Artificial Intelligence in Business

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Lube Magazine Lubricants & Chemicals, Eleven News

This week's guest blog comes from Katie King, author, keynote speaker and AI business consultant who will host the ‘Harnessing AI for competitive advantage’ workshop at October’s UEIL Congress in Cannes.  Article courtesy of Lube Magazine (Issue 152)

Recently appointed to the UK Government All-Party Parliamentary Group (APPG) task force for the enterprise adoption of AI, Katie discusses the impact of AI on business transformation and what this could mean for the lubricants industry.

What is Artificial Intelligence and how does it differ from Digitalisation?

Artificial Intelligence, or ‘augmented intelligence’ as it is sometimes known, is hardly new. Often referred to as the ‘4th Industrial revolution’, it has existed in many forms since its inception in circa 1950. However, thanks to the speed and force of current technology innovation, the investment growth in tech companies and a decade of data that we now have to draw upon, AI is set to impact the business world dramatically.

And digitalisation has helped us to get here. As the forerunner of AI, the digitalisation of business systems and processes has already revolutionised our lives in fundamental ways, whether at work, at home, at leisure. AI will take this transformation to the next level.

 

What impact will AI have on the lubricants industry?

AI will affect your business wherever you are positioned within the supply chain, whether a manufacturer, blender, additive company, chemist, distributor, OEM (original equipment manufacturers).

Most visibly and in a very practical way, AI can increase automation, improve efficiency and reduce costs, streamlining processes and operations within an organisation, from voice activated SEO to enhanced email marketing. We are already familiar with wearable technology, the internet of things, diagnostics and digitalisation. But understanding how to integrate AI systems, using data, tools and techniques to give companies a competitive edge, will affect the greatest competitive advantage and enable the most successful innovation and change.

 

But isn’t AI all about data and automation? How can it improve the personal relationships in business?

AI will enable organisations of every shape and size, in every sector, to rebuild personal relationships with their clients. Marketing teams will be able to harness data to give them powerful knowledge of a customer’s current needs and valuable information on their future requirements, without being too intrusive. Having this information and successfully integrating it through your AI marketing strategy is key to achieving a competitive advantage. For organisations with sales, HR and customer services departments, accounts and marketing teams, preparing for AI is critically important; businesses who choose not to embrace AI will be left behind.

 

What can we expect from your workshop at the UEIL Congress in October?

AI is a challenging concept for industry. What is it? How will it impact my organisation/staff? What are the implications for my business? Can I ignore it? What about the ethics of AI? The different cultural behaviours across countries/organisations?

These are important issues and I will deliver an exciting and practical session that will answer these concerns, highlighting the business case for AI and calling for its adoption across the industry. I will showcase practical evidence from case studies within the sector; explore the value of innovation in management and cultural behaviour and finally show the benefits and outcomes of AI adoption, together with an honest, current view of the real impact of AI today and into the future. You will leave the workshop with my Scorecard for Success, a pragmatic and strategic framework to help your organisation prepare for adoption of AI. The fundamental message is ‘AI is already here – don’t get left behind.’

 

LINKS

www.ueil.org/wp-content/uploads/Workshop- Harnessing-AI-for-competitive-advantage.pdf

www.koganpage.com/AI-in-marketing