October 30 by Elliott Yama
The term “artificial intelligence (AI)” can bring to mind a variety of different images in different settings. In many cases, AI is a set of software technologies that combined are capable of humanlike behavior. Simply put, AI can understand, reason like a human, and learn.
In B2B, AI is taking on increased importance, especially for business processes related to revenue, which is the life-blood of the majority of organizations. Recently, Harvard Business Review’s Analytic Services group and Apttus set out to find out how AI is reshaping and accelerating B2B revenue generation.
Top Takeaways for AI in B2B
Harvard Business Review and Apttus talked with enterprise business leaders and AI gurus with a perspective that spans the globe and took away insights that are highly valuable and point to a very exciting future. the key take-aways are below:
- AI has reached a stage of practical application to solve today’s business problems.
In the past, AI was used narrowly, for only the most advanced challenges. Today, AI technologies are readily available and increasingly powerful. As a result, they are being widely applied to a range of high value applications in the enterprise from marketing, sales, contracting, and customer service. In these applications, AI collects, analyzes, and distributes data and insights across teams and can unite these key functional areas on organizational goals and business outcomes
- AI can transform decision-making and can improve business efficiency, accuracy and profitability.
AI is an umbrella term. Sitting beneath it is a powerful class of algorithms called machine learning that can learn from, and make predictions on, data. The more data, the better the outcome for machine learning techniques. The power of prediction gives business managers insights that were previously unavailable and contribute to better business outcomes. What’s more, artificial intelligence can eliminate mundane tasks like retrieving information or reviewing language in a contract which allows staffers to do more creative and strategic work.
- AI is an extension of your business’s analytics-based digital transformation. The digitalization of business is a reality whether you’re a provider of software for ride-hailing services or a manufacturer of industrial robots, of just about anything else. You can learn more in our recent blog: Accelerating Digital Business Transformation with Applied Artificial Intelligence.
And, where in the past, “going digital” may have been limited to adding an e-commerce channel or virtual collaboration, today, AI is a critical component of digital business strategy and a necessity for a range of applications including: predictive analytics, intelligent assistants, text mining, fraud detection, and e-commerce. The strategic importance of AI is not lost on the business leaders in the survey: 60% of executives believe their future success depends on the successful implementation of artificial intelligence.
If you’ll be in San Francisco the week of November 6th for Salesforce’s Dreamforce 2017 conference you can hear about it live at the Apttus / HBR session – Using Applied AI to Accelerate Revenue Generation & Maximize Business Outcomes – on 11/9 at 11:30AM Pacific.