New Forbes Insights research shows success with AI starts with a focus on business needs. Microsoft365 paid
Forbes Insights found that while only 26% of businesses say they are running at least one significant AI-driven process, many more will soon join these ranks.But one of the companies interviewed for the report, an integrated real estate, retail and consumer services giant, is already well down the road in terms of its AI journey. We spoke with the company’s CTO to get a better understanding of the firm’s progress to date as well as their future plans with AI.
I mean, every time we developed a report for a business unit, they were themselves amazed. And from there, people wanted more reports, and so now we have hundreds—I believe 680. That fact is that today, no one makes a decision—nothing moves—until they have a look at their Power BI dashboards.In one of our sectors, we know our customers really well. That is, we have extensive data.
But the results? They were merely OK. Not bad but not great. And what that told us is AI is not a silver bullet. It takes work. We ultimately went back to the model and we studied it. We learned, we tweaked, and we’ve been improving to such a degree that the ROI today is phenomenal.We are always experimenting. And we really like this idea of “the next best offer.” The algorithm does a great job of telling what else you are likely willing to purchase.
The first: It’s digital-focused on improving our top line. We started by taking the data we had in hand and then trying to describe our customers. Who are they? What are their key characteristics? How can we understand them better? And from there, we took our data and tried moving from descriptive to predictive. But it’s not purely a focus on top line; we’re also interested in improving the overall customer experience.
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