Guest Commentator: Gianluca Savenije, Director of Business Development, North America, Straker Translations @strakerglobal
How can artificial intelligence help middle market companies accelerate their growth?
The next major revolution in doing business is well underway. Today, high-level automation technology attracts significant attention, with advanced machine learning applications and artificial intelligence solutions entering virtually every marketplace. Such tools open the door to staying on top of complex tasks, expanding into new markets, and delivering superior outcomes to clients. This transformation is especially true when scaling up your business at speed.
With content and marketing teams relying heavily on high-quality data, there are high expectations in place. For example, in a survey of marketing professionals, 80 percent agreed that a reliable partner should be able to provide useful data, while nearly as many rated the importance of “future-proofing” processes highly. At the same time, most respondents also said they currently lacked valuable insights from their partners. Overall, the market research Straker conducted revealed that many businesses find the automation and deep insights into data a valuable resource. Still, they continue to encounter challenges both within and without concerning the adoption of AI.
For AI to be a means for accelerating growth for any mid-market or growing enterprise organization, it’s vital to take a holistic view of the process. AI can be a tool for transforming entire business processes from the widest point of view to the narrowest tasks. Taking advantage of these opportunities starts by preparing your business to integrate with AI-enabled workflows.
Looking deeper, integrating AI on many levels is crucial — not just one layer of the company. Gathering data on all your processes provides opportunities for analysis and insight while creating a path towards better ways of doing business. For example, consider how the integration of AI into your supply chain could significantly change how you manage the dynamic conditions that affect demand.
Through big data analysis of historical records and current numbers, it’s possible to train AI tools that support supply chain decision-making at the highest levels. These efforts include demand forecasting, automated product ordering or service arrangement, and more. As a result, AI reduces friction in the supply chain and leads to more predictable outcomes.
Bob Stoffel, former Senior Vice President, Engineering, Strategy and Supply Chain at UPS, said, “When we talk about supply chain visibility, it does not simply mean visibility into your own supply chain. It means visibility among partners, which enables collaborative decision-making closer to the customer. This is both a science (managing the technology) and an art (using the information and metrics for competitive advantage).”
AI impacts the way a business grows from outside of its own walls, too. There is a wealth of opportunity for the development of custom industry-specific workflows powered by AI. When you partner with AI-ready service providers, it isn’t just the individual steps that become faster and more efficient but entire processes.
For businesses operating in multiple languages, fast, accurate, and cost-effective language services and insightful localization are a must-have. However, with most surveyed marketing executives stating that simplicity and quality within their existing services were consistently lacking, AI looks ideal for transforming this process from end to end.
Thus, as the importance of automation grows, preparing your business for AI should include not only an inward look but an effort to connect with AI-ready partners. At Straker Translations, we’ve spent a decade amassing vital data points that we can now use as the basis for the AI transformation driving the next generation of translation technology.
Straker Translations is a member of the Chamber’s Middle Market Action Team (MMAT), a consortium of leaders driving rapid growth in companies with annual revenues between $10 million and $1 billion via targeted programs and strategies.
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