Season 4, Episode 1 : Can AI be used to achieve growth strategies?

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AI is the buzzword of the decade and let’s be honest whether you love it or hate it, it’s not going anywhere and it’s something everyone should be educating themselves on if they want to remain competitive. So, in this series we’re looking at AI from a finance leader perspective by exploring how it will potentially impact growth, change management, workforce strategy, risk management, and system integration. I’m Laura at Creative and welcome to Season 4 of Dynamics Unwrapped…

So, can AI be used to achieve growth strategies? Well, I think the key thing here is that it has potential, but that’s the key word, potential. There are so many variables that determine business growth and AI isn’t a magic wand that can fix all of your problems and give you 200% growth. For instance, if you’re using AI to help cut costs by improving productivity, but your sales team aren’t performing and revenue isn’t increasing, then no you’re probably not going to be achieve your growth strategies.  

Essentially AI is a tool that can be used to improve productivity and make tasks easier to complete, but it’s not a replacement for human behavior and it can’t make business decisions. So, for AI to really be able to help you achieve growth strategies we would recommend implementing it in areas where mundane tasks can be made easier, and productivity can be improved.  

For instance, helping to gather data in an easier to view format to allow for effective decision making, automate routine tasks and streamline operations, use it to make predictions like if a customer is likely to make a late payment so that you’re better prepared. So, it’s key to identify areas in your business where AI can be used to improve sales and operations to help enable business growth, but it’s important to understand it can only assist you it can’t run everything for you. And if you’re unsure of where AI might be able to help, then make sure to get in touch!

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