The Year of AI
This year is and will be the year of AI. Since the beginning of the year, there has been a surge of excitement surrounding the emergence of new AI technologies. Some of the keywords of the year would include generative AI, ChatGPT, and GPT-4. You have most probably already heard of these already. But, what about cognitive AI? Have you heard about it before? Or was it maybe the reason why you clicked on this article?
Here’s an interesting food for thought that explains this term simply. Essentially, today, cognitive computing systems and cognitive analytics affect every area of our lives, and you might already be familiar with some without you realizing it. For example, Netflix recommends movies based on your past preferences and views, etc.
According to another source, and you can read more here, with Cognitive Computing, the focus is on making the best decision based on circumstances and providing information for the best decision instead of actually making it. That is left to you.
Now, when you mix AI with it, here’s where it gets interesting. We can think of AI as an accelerator. Something that solves problems quickly. So, imagine that you have access to an innovative tool using these technologies for pricing that is tailored to your industry specifics. A tool, or a virtual intelligent assistant, using cognitive AI, with the capability to drive insights to outperform your competitors with the power of cutting-edge technologies.
Something not only available on your computer but also on the go, that you can access easily through WhatsApp, Teams, or other chatting app of your choice. How neat would that be, right? And that is exactly what Revenue.AI offers. Something more than a virtual assistant, and chatbot-like, but still more than a simple chatbot.
So, if you’re looking to find out how Revenue.AI helps increase capabilities for sales, marketing, key account management, RGM roles, and similar, you’re at the right place.
Available industry solutions
We have recently launched an enhanced version of the platform which now has an AI-driven RAI copilot. You can take a sneak peek at the cognitive brain here. It is designed to support CPG (FMCG) companies as well as companies in the Commodity Trading industry, Retail, and various other industries. You can watch the live demo launch event on demand, here, on YouTube, if you’d like as well.
For CPG, revenue management, finance, and general management teams are being empowered and are disrupting decision-making through faster, more accurate, and more efficient comparisons to the competition. It is a whole new level of performance – becoming your PricingGPT platform if you wish.
For Commodity Trading, the new platform addresses all the pillars of the commodity trading journey. Making less space for human errors and more space for price-quality. Now, who wouldn’t want to decrease time spent on manual tasks? With democratized data and insights, the teams can communicate value and seize opportunities at the right time.
You must be thinking that this is nice but may exhaust a lot of your time and resources for implementing and using it. Well, not necessarily. The initial setup might take about 40 hours in total, but then you are on autopilot. You can search for solutions easily and get insights faster. You’ll use the Copilot to ask any of the questions or outputs you need. The answers would be in a natural language format, allowing for a conversation-like experience. Almost like you have an assistant by your side, that completes tasks for you instantly.
How will I learn how to use this cognitive AI platform?
First of all – users don’t need to learn too much, it’s intuitive – anyone who can use Google can use this platform to search.
For those who wish to manage content/access, it’s also super simple.
With the need to adapt quickly, and get the most out of the platform, as fast as possible, we have a specific knowledge hub inside the platform.
We have different materials available, depending on if you are just starting your RGM journey, or if you already have an RM strategy set in place. Through rapid experimentation on our platform, you should be able to accelerate your journey fast.
Our cognitive AI engine has a knowledge base that covers:
– the general implementation minimum requirements
– main RGM pillars such as pricing, promotion, portfolio, and mix framework
– best practices for Pricing and RGM framework and
Demo walkthroughs are also quite useful when you are just starting.
When it comes to intuitive Googling around the platform, possibilities are vast. Starting from basic searches, such as learning about what RAI can do for you, using the Copilot makes things easy for you, as shown below:
Besides the intuitive self-exploring of the platform, deployment playbooks are available that help address the “how” element for companies with many algorithms. We found this useful for any company, coming from various industries like FMCG/retail/Commodities or others. This feature is irreplaceable to the implementation of our RAI Copilot & Intelligent Assistant, and by using it, employees can now train themselves.
The guided training journeys allow you to simply ask questions and search for any internal or external information. The responses are received along with recommendations for next steps. All this without needing extra help or effort.
One-stop RGM shop
As we already talked about RGM capability levels, we’d like to reiterate that we’d like to take you to the level where you are leveraging augmented RGM capabilities. What does this mean? Well, you’d go from manual Excel and very time-consuming manual simulations to doing those in a few seconds, using our cognitive engine. All manual work would be removed. You’d be focusing on strategy, decision-making, and teamwork, while cognitive AI would propose all the right solutions timely.
As we noted previously, Revenue.AI helps increase capabilities for sales, marketing, key account management, RGM roles, and similar. However, we’ll keep on building our solution, and keep on solving more and more capability challenges in the future.
What is usually not so simple is combining technologies and making them available for all in a simple way. With our cognitive AI and search Copilot, it is now possible to gain end-to-end visibility of the entire business cycle. Starting from data input to business execution, through insights, recommendations, future planning, and performance monitoring, our engine allows access to all available platforms working with RGM and helps users access various reports – and understand them.
How your day might look from now on is as follows. You wake up, open up the Revenue.AI platform, and check the alerts you have received on your phone, all while you are still drinking your first coffee. The Copilot alerted you that the growth margin is declining due to the inflation of raw materials.
Here’s what an example alert could look like:
Now you need a quick solution to secure the gross margin. You’d go to the platform on your laptop, and deep dive into the data, or you’d delegate that task to someone else. You would use Copilot to find the precision pricing module needed for the solution.
Then Cognitive AI simulates the best possible scenario using the Precision Pricing module. You’d choose the solution you find fits the best through simulation. Then, all that is left to do is to report on progress, and you can also do that with the Copilot. You can simply send an update via a newsletter to your supervisor.
There, the problem is solved.
How to embrace the change?
Changing mindsets is hard, especially in large and established organizations. The constant acceleration of new technologies doesn’t make it easier either. As humans, we tend to stay within our comfort zone. But, new technologies are inevitable, so why not choose one that can solve your challenges all in one?
What we noted some time ago remains a relevant mantra for the topic: Measure if your transform and transform if you measure.
To ease the adoption and AI transformation, Revenue.AI provides services such as:
- Data and organization transformation capabilities enablement – which makes sure your data and analytics are set up in a way that adds the most value to your company.
- Reengineering your organizational structure through reaching business agility using SAFe.
With the right strategies in place, you can also achieve capability growth and stay ahead of the competition.
Therefore, let’s meet!
As a Gold Partner at EPP, we are holding one workshop during EPP Global, and it’s still not too late to apply if you’d like. We’d love to see you there. In case you missed it, feel free to contact us and we’ll see what we can align with you. If not, we would be happy to see you at one of the upcoming webinars or live events.