Democratize access to data

Taking the first step to implement a digital business model can feel intimidating – and even though every business is different, it can be helpful to see how others have done it. Here’s some inspiration from customers in Central and Eastern Europe already putting this into practice.  

Business leaders across Central and Eastern Europe list digital transformation as a priority – yet just 13 per cent of companies already have a digital business plan in progress. From my conversations with customers, it seems that the practical challenges of getting started are holding many leaders back.

I recently shared some thoughts on how to use artificial intelligence (AI) strategically in your business. But now I want to move from theory to practice. As much as I believe in the potential of adopting a company-wide digital business model, there is also merit to taking a bite-size approach and honing in on solving a specific problem. If you’re looking to get started, here are three proven ways of integrating AI into your business.

Respond to your customers’ faster, but just as well

In today’s always-on climate, customers expect responses to their queries within minutes or hours. But many such queries are similar and repetitive – meaning that call center operators are answering the same questions over and over again. To address this challenge, Romanian bank, Banca Transilvania, implemented an AI-powered chat bot into its customer service process. The bot, nicknamed ‘Livia’, can respond to customers 24 hours a day, seven days a week. The bank wanted to ensure the technology instilled a level of trust and felt as ‘human’ as possible, all while remaining focused on providing a high level of service. The plan has worked, with 20 per cent of customers now using Livia as their preferred contact method for the bank. Some even end their conversations by wishing the bot ‘good night’!

Transform the customer experience for guests, from check in through to check out

Even in the modern world, the old rules of hospitality live on; the customer experience should be as painless and convenient as possible. But for many hotels, reliance is still placed on old fashioned processes, whether that be slow in person check-in or endless reams of paper receipts.

The founders of Mews Systems recognized the potential to shake up the hospitality industry and to use technology to transform the way guests interact with their chosen hotel. The company developed a cloud-based and mobile-first suite of tools which includes an online check in system and integrated payment procedure for hotels. It also offers a real time customer service platform, whereby guests can interact with hotel staff throughout their stay. All this gives hotel owners and managers huge amount analytics and data with predictive capabilities, for example, being able to manage occupancy in real-time and strategically adjust pricing based on seasonality and events. After all, it’s these small details that matter in hospitality.

Potential in data

What is the real potential of data when it comes to business? For most, it means being able to gather and act upon customer insights in real time, and use them to make informed business decisions. But it’s important to note that today’s technology works best outside of traditional hierarchies. When data is stored and easily available in the cloud, all members of the team can take advantage of it – with leaders sharing in the process, rather than dictating it.

Greek bank, Eurobank, initiated its data democratization process when implementing its new digital business model. The company uses business intelligence capabilities to gather the latest information on the bank’s performance, that employees can use to make the best customer-focused decisions. This has generated benefits across the company, including more personalized offers to customers anytime, anywhere and an 80 per cent reduction in the volume of business reports.

Democratizing information and innovation in all areas of the business is an incredible benefit of implementing a digital business model, as explained recently by my colleague. Bringing your team on the journey in this way opens up new ways of thinking and problem solving. What better reason to get started on your own transformation?

Mofre on my blog: https://norbertbiedrzycki.pl/en/