Artificial intelligence is changing the way we think about business, and it’s changing it for the … [+]
The business world was already facing a digital transformation when the pandemic hit. Now, on the other side of world-altering events, managing a company looks totally different. We are more dependent on technology and virtual communication than ever before, and the hands-on approach that was still driving some industries has been set aside in favor of digital tools.
Though some of the uncertainty of the last year has leveled out, companies are still recovering from the economic downturn they faced as a result of the pandemic. This is especially true in the retail and consumer goods world, where many companies faced delays in stock or challenges with switching to e-commerce models.
Entrepreneurs must re-evaluate existing company processes and ensure that they are the most efficient and effective strategies in place in order to excel. Here’s what that looks like in practice.
Use Tools To Accurately Forecast and Reduce Waste
Artificial intelligence is changing the way we think about business, and it’s changing it for the better. Recurring tasks that would take employees hours to complete can now be automated through artificial intelligence. For example, antuit.ai helps consumer goods companies and retailers predict the number of products needed to meet customer demand. The leading brand is helping consumer goods companies make accurate forecasts to predict inventory and reduce waste.
Another tool, FathomHQ, serves as AI powered CFO providing you with forecasts and recommendations all based on your current books. Accurate forecasting is essential in a post-pandemic world because purchasing habits have changed significantly in the last year. Without accurate data analysis, consumer goods companies will end up wasting money on inventory.
While too many entrepreneurs focus on growth and expansion, they ignore creating efficient systems to their detriment. AI-driven tools can help companies minimize wasteful spending and focus their efforts on building a strategy that is informed by accurate data.
Hone Your Focus and Minimize Distractions
Distraction is the enemy of efficiency. The most impactful (and therefore effective) companies are the ones that have a clear direction. The pandemic caused many companies to refocus their efforts on selling smaller sets of products or services. The restaurant industry, which faced some of the most intense restrictions and challenges within the last year, demonstrates this well. In order to stay afloat, many restaurants condensed their menus and offered a smaller selection of meal options. This helped reduce wasted resources and preparation time, saving the companies money but still catering to customers’ needs.
Recovering from the pandemic will require reducing any excessive efforts and honing in on your company’s core values and mission. A combination of strategic moves (like honing in on key menu items…or services), and using data to make decisions will help you not just bounce back from the pandemic, but thrive.
