Data-driven Decision Makers of Tomorrow: 4 Ways Artificial Intelligence Can Help Sri Lankan Businesses

In an eternal battle aspiring for bigger & better, your organization has thrived and you have grown into a master at making great decisions utilizing the tools and data at hand. However, along the way, weight on your decisions grew larger, and the cost of failure grew even more so. In a world of choices, decision fatigue became a daily struggle, where you are boxed in a present crisis, instead of building your organizations future. Data can be the key to this puzzle.

Using the right data from your organization and deep learning (artificial intelligence), you can get better insights to navigate nimbly through complex decisions and automate the routine decisions. Moreover, utilizing our experience in sectors such as retail, financial services, hospitality, telecommunication and others; Stax has emerged with recurring applications of data-driven insights that made the most impact in our clients. Here are some insights from our work that has direct applicability to Sri Lankan businesses:

1. Markets are driven by customers. Understand your customer! Each transaction between your organization and customer leaves you with rich information that awaits discovery. Understanding different customer segments, their preference, and how these preferences change (momentum) can lead to more satisfied customers. From data usage in telecommunications to product purchases at the retail store, preferences change across demographics. A teenager will change their favorite drink every two weeks, yet a grandfather might have had the same ‘blend of tea’ every morning for twenty years. Making decisions without understanding these nuances of your customer preference was the tradition, but technology today can track all these changes in real time.

2. Perception is key. Manage your brand! Natural Language Processing can be your sentinel in the web, capturing the market sentiment of your brands, products and services. We can ask a bot to look for market perception around key attributes in your business; in case of a restaurant, they would be: food, wait time, ambience and service. You can have quicker reactions to negative perceptions of your brand and improve your business faster and leaner.

3. Inventory is capital. Understand your products! Keeping manual track of few hundred SKUs is already a challenge. Our organizations have millions. Data from the existing inventory management system at your organization can be used to generate richer insights into product holding time and variation in demand and supply. Aggregating fluctuations in demand-supply, marketing efforts at product level and preferences in customer segments; your inventory can be optimized to hold the required quantities. Nothing more, nothing less.

4. Operational shortcomings can become crisis. Improve your logistics! If your distribution network or sales team is a several thousand people spanning across the island, capturing the work at a glance is a challenge. Use data from existing systems to reach your teams and their progress faster. Further, big picture challenges such as efficient route planning, designing of incentive structures, and vehicle inventory can be optimized for efficiency with deep learning systems and become ubiquitous intelligence in your organization.

Many other problems you face now can be just another challenge. Artificial intelligence can be used as a facilitator to make doing business more nimble and effective. It is an exciting time to have complex business challenges, because creativity and technology can overcome most problems. Let us hear your challenges and see how your data with AI can make effective difference. Let us build a better Sri Lanka together. Email us at strategy@stax.com to schedule an introductory discussion.

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