Using AI to drive business efficiency & insight

This session focused on leveraging artificial intelligence to enhance business efficiency and provide essential data for informed decision-making. 70% of attendees said that they experience excessive manual work, highlighting the need for automation.

The panel discussed the importance of starting with critical tasks and standardising reporting formats to improve clarity and consistency in management information. They also discussed the availability of inexpensive tools that can save time and improve operational efficiency.

Key takeaways

• Continue experimenting with AI tools as they develop rapidly. Models can change significantly within months, which may alter their usability for specific tasks.
• Be specific in the questions you ask when using AI to get the best results. AI will take your prompts literally and may not provide the full picture if you’re vague in your instructions.
• It’s crucial to standardise monthly or quarterly reporting packs to ensure consistency in the presentation of key performance indicators (KPIs). This consistency aids in improving decision-making.
• Start by identifying what is critical for your reporting and management information needs. It’s advisable to focus on no more than five KPIs to maintain clarity and effectiveness in reporting.
• Management information should evolve alongside business needs. Regularly review the reporting process to align with changing objectives.
• Select integrated tools to avoid siloed data sets. Choosing platforms that can integrate with each other off the shelf enhances the efficiency of AI technology and ensures quicker access to up-to-date and accurate information.
• The quality of insights gained from AI is directly related to the quality of the data inputted. Good data leads to valuable insights, and poor data leads to less meaningful results.