With Artificial Intelligence fundamentally reshaping business landscapes, many traditional strategies for managing companies are swiftly becoming outdated. A new report by Kinetic Consulting highlights that over 90% of organizations are planning to integrate AI or generative AI technologies this year, profoundly impacting key functions like Sales & Marketing, Finance, Supply Chain, and more. The consultancy outlines how embracing AI can provide businesses with significant competitive advantages by automating tasks, enhancing data analytics, and improving decision-making.
In the Marketing & Sales department, AI facilitates personalized customer interactions and automates content creation, potentially increasing return on investment by up to 20%. For Customer Service, AI-powered tools like chatbots offer round-the-clock support. In Supply Chain operations, AI improves demand forecasting and logistics planning, while in Finance, AI enhances capabilities in fraud detection and anti-money laundering efforts.
Kinetic Consulting’s report introduces a new business paradigm called ‘arbitrage of knowledge and best practices,’ enabling companies to outperform rivals through superior insights. The report however urges that to maintain relevance in an AI-driven market, companies must adopt an ‘AI-First’ approach, incorporating AI into their strategies and operations comprehensively. Organizations are advised to develop an AI strategy, update operating models, ensure aligned IT architecture and data governance, and foster a culture committed to ethical and effective AI use.
