Despite what seems to be the common assumption that AI is only useful when you shout to the entire world that YOUR COMPANY USES AI, you can actually get the value and amplify your company’s offering without drawing attention to its presence. Cool, right?
Let me tell you about Caterpillar. They identified a major issue: expensive repairs. When equipment failed, the parts were often damaged beyond repair, other parts got messed up too, and the equipment was out of service for ages. This meant customers were without their products for way too long. It also meant lost business for Borusan Cat (Caterpillar’s dealer) because their customers were turning to unauthorised third-party vendors to save time and money if they could.
So, how did they solve it? By integrating AI in combination with non-AI tech (this is important!) into their process.
They installed sensors that gathered data about the failing parts in the machines and let AI do the predictions. And guess what? The AI nailed it with 97% accuracy! 🤯 They then used these predictions to improve their customer service by notifying customers of potential failures and fixing the machinery before it even had a chance to break down. They also used it to enhance their offerings by improving their maintenance contracts.
But wait, there’s more! This had a domino effect of improving other aspects of the business. They were able to salvage and re-sell parts before they became irreparable, improve their brand image by showing customers they genuinely care, and even keep their employees engaged and happy.
With this new data and capabilities, sales agents were motivated to be more proactive because there was always a financial reward for them too.
So, you could do what Caterpillar did. Find the issue and then approach it from an AI perspective rather than trying to over-optimise processes the way you (and everyone else in the industry) have been doing for years.
It’s not just about using AI - it’s about using it smartly to solve real problems and create real value. That’s the kind of innovation that keeps me excited about what we do!
Or, you know, you could just make a statement that you’re all in on AI without actually using it properly. Maybe just pay £20/mo for a ChatGPT subscription and let your shares (or valuation) jump for a short period of time. Capitalise on that, just like some did back in the day with blockchain (whatever happened to that?). Whatever works for you. 🤷