Fact Versus Hype: AI Is Transforming Business Practices Worldwide
Since the release of a generally available version of ChatGPT in December 2022, the technology world has hyped Generative AI as a game changer. The messaging is relentless: we must have Generative AI and integrate it into our technology roadmap now –- or risk business disaster. But to get the real story requires asking the right questions.
The two most on-point questions we receive at BACS concern use cases. Who actually uses Generative AI? How do they use it?
Our findings are straightforward –– with consistent themes: AI options vary by company, by discipline, and by budget. At BACS, we use AI-driven note takers in meetings; Microsoft Copilot for financial and data analytics; ChatGPT for marketing and content generations, etc. But we, like most smaller firms, use AI on a case-by-case basis and not as an institutional standard. Likewise, many of our customers have also increased productivity by using AI, such as ChatGPT, selectively.
We find that the best approach pivots on the two classic business questions: What are my company’s real needs? And which tools can deliver the best outcomes and highest value?
All Things Considered… AI Matters
Even if your smaller or mid-size company takes a “wait-and-see” position on investing in AI-based/AI-proximate technology platforms, you should nonetheless keep informed and abreast of AI’s ever-evolving capabilities. Here is why:
-According to a recent U.S. Chamber of Commerce report, 87% of the small businesses that have successfully implemented technology platforms with AI have reported increased efficiency, savings, and profits.
-One in four small businesses in the United States already use AI, reflecting a rising trend worldwide.
But there is an all-important caveat: small-to-mid-size companies must chose “the right cycle of technology development and adoption,” or they could end up working to make their AI investment succeed –– instead of having AI work to achieve the investing company’s desired success.
How Small-to-Mid-Size Businesses Benefit from AI
When implemented strategically, AI delivers desired results in two crucial, “bread-and-butter” areas:
INCREASED PRODUCTIVITY
Korn Ferry finds that small-to-mid-size businesses increase their overall productivity by reducing staffing redundancies and lowering employee workloads by over 60%.
REAL-TIME DELIVERABLES
Korn Ferry, Sales Force, et al., all report marked improvements in data analysis and reporting, client services, and sales and marking content creation.
McKinsey & Company reports that AI solutions “generate value” by enabling “SMBs [small-to-midsize businesses] to better understand key elements, such as product use cases and simplifying the buying experience.” AI has helped SMBs increase “new customers by 30 to 70% (varying by product line) while cutting marketing expenditures in half.”
Strategy for Success: Partnering with the Right Consultant
To escape the hype and choose the most effective AI tools for your company, industry research offers a simple but compelling solution: choose information management consultants with expertise in both strategic business planning and emerging information-data management technologies. Such consultants achieve the highest success rates by “experimenting with flexible and usage-based consumption models.”
BACS Consulting Group: Flexibility… Expertise… Results
BACS Consulting Group filters out the sound and fury to deliver results: technology solutions for higher efficiencies and targeted growth. Our documented 93% success rate –- a definitive contrast to the established 33% industry success rate –- makes the case. Our flexibility, expertise, and no hype, provide doable AI options tailored to your company’s real needs and preferred business goals.
Contact BACS Consulting for more information without a sales pitch. www.BACSCG.com, Rkoski@BACSCG.com or PAdams@BACSCG.com. 650-383-4248
