You’ve gathered reports through AI with self-service analytics; now you want ROI, and to eventually cut costs. As companies continue to ramp up their use of self-service analytics, they are able to simplify the learning curve resulting in faster decisions, results, and better products for a better cost. With augmented analytics, companies can cultivate new insights from their data, leading to improved and more cost-efficient business models.
With over 98% of CEOs preparing for a recession, cutting costs is at the top of their list. With the adoption of AI, 63% of companies saw an increase in revenue, while 44% claimed cost savings. 58% of enterprise respondents state that at least one AI feature has been integrated into a process or product in at least one function or business unit inside their company.
So how do companies begin to cut costs with their data? There are 3 big ways companies can take action:
Inventory Optimization with AI
With the power of inventory optimization, AI can help businesses significantly reduce costs. Companies that embed AI capabilities can forecast future demands through data crunching via AI, both upstream and downstream. Having inventory optimization in your business’s toolbox leads to greater efficiency and less wasted inventory. With clearer inventory visibility, maintaining proper stock is easier and more efficient. With inventory tracking and predicting, companies can see which products are losing money, and which are making money.
Service Performance Visibility
Companies are able to satisfy customers better when they have more visibility into their likes and dislikes. With AI, companies can get visibility on their most popular products, as well as products that should be sold together to maximize revenue. Along with inventory optimization, companies can get a hold on their raw material procurement and plan for the future with accurate insights via AI.
Quick Response & Decision making
Businesses can better manage their operations and employ resources more effectively, lowering overhead expenses, by evaluating data in real-time. With the opportunity to access and explore data in real time, businesses with self-service analytics can view their data in the way that makes the most sense. This is performed through customized dashboards made with real-time data. With better data comes better decision-making. With insightful decisions, profits will increase and spending will decrease.
Self-service analytics provide users with the instant insights they need to make informed decisions when the time comes. Cut your costs today by requesting a demo!