INTELLIGENCE ISSN 2834-6238, Report #7 Published: Friday, January 5, 2024, 8:00 AM Eastern
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For business-to-business (B2B) companies looking to boost operational efficiency and obtain a competitive advantage, integrating Artificial Intelligence (AI) is now crucial. Numerous opportunities, such as predictive analytics and process automation, are presented by AI. Nevertheless, to accomplish a smooth integration and achieve the best possible results, it is necessary to carefully examine several elements before implementation.
Section I – Report Format
Getting to the CORE is about a digging process. Our goal is to uncover pertinent business problems investigated in academic, practitioner, and industry research that provide guidance, sources, and opportunities for small business leaders to employ in their strategic planning and execution.
Our objective is to address important questions through research and real-world applications. Our CORE investigation aims to deliver compelling insights on essential business questions related to operations, systems, strategy, and marketability.
To generate questions, you are our most valued contributor! We want our community to grow via open discussion and engagement.
Each issue will have a question, findings, and a list of sources. Each quarter, we hold a live discussion to analyze the findings and give ways to apply them to your business.
I hope you’re ready to push yourself, move yourself, and achieve great things. We’re ready to assist you in excavating your Red Diamond Business!
Section II – CORE Question
Access to AI technology is crucial for predictive analytics and operational improvements. While AI applications in SMEs have the potential to boost development and efficiency, they also come with some downsides, including high costs, challenging deployment, and the risk of failure. You should meticulously oversee the implementation of AI while keeping technical, cultural, and legal factors in mind if you want to reap the full benefits of this technology. To minimize resistance and failure, think about both organizational changes and marketing techniques. From this vantage point, how can I best inform my B2B small firm about implementing AI? That’s this month’s business question!
Section III – CORE Findings
Current research offers important insights into the changing landscape of AI in B2B organizations, as businesses increasingly look to AI to unleash new opportunities. By keeping up with research in your domains of interest, and staying abreast of industry trends, you can extract practical advice for negotiating the challenges of adopting AI, guaranteeing not only innovation and technological progress but also growth that is sustainable. Let’s examine our findings that clarify how artificial intelligence (AI) will influence B2B small business operations in the future:
Academic Findings
[1] “B2B SMEs leverage AI platforms to integrate AI technologies.” This research seeks to understand how small and medium companies (SMEs) may successfully integrate AI technology through AI platforms.
AI adoption for SMEs is defined in the article as the integration of AI technologies into the business operations and strategies of small and medium-sized enterprises. By utilizing AI platforms to facilitate the integration of AI technologies, this adoption enables small and medium-sized enterprises (SMEs) to improve operational efficiency, tailor their offerings, and respond to evolving market demands.
This article shared a good definition of AI adoption, details about what makes it easier for small businesses to adopt AI, and how we can get ready for AI-based practices. Here’s a summary:
The study says that B2B SMEs should use AI for several reasons. Adopting AI can help small businesses run more efficiently, make their products more unique, and adjust to changing market needs. AI technologies can also help small businesses learn more about their customers, make their manufacturing processes more efficient, and better serve and talk to their customers. AI can also help standardize jobs to make them more efficient and allow customization to make them more flexible, which is especially helpful for small businesses that don’t have a lot of resources. Additionally, AI’s flexibility makes it especially appealing for small and medium-sized businesses (SMEs). It gives them new tools and doesn’t lock them into old technologies, so they can change with the times and meet new needs. Overall, using AI can give small and medium-sized businesses the technology they need to do well in a competitive business world.
The study found that knowledge (operational, functional, and technological), organizational processes, and access to external data are the most important things that help small businesses use AI. Small and medium-sized businesses (SMEs) can get ready for AI-based practices by learning more about AI technologies, streamlining their business processes to make room for AI, and looking for useful external data. Small and medium-sized businesses (SMEs) can also use AI platforms to make it easier to use AI technologies in their business processes. This gives them the technological flexibility to change to new situations and needs. Small and medium-sized businesses can also work with outside partners, like technology providers and advisors, to improve their AI readiness and skills.
We like this research because, overall, it gives B2B SMEs that want to use AI technologies to improve their business operations useful information and advice. SMEs can get ready for and better at using AI by following the steps laid out in the study. This will give them an edge in their markets.
[2] “Artificial intelligence adoption in business-to-business marketing.” The purpose of this article is to develop a synthesized conceptual framework for artificial intelligence (AI) adoption in the field of business-to-business (B2B) marketing.
Specifically designed for business-to-business (B2B) organizations looking for practical information, this research explores the crucial area of AI adoption in B2B marketing. The study attempts to compile the most recent information on AI use in B2B marketing to give B2B companies a thorough understanding. The research highlights important factors that influence the adoption of AI in this context by carefully examining 59 peer-reviewed articles. As a result, it provides B2B companies with a solid basis upon which to base their strategic decisions. The research includes a managerial focus in addition to its academic contributions, advising B2B marketers on the strategic value of using AI, organizational learning capacities, and the possible advantages in improving marketing performance. The ultimate goal of this research is to close the knowledge gap between academia and real-world applications by offering insightful information for academic endeavors as well as efficient management strategies in the area of AI adoption in B2B marketing.
The research reveals numerous significant facilitators of AI adoption for B2B enterprises, including marketing deficiencies and digitalization pressure. These enablers show B2B enterprises that they must solve human weaknesses and adapt to digital technology’s changing business environment.
B2B enterprises can address these issues to prepare for AI-based practices:
- Overcoming human deficiencies: B2B enterprises can use AI to reduce subjectivity, bias, and inefficiency in processing massive amounts of data. B2B companies may boost marketing and performance by using AI for decision support, process automation, and tailored services.
- Adopting digitalization: B2B companies should understand the external pressures of digitalization and apply AI to change existing business models and generate new value opportunities. For marketing efficiency, accuracy, decision-making, customer interactions, and cost reduction, AI technology may be used.
Addressing these enablers and using AI technology will increase your readiness for AI-based practices and performance in the fast-changing business environment.
BONUS!
We also enjoyed learning about how to adopt AI in our marketing efforts! AI adoption by B2B firms is not specified in the research. However, based on the research and debates, you can take the following broad steps to integrate AI into marketing:
- Evaluate Current Marketing Efforts: You should assess marketing efforts and identify areas where AI technology might improve efficiency, decision-making, and human shortcomings.
- Identification of AI Applications: You should investigate AI applications for personalization, customization, innovation, and marketing efficiency. AI may be used for customer segmentation, predictive analytics, and targeted marketing.
- Invest in AI Technologies: You should invest in AI technologies that match your marketing goals and organizational capabilities. Acquisition or development of sophisticated B2B marketing technologies and platforms may be required.
- Overcome challenges: You should address AI adoption challenges such as cost, organizational structure changes, and employee training. Successful AI integration requires overcoming these barriers.
- increase Organizational Learning Capabilities: You should increase marketing performance, financial performance, relationship quality, and marketing innovation by improving organizational learning capabilities in the marketing department.
Again, this research does not provide step-by-step guidance, although these general stages match with the study’s core results and suggestions, giving you a starting point for adopting AI in marketing.
We like this research because it provides a synthesized conceptual framework for artificial intelligence (AI) adoption in business-to-business (B2B) marketing, offering a structured approach to understanding the drivers, outcomes, and barriers of AI adoption in B2B firms.
Practitioner/Industry Findings
We largely discovered trend-based practitioner/industry research papers. We assume this is because AI is new to B2B firms. Several business trends are impacting AI adoption and integration in B2B firms. AI-powered analytics for informed decision-making is a major trend. B2B firms are using advanced analytics to acquire actionable insights from massive datasets, improving their ability to predict market trends and client behavior. Additionally, AI-driven automation is simplifying complicated business processes, improving efficiency and resource allocation. AI is also changing customer relationship management, where smart algorithms are changing how companies interact with customers.
Trends in B2B AI Integration that we thought were interesting:
- Advanced Analytics for Decision-Making: B2B firms are using AI to derive actionable insights from large datasets. This trend can help predict market trends and understand client behavior for better decision-making.
- AI-Driven Automation: AI-driven automation improves efficiency, resource allocation, and complex business processes. Automation can help your company streamline and boost efficiency.
- CRM Revolution: AI is transforming customer relationship management. Businesses are using intelligent algorithms to personalize customer experiences and boost happiness.
Articles:
[3] “Revolutionize Small Business with Generative AI” from Entrepreneur Magazine.
The article discusses how small firms might profit from Generative AI in a variety of ways. For example, AI-powered recruiting software may assist small businesses in finding excellent candidates through keyword analysis and language interpretation, dramatically decreasing recruitment time and effort. AI-powered design software enables small firms to quickly create and alter designs, ranging from product prototypes to branding components, saving time and resources over traditional design approaches. Generative AI technology can improve data security by scanning systems for potential threats and detecting them before they cause major damage. Furthermore, small firms can profit from AI-enabled predictive maintenance solutions, which detect the need for repairs and maintenance before serious problems develop, decreasing downtime and increasing asset lifespan. The paper also discusses the possibilities of AI in social media management, tailored customer care via AI-powered chatbots, streamlined content creation using AI-driven tools, and AI analytics for spotting growth opportunities. Small firms can use AI to improve efficiency, lower costs, and improve customer happiness in competitive marketplaces, resulting in greater production, cost savings, and overall growth.
We like this article because it provides a comprehensive and practical overview of how Generative AI can help small businesses in a variety of industries. It covers a wide range of topics, including social media management, inventory management, employee recruitment, and data security, among others.
[4] “3 Ways to Solve Your AI FOMO Before it Hurts Your Business” from Entrepreneur Magazine.
This article examines the growing role of artificial intelligence (AI) in the modern workplace. Karandish underlines that AI is no longer a nice-to-have but rather a necessary tool for organizations to remain competitive. The paper discusses three main ways for efficiently applying AI: centralizing the knowledge base, integrating apps into a support automation platform, and deploying conversational chatbots for internal and external FAQs. Organizations can create a hub for commonly asked questions by centralizing the information base and learning from the inquiries received. Integrating apps into a support automation platform breaks down silos, streamlines work, and provides instant access to data from any connected program. Furthermore, integrating AI-powered conversational chatbots can divert questions, resulting in happier consumers and allowing teams to focus on higher-level, human-centered work. The article highlights the significance of selecting the appropriate AI solution, such as an AI-naïve support automation platform, to streamline processes, boost ROI, and align teams for success.
We like this article because the article provides practical insights for businesses to leverage AI effectively and avoid falling behind in today’s rapidly evolving technological landscape.
We will cover a few others in the next webcast.
Section IV – CORE Discussion
When navigating new technologies, it is critical for you as the leader of your company to know that embracing AI is not a universal requirement. Instead, researching trends and learning about new technologies that can benefit your business outcomes is essential for optimal optimization and, eventually, adaptation to your business model. By being educated and actively participating in research, you can position your company to flourish in the age of AI-driven innovation.
How will you use the presented AI adoption insights in this report to enhance operations?
Let’s converse!
We have many more sources and insights on this month’s question. Additional findings will be shared during our LIVE dialogue and conversation about “the CORE findings” webcast for subscribers. Webcasts are held on the third Thursday of each quarter in January, April, July, and October. If you’re a subscriber, no need to register, set the reminder on your calendar. We’ll send the link to join one week before the event.
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Section V – CORE Sources
Remember: We investigate research from all sources. Your goal is to dig into the findings so that you can create solutions.
Academic Articles
[1] Wei, R., & Pardo, C. (2022). B2B SMEs leverage AI platforms to integrate AI technologies. Industrial Marketing Management, 107, 466-483.
[2] Chen, L., Jiang, M., Jia, F., & Liu, G. (2022). Artificial intelligence adoption in business-to-business marketing: toward a conceptual framework. Journal of Business & Industrial Marketing, 37(5), 1025-1044.
Practitioner/Industry Articles
[3] Zhang, K. (2023, September 11). Revolutionize Small Business with Generative AI. Entrepreneur. https://www.entrepreneur.com/growing-a-business/revolutionize-small-business-with-generative-ai/458888
[4] Karandish, D. (2022, April 19). 3 Ways to Solve Your AI FOMO Before it Hurts Your Business. Entrepreneur. https://www.entrepreneur.com/science-technology/3-ways-to-solve-your-ai-fomo-before-it-hurts-your-business/421724
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