Business Solutions with AI — June 5, 2023

Business Solutions with AI

With the explosion of AI, Businesses are deploying AI solutions that are aligned with business objectives, meet customer needs, and deliver value to the organization.  This blog explores the AI solutions that can be applied to various business decision-making scenarios, enabling organizations to leverage data and intelligent algorithms to make more informed and efficient choices. Here are some everyday use cases for AI in business decision-making:

  1. Process Automation: AI-powered robotic process automation (RPA) can automate repetitive and rule-based tasks, such as data entry, report generation, and invoice processing. This frees up human resources, improves productivity, and reduces errors.
  2. Predictive Analytics: AI can analyze historical data to identify patterns and make predictions about future outcomes. This can help businesses in areas such as sales forecasting, demand prediction, inventory management, and risk assessment.
  3. Customer Segmentation and Personalization: AI algorithms can analyze customer data to segment them into different groups based on their preferences, behavior, and demographics. This enables businesses to personalize their marketing efforts, optimize product offerings, and tailor customer experiences.
  4. Fraud Detection: AI-powered systems can analyze large volumes of data and detect anomalies or suspicious patterns that indicate fraudulent activities. This is particularly useful in the finance, insurance, and e-commerce sectors to identify and prevent fraudulent transactions.
  5. Supply Chain Optimization: AI can optimize supply chain operations by analyzing data on factors such as demand patterns, inventory levels, transportation routes, and production capacity. This helps businesses optimize inventory management, reduce costs, and improve overall efficiency.
  6. Sentiment Analysis: AI techniques can analyze customer feedback, social media posts, and online reviews to understand customer sentiment toward products, services, or brands. This information can guide business decisions related to marketing campaigns, product improvements, and reputation management.
  7. Pricing Optimization: AI algorithms can analyze market dynamics, competitor pricing, customer behavior, and other relevant factors to optimize pricing strategies. This helps businesses determine the right price points for their products or services, maximizing revenue and profit.
  8. Risk Assessment and Credit Scoring: AI can analyze various data sources to assess risks associated with loans, insurance claims, or credit approvals. By considering factors like credit history, financial data, and behavioral patterns, AI models can provide more accurate risk assessments and aid in decision-making.
  9. Demand Forecasting and Inventory Management: AI can analyze historical sales data, market trends, and external factors (e.g., weather, and events) to forecast future product demand. This helps businesses optimize inventory levels, reduce stockouts, and minimize carrying costs.
  10. Churn Prediction and Customer Retention: By analyzing customer data and behavior patterns, AI can identify customers who are likely to churn or discontinue using a service. This allows businesses to take proactive measures, such as targeted retention campaigns or personalized offers, to reduce churn and retain valuable customers.
  11. Recommender Systems: AI-powered recommendation engines can analyze customer preferences, browsing history, and purchase behavior to provide personalized product or content recommendations. This enhances the customer experience, increases sales, and improves customer engagement.
  12. Employee Recruitment and Retention: AI can analyze candidate resumes, job descriptions, and historical employee data to identify the best candidates for specific roles. Additionally, AI can help predict employee attrition risks, enabling businesses to proactively implement retention strategies.

These are just a few examples of how AI can be leveraged for business decision-making. The specific use cases and benefits will vary depending on the industry, business model, and available data.

First Principle of Everyday Life — May 30, 2021

First Principle of Everyday Life

Let’s start with a story – Manya is a girl grown up in a conservative family setup, surrounded by elder and younger siblings. Her parents are hardworking-Mother a homemaker and father disciplinarian Engineer. The environment Manya was growing up taught her one thing – observe, learn and persevere. There is no shortcut to life and attracting bounties. Rely on your hard work, common sense and keep nourishing it with real life experiences. Be closer to your roots and evolve a new experience from that which enriches everyone’s life

You must be wondering what’s the context of telling this story?  Manya is a Product Manager who employs first principles to get a sense of the problem she is working on, draws real life experiences and challenges and works upward to apply her creative self to solution- which may still not be complete but is ever evolving. In this process she has to learn, unlearn many new concepts, shoot down noises, rely sometimes on data, and mostly use common sense. 

I have been listening to lots of podcast, webinars, tweets, stories explaining the experiences of product management -what, why, how, who etc. etc. and was wondering if Product Management as a role/function is that monster or mountain to climb that it is being made out of? Why is no other role like- Design, Development, Sales, Marketing receiving this chaotic attention and definition which product management is receiving. I understand that product management is hardly a 10yr old baby and still figuring out its rightful place in the world the way Manya was exploring while growing up days. It has been a tough journey for early Product Managers to explain to whoever cares to listen what Product Management is and what Product Managers do. I guess that’s the reason for this chaos as we have been spreading thin to explain, to justify what Superman(Product managers) can, should and will be able to do :D. 

Many individuals, companies have build businesses on the top of this chaos attempting to structure this role by selling short/long term courses teaching Product management with no clear boundaries where it starts and stops. This has pained me a lot and made me feel invalidated, outdated, putting me in a race of this cat and mouse where no one wins. These paid media have made Product management role to be this shiny object which every professional wants to transition to but when they do get finally into it realise – Oh man is this what it was all about?? Its lots of dirty work, no clear role definition(expectation changes from organization to organization), picking up anything and everything that no one is ready to do and just making it happen – with no real credit. 

First principle helps in all this journey- be it to understand framework, technology, business. Whether you do this with 5 why framework (kids are natural in their inquisitiveness of questioning “Why” to understand why adults are saying something or asking them to do) or by challenging assumptions, looking for evidence, considering alternative perspective, or examining the caveat of doing something. I urge you all aspiring PMs to focus on this one thing and the rest will follow suit. There is no end to this horizontal and vertical knowledge that you may have to learn, unlearn, but what remains constant is the First Principle of life. Ending with this quote which sets the tone for your journey onwards.

“To understand is to know what to do.”

— Wittgenstein