommendation of what wines to use

with the food you're planning to make

two yoga mats that give you feedback on

your positions automatically

are now using artificial intelligence

and soon

a product without this intelligence will

simply find it difficult to compete

the fourth area where artificial

intelligence can be used in business

is to optimize your business processes

and streamline line that streamline them

and

and automate parts of your organization

if you

think about this ai can now be used to

make machines intelligent and they can

do

work for you so we have intelligent

robots that are even aware of their

surroundings

if you have ever seen the latest iphone

factory or

car factory you realize that all of this

is being automated

but this now happens across the supply

chain where warehouses are automated

production plans are automated

the deliveries are automated where i

live we regularly

get robot deliveries of our grocery

their

little self-driving autonomous robots

that come to our house and deliver the

shopping

so this will happen more and more that

we are thinking about how do we

improve and automate our business

processes

and it's not only our physical process

but also our

more clerical managerial tasks we now

have robotic

process automation that is enabled by

artificial intelligence

so if you run a call center for example

and someone rings in with a particular

plot problem

and then what then happens is that the

call center operator needs to go into a

certain database

pull up this document go somewhere else

pull this up compare them and then give

you the answer

we now have artificial intelligence that

can watch

what is happening and if these patterns

emerge

over time say this is the same problem

the same

kind of processes you need to do the

same data you need to copy across

they can do this for you i sometimes

think

it's similar to my emails when i receive

an email about

a speaking engagement for example

i can already predict the kind of

response i will

send then the kind of forwards and

backwards where's the event how many

people and so on

if i have an intelligent ai

watching me for a month they can

automate this

so increasingly businesses are now

looking at how they can do this

so they are the four areas of of

any business where you should really

seriously consider

ai for and use it making more

intelligent decisions

um smarter services

more intelligent products and more

intelligent

business operations hopefully this was

useful

if you want to learn more about any of

these head to my youtube channel

subscribe or head to my website where

you can find

hundreds of articles