Top 5 use cases for smarter growth decisions with predictive AI
Each department in a company must support the company in its own way, in order to achieve its growth and business goals. To do that, we also need to make smart decisions and actions that create or support the growth and business goals.
But how do you do it in a sustainable and cost effective way?
The best way is to base your business decisions and future actions with help from predictions made with AI.
In industries such as Retail, FMCG, E-commerce and Restaurant, we have identified these 5 departments that can benefit the most from AI predictions for smarter decision making:
- Business Development
Top 5 use cases
Within these departments, we have found many use cases that can help your company make smarter growth decisions. These below are the top 5 of those, one for each department most commonly benefiting from future predictions:
1. Purchase Departments
- Challenges = Warehousing and planning purchases. What to buy, when to buy it, at what price and to whom.
- Why Predictive AI as a Service? = To understand future demand better. To become more strategic as well as more proactive, and with predictive analytics optimize purchasing. While you save money, you also reduce waste of resources. This is a great way of working with sustainability in the long term.
2. Marketing Departments
- Challenges = Knowing what gives effect over time, especially campaigns with large time-lags. Difficult to make predictive ROI calculations that provide insights before different marketing activities and campaigns are launched.
- Why Predictive AI as a Service? = So that you get a better understanding of your strategic efforts and have a more insight driven and proactive way of working around campaigns and other marketing activities.
3. Financial Departments
- Challenges = To create transparency throughout the whole company around financial follow-up and budgeting. Difficult to set a budget with many different factors that are involved and influencing.
- Why Predictive AI as a Service? = Give you a clear forecasting tool with the possibility of several variables that are involved and influence sales. All to become more accurate for budget down to the level of detail for each store and market. Less administrative work to create forecasts and budgets. A better accuracy and understanding of the budget at a detailed level and what affects sales locally.
4. Analytics/Data/Insight Departments
- Challenges = Often many people in the company from different departments request various reports of different sorts. It’s not always as clear what challenges need to be solved and to what priority. This often creates a bottleneck within this department only focusing on reactive analysis instead of being proactive and predictive.
- Why Predictive AI as a Service? = Helps avoid creating gatekeepers or bottlenecks to deliver reports . More time for the analytics to focus on qualitative ad hoc projects. Cost-efficient way of getting top of the line predictive insights, compared with doing it in-house.
5. Business Development Departments
- Challenges = Follow-ups and objectives for different sales locations (ex. stores and restaurants) with different opportunities and circumstances. Hard to know where to set up shop next.
- Why Predictive AI as a Service? = Helps to create more accurate budgeting and forecast management for the companies different sales locations, including non-existing locations. Makes it possible to get insights per location in an easy way. Use them to motivate sales people with better goals. Every store has its own advantages and possibilities. Better predictions help staff to know what predictions to “beat”. Quantitative insights that help create better qualitative work through better targets. For the non-existing locations – the Business Development department can get help in finding the next location and optimize the decision based on what city and where within that city the best location is.
Why predictive AI?
In our opinion, growing smart in the business world is all about the big and small decisions we make everyday. Smart decisions need to be cost effective and easy for us humans to implement. Usually they also have to be made everywhere within an organization.
With the help of predictive AI services bought as a SaaS-solution, there are good opportunities to obtain cost-effective and easily accessible insights to support strategic decisions and optimizations. Made available for possibly anyone and everyone within your organization.
It’s about empowering your organization with predictive insights to go along all that experience you call your gut feeling.