It seems you can’t turn the page in any industry’s famed magazine, talk to a colleague, or attend a conference without getting some kind of spiel on how artificial intelligence is changing the B2B industry and how you need to get on board. Well, I hate to say it, but those claims aren’t far off, especially when they’re specific to the B2B industry. For most, the idea of artificial intelligence in the industry is just that, an idea.
However, the most successful, most in-tune companies in the industry are the ones who have already decided to get ahead of the curve and buzzwords and implement AI in their B2B strategies. Take it from us at Scoutbee – we’ve built our own AI (we call it ARTIMIS), which is central to our sourcing operations and the results have been incredible. With ARTIMIS, our clients and partners are able to match supplier’s 87 percent faster, with more accuracy, and in a more affordable way than traditional sourcing practices. To put it differently: AI in procurement will improve global sourcing as a whole.
But not only procurement is set to change through AI – the B2B industry in general has a huge appetite for AI and other digital technologies, and this is only set to increase.
How Artificial Intelligence Will Change the B2B Industry
But, how exactly will AI developments alter or change the B2B industry, exactly? Further, how could artificial intelligence potentially help your B2B business, or aid you when you’re choosing to partner with a company? We’ve constructed a list below to give you a better glimpse into how artificial intelligence can alter an industry, make drastic changes, and improve processes and procedures.
1. Analytical Accuracy
Data over everything. That’s right, we said it. Accurate data and analytics are the milk-and-honey of the B2B industry, and with progressive AI, we’re better able to use this data in an accurate, an influential way. By better understanding this data we can produce better, more reliable leads, change the way we generate business, give us a better understanding of our business practices, show us errors, and teach us how to better operate our industries. With it, we’re better able to measure results and discern what works and what doesn’t, allowing us to act within our industry with confidence. In other words, the AI-level analysis of data for the industry allows us to base decisions off cold, hard facts rather than intuition, making our business decisions more accurate and precise than ever.
2. Smarter Procurement Processes
With artificial intelligence, B2B industries are better able to update their procurement processes to better serve their clients. With this technology, they’ll be better equipped to reduce costs, find the correct suppliers the first time around, eliminate supply chain risk reduction, and adapt quicker and more intelligently to changes in the industry, such as shorter product life cycles, faster innovation periods etc. Further, artificial intelligence allows for digital sourcing that dramatically reduces the effort in search, cluster, and proofing potential supplier quality, as well as providing tools for affordable auditing of quality.
3. Automation of Tasks
Simplification is the name of the game, and AI is only going to increase the simplification processes as our industry continues to progress. In fact, according to McKinsey Global Institute, about 40 percent of the time spent on menial tasks in the industry can be automated by adopting to all the current technology that AI can offer. Translation? Utilizing AI software to simplify and automate tasks is going to be the key to B2B industry advancements, liberating your current employees from monotonous tasks, allowing them to focus their attentions and efforts into worthwhile endeavors, lifting your company to new, productive heights.
4. Reduced Overheads
Implementing AI technology into the industry has proven to reduce costs, rates, and even create a more affordable experience for clientele at the same time. Because artificial intelligence has the ability to automate tasks, perform tasks in a more affordable, accurate manner, and provide data, you’ll save more money and reduce waste by a significant percentage. More than that, with AI taking control of automated, day-to-day tasks, your current employees will be better able to do their jobs, saving time and money for your company, as well as closing deals, strengthening ties, and more.
Why It’s Important to Embrace This Revolution
That’s right, I called it a revolution – I didn’t call it hype, a trend, or a fad, and that’s simply because it’s not. Instead this digital move toward AI, technological advancement, and other intelligent buzzwords, is an actual revolution in the B2B industry, one that will irrevocable change it for the better. Based on that, it is extremely important that we learn to embrace, adapt, and welcome this new revolution and not fear it, in order to stay relevant in our industry.
In fact, according to research derived from Demandbase, about 80 percent of B2B executives believe that artificial intelligence will revolutionize the field by 2020. Further, only 10 percent of the industry is using AI today – what better reason to get on board, get ahead, and become a more relevant, reliable, and progressive choice than your competition?
Those few reasons I listed above are simply a handful of reasons amidst the smattering of relevant ways that the B2B industry is changing every day due to the AI developments of the digital age. Artificial Intelligence is no longer just a theory of the future that we should hesitantly read about. Instead, it’s the way of the now, the process and procedure that companies in the B2B era are beginning to implement to accelerate their growth, their business model, their revenues. The AI future is here, don’t get left behind!