Decision-making is important in the day-to-day running of a business. From which stationery supplier to use, to which market to enter. The increasing use of technology may have you wondering: should I use AI too? Here’s an example of how I answer this question.
A few years ago, I worked at a consulting firm. My teammates and I did market research. Here’s a bit of what the process consisted of:
I conducted research to find out which market a client should enter (market expansion).
Some of the questions I had to ask myself were:
- what industry is the client operating in?
- where is there an opportunity for this industry?
- what are the challenges?
As well as questions about the proposed market:
- how easy is it to do business in this market?
- is this market ready for this product or service?
But, as the number of clients increased, I noticed something:
I was doing the same thing over, and over, again.
Tech for removing redundancy
One of the signs that you may need to use technology in your operation is if there’s repetition.
Each time a new client arrived, I had to look for the same things, oftentimes even for businesses in the same industry.
I wondered “how can I remove this repetition?”
I knew that removing this barrier would not only save me from doing the same task over, and over, and … okay, you get the point.
But, that it would also give the company the ability to take on more work (because of the decreased time taken on tasks).
Put another way Assume that a chicken restaurant owner wants to enter an unknown new market. My team then compiles a report answering the questions I listed earlier. We then reach a conclusion that China, Shanghai, is the market the client should enter. Then, another client arrives. But this time, this client has a burger restaurant. We then start the process again, answering the usual questions. Guess what, we also realize that China, Shanghai, is the ideal market for this client too.
Steps to removing operational redundancy with AI
1. Store data in a database
I’m regularly reminded of how storing data in a re-usable format can save lives … time, I meant.
In my case, this means putting the answers into a centralized database before putting it into a client report.
In this way, when I deal with a client with similar needs, I can retrieve that data.
2. Summarise the conclusions reached
Make the general findings accessible.
For example, if we find that China’s legal market is conducive to food restaurants, we should take note of this.
“Legal market” = 4 (good)”
Have a look at the Ease of doing business rankings format to get a better understanding of how to do this.
Doing this allows you to use analytical tools for forecasts and predictions.
3. Analyze the data
A database will make it possible for the team to access the information in the future. Making it quicker to write client reports.
It also makes it possible to train the data to find out what the best market for a client to enter is. Saving even more time, and increasing the accuracy of client recommendations.
Conclusion
“Is there any way to improve this process”
This is a good place to start if you would like to find out if you should use AI for your operations.
Technology is not the answer to all problems. But, it may be an effective way for removing redundancy and improving your decisions. This has the potential to save you costs and increase your sales.
Would you like to know if AI can improve your operations too? Contact me
