New report shows AI is key for boosting revenue in the enterprise

Is your organisation ready for the benefits and challenges of artificial intelligence (AI)? If not, then these figures from Harvard Business Review may worry you.

The study, commissioned by software as a service provider Apttus, polled almost 500 business executives and thought leaders and found an almost universal desire for machine learning – plus a majority who believe their future success depends on how they tackle AI.

In all, just 3% of respondents said their organisations had no need for machine learning. Almost half (48%) said they were exploring use cases for machine learning today, with 36% saying they were currently in the pilot or production phase.

In terms of use cases today, predictive analytics came out well on top, cited by 82% of respondents. Other areas, such as image or video recognition and natural language processing, are ones for the future, cited by 25% and 26% of those polled respectively.

38% of those polled said their leaders can articulate an AI strategy, while a third (32%) say they have a definitive timetable for launching AI projects.

Apttus, who back in 2015 was named as one of the five hottest cloud-based marketing startups, has leverage in this area itself. The company’s key metric is through its ‘quote to cash’ process, going through the entire sales management lifecycle and combining CRM with ERP. Over the past year, the company has been developing an artificial intelligence, called Max, to help automate and orchestrate the experience, such as updating and creating contracts and accounts, as Kirk Krappe, Apttus CEO, explains in the report’s introduction.

“In our work with customers, we found that process automation was just a first step, solving only part of the equation in producing sustained advantages and improving business outcomes,” wrote Krappe. “Enhancing quote-to-cash automation with AI can fundamentally improve ways of doing business.

“Leveraging the rich data and robust context around the decision points in the quote-to-cash process, AI can be used to influence the behaviour of buyers and sellers, and guide their actions with intelligence and insights that humans cannot glean.”

You can find the full report here (registration required).

 

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