How can organisations leverage AI for better outcomes?
As we find ourselves at the cutting edge of a technological revolution, business leaders are increasingly recognising and embracing the immense potential Artificial Intelligence (AI) offers. From optimising operations and enhancing customer experiences to driving innovation and ensuring regulatory compliance, AI’s capabilities are reshaping industries and unlocking new levels of efficiency and growth. By leveraging AI, businesses will not only be ahead of the curve but they will also drive innovations that will lead to transformative outcomes.
Simon Berglund, Senior Vice President & General Manager APAC, Diligent, said, “AI can significantly enhance an organisation’s GRC strategy, driving better governance, risk management, and compliance outcomes. By leveraging AI, organisations have the potential to achieve greater efficiency, accuracy, and insight in their GRC processes.
“One of the most transformative benefits of AI is its ability to analyse vast amounts of data rapidly, identify patterns or anomalies and predict potential risks that might be missed by human analysts. This capability allows organisations to monitor data transactions and activities in real-time, ensuring immediate detection and swift response to compliance issues and risks.
“Predictive analytics, powered by AI, enable organisations to anticipate potential risks and regulatory changes. By analysing historical data and identifying trends, AI helps organisations proactively adjust their policies and procedures, maintaining continuous compliance and reducing the likelihood of fines and penalties.
“AI also enhances decision-making by providing accurate risk assessments and simulating various risk scenarios. This helps organisations understand potential impacts and develop effective mitigation strategies. AI-driven tools improve fraud detection and cybersecurity, ensuring a robust defense against internal and external threats.
“By strategically integrating AI into GRC processes, businesses can leverage the power of advanced analytics, automation and machine learning to stay ahead of emerging threats and regulatory changes,” Berglund added.
Jonathan Kenny, Chief Operations Officer, SiteMinder, stated, “There have been boundless innovations that have emerged from this age of AI, and many that we’re yet to even unearth. Fundamentally, however, what AI has presented to businesses is an opportunity to evolve the way they operate and to work smarter.
“For growth companies, AI has also provided a means to scale efficiently, beginning with the automation of repetitive activities that take teams away from higher value-add activities. When scaling a global customer support team, for example, it’s worth examining whether there are questions that customers tend to ask, regardless of where they are based in the world. If so, chatbots can streamline the experience for your customers, while empowering your customer service teams to attend to more complex or unique queries.
“Ultimately, it’s the benefit to customers that matters most. In the hotel industry, for example, which is always on, 365 days of the year, businesses are waking up to the fact that travellers are both excited and apprehensive about using AI when booking their travel, with millennials particularly likely to use AI for accommodation recommendations. Historically, hotels have leaned on excessive spreadsheets or even ‘paper and pen’ based processes to manage bookings and customer service. But with today’s consumers demanding digital-first experiences, hotel businesses have no choice but to adapt,” Kenny added.
Nina Jung, Chief Revenue Officer, Chronos Agency, said, “AI is no longer a buzzword, but a tangible tool businesses are increasingly leveraging for growth opportunities. Recent research shows 60 per cent of Australian SMEs will be using AI by 2026, while almost two-thirds of Australian small business owners are looking at international markets for expansion and business growth. Particularly in the ecommerce space, there is a clear opportunity for brands to leverage technology to better understand their past and prospective customers, research which international markets offer the biggest revenue opportunities, and experiment with new products and services. Retailers and brands have been doing this for years by analysing back-end data and conducting things like online surveys, but now with AI, these activities can both be automated and improved over time to ensure business owners are continuously working with the most up-to-date and comprehensive data-based insights to move their business forward.
“Most importantly, AI is presenting new ways for brands to streamline and personalise their customer experiences. There is a delicate balance retailers need to strike today as consumers are wary of how their data is collected and used, while still demanding personalised experiences catered to their unique needs and preferences. With 84 per cent of consumers rating customer experience as being as important as the product they purchase, this is one of the key areas we are seeing brands focus on when looking at AI-based tools for business strategies including lifecycle and retention marketing,” Jung ended.
