2nd November 2020
Running a business is an art form, and one that not many people are successful in doing. It takes constant effort, consistency, organisation and a string acumen for business management. The risks of compromising such things are proven in the statistics; The Australian Bureau of Statistics have unveiled that more than 60% of small businesses exit the market within the first three years of operation. This is undoubtedly the downside for business enthusiasts. The ideal perception of work-life balance is clouded by the harsh reality of gruelling work and sacrifice. To ignore the elephant in the room is to be a part of that 60%. This may seem like all doom no glory, however, have faith. Artificial Intelligence and the evolving world of innovation is acting as the disrupter in this enjoyable chaos.
Alongside the fundamental soft skills to run a business, hard skills are equally important as these differences are what separates a market leader from a small competitor. They are what define a passionate and thoughtful business with key expertise in services relevant to the industry, which in turn produces exceptional delivery. As the business world evolves and slowly incorporates technological innovations to ease the transfer between a business and their customer, Artificial Intelligence is becoming widely attractive. The commonality of such innovations suggests that the modern way of operating a business revolves around technology. There is a growing expectation for businesses to adapt and evolve and thus grows the need of incorporating AI-based technologies in all aspects of business functions in order to ease efficiency and improve accuracy. Having extensive knowledge in AI-based software programs are becoming the new skill expectation. Below are various AI-based software programs that are a must to learn about when running a business.
Without promotion, there are no customers. Without marketing analysis, customers may never return. Emarsys is the wanted patch to this fatal wound. Emarsys empowers digital marketing leaders and business owners through their omnichannel customer engagement platform produced to accelerate business outcomes. Their actionable AI is the reason for being the platform of choice for more than 1,500 companies worldwide.
Predictive Analytics– With Emarsys, users learn about customer behaviour by incorporating in every action to determine when and how to take their next course of action. Identify with accurate timing when clients are about to churn, become inactive or intend to make a purchase. With this predictive consumer behaviour, businesses can take advantage of their analysis and engage with their clients in a behaviour that is dependent on their situation to ultimately maximise value to your brand.
Autonomous Marketing Tactics– The combined use of AI optimisation and used cases from industry-specific knowledge, tactics instantly create personalisation campaigns. AI-driven segmentation, content selection, channel execution and timing are key to delivering engaging service, resulting in incremental revenue growth.
With omnichannel automation, users enjoy the simplicity of streamlined marketing operations that optimise the user experience. Request a demo!
As said by the company, Sage Intacct is the financial management platform that lets you do more and do it better. When learning about their features and capabilities, it is clear to see why they stand by this statement. Their cloud financial management platform delivers deep accounting capabilities with the common goal of accelerating users’ success. With the highest customer satisfaction score for both Accounting Software and ERP Suites on G2 Crowd, Sage Intacct has proven to be a place where customer success remains at the core. The software covers a plethora of features such as:
Core financials- Automate complex processes and multi-dimensional data analysis. Under one cloud platform, streamline workflow across the accounts payable cycle, automate invoicing and collections process and track multiple accounts to manage cash flow.
Dashboards and Reporting- Save 40+ hours per month on reporting and cut time spent checking data accuracy by 75%. Sage Intacct’s modernised general ledger includes eight dimensions to capture the context of their users’ transactions, operational measures and budgets. Take advantage by quickly accessing reports and analysing real-time business performance.
Platform- utilise built-in tools to meet your specialised business needs with the integration of Salesforce to fuel growth and accelerate revenue.
Billing- Automate complex revenue and billing processes with streamlined workflows across the accounts payable cycle. With project costing and billing, bid smarter and bill faster with less revenue leakage.
Track your progress with the help of Monday.com. As a one-stop-shop for operative management, users can plan, track and deliver their team’s best work in an efficient manner. It goes without saying that the operations process differs for every industry, however Monday.com have taken a step further and solved this issue by providing more than 200 customisable templates for every industry. These templates ensure that no matter what role you are in, you know that you are doing it correctly and efficiently.
Effective organisation- once a template has been chosen, drag and drop 30+ column types to customise the workflow suited to your needs. Groups, items and updates are synched in real time to align with the context of your actual project. Status buttons, of which include ‘In progress, ‘waiting for approval’, and ‘complete’ reflect your team’s progress which in turn aids management and upkeep.
Visualise your progress- with eight different data visualisations, including Kanban, Calendar, Timeline, Gantt, Map, Form and Workload, users can analyse accurate representations of their operations. From Gantt charts to view and track projects to ensure that deadlines are being met successfully, to viewing people’s individually set tasks via Workload, there is a data analysis tool for every stage of the production process.
While there may not be a specific title for the AI based technology, there is a list of ways that AI is integrated into human resource activities such as the selection process when hiring to ensure that the appropriate candidates are successful. Artificial Intelligence Integration into Human Resource processes will improve the quality of an organisation’s service as these tools help analyse, predict and diagnose to help HR teams to make greater informed decisions. Below is a selection of human resource practices that have been influenced by Artificial Intelligence. These are worth knowing if you are in the HR department as these may positively or negatively impact your role.
Candidate Resumes- Ever wonder why you need to re-enter your personal details when applying for a job when you have already uploaded your resume? This tedious task oftentimes leads to poor impressions of the company as it suggests that the role may be just as tedious. To alleviate this issue, companies are incorporating AI to help candidates transfer information from their resumes onto smart digital forms to ensure efficiency when completing an application. To make things better, AI can recognise key words and relevant information that is mentioned in the advertisement. This ensures that the recruitment team selects a candidate with the desired skills and experience.
AI-backed chatbots- Ensuring that employee engagement and sentiment is top notch can be difficult to manage due to the complex context of emotional experience. It can differ from person to person and thus the need to have a detailed and engaging platform to cater to these varied needs rises. AI-backed chatbots empower both the employee and recruitment team to maintain engagement all year long. Chatbots provide a human-like communication tool that engages the employee in personalised conversations. Such conversations are analysed to address key concerns. These concerns provide human resources a thorough understanding of human sentiment so that they can understand potential management issues and take corrective action.
Boosting Learning and Development Programs- Human Resource departments are expected to create agile learning programs that can meet the individual needs of each employee and ultimately enhance their skills to apply to their place of work. Inversely, AI will provide data and analytics to predict the impact of the learning programs onto the business.
Whether you are in Marketing, Finance, Operations, or a manager in the Human Resources department (or play a role in all four), this sample of popular AI-based software programs are becoming fundamental knowledge when running a business. In order to survive, businesses must evolve, and it has undoubtedly become a suitable time to adopt AI-based software to keep up with the ever-growing technological landscape. The acceptance of AI-based solutions has been shown in Oracle’s study in which 50% of workers are currently using some form of AI at work compared to only 32% two years ago (Nicastro, 2020).
Just as background knowledge in Artificial Intelligence is becoming an essential skill, it is equally significant to have a strong knowledge in specific AI-based software that will produce efficient and overall satisfactory business management processes. As these software programs mentioned are applicable to all business functions, it is strongly suggested to learn these. Therefore, next time you see a specified list of ‘Required Skills and Qualifications’ in any application, rest assured that AI will be included, and you can exhale in relief that you are experienced in this field.
26th October 2020
By Michaela Agius