AI Management Tools for Business
The latest developments in artificial intelligence (AI) – one of the most exciting frontiers in technology – have extensive utility across the board. AI has become so valuable that the McKinsey Global Institute found over 400 real-life examples of AI helping solve longstanding business challenges.
CEOs can benefit immensely from AI tools for business if they understand where in their company’s AI can make a difference. This article gives an overview of the AI management tools that can provide unique value in key business management functions such as strategic planning and operational efficiency.
The Journey Platform exemplifies the value of AI in management, as we’ll show in this article. But we’ll also highlight multiple examples of useful tools across departments and show how to apply them to gain an edge in business leadership.
How Journey Uses AI to Give CEOs an Edge in Decision Making
Being a CEO is not for the faint hearted. More than ever, the survival of businesses depends on CEOs and senior management making the right decisions in tricky areas like resource allocation and strategy.
Enter AI. Solutions that leverage AI can quickly analyze large amounts of data and generate actionable insights. And thanks to modern business tools, businesses can access tons of useful data. Combining this data with AI enables the generation of insights that empower CEOs to make more informed – and consequently better – decisions.
Journey’s approach helps CEOs first determine the data they need to monitor in the pursuit of strategic objectives. It then uses AI to analyze this data and provide real-time, actionable insights that can be accessed at the click of a button, helping CEOs execute strategically.
With constant and full visibility into the business, the CEO has the best chance of making the right decisions, making success more likely.
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In addition to the Journey Platform, here are a number of other AI business management tools that we are fans of!
AI for Strategic Planning
While Journey is our favorite AI-powered strategic execution software, there are other AI tools that can support strategic planning efforts.
Crayon - Market and Competitor Intelligence
Crayon provides competitive intelligence by continuously tracking competitors' activities, market movements, and customer sentiment.
This AI-powered tool helps CEOs understand the competitive landscape and adjust their strategies accordingly.
With Crayon, a CEO can monitor competitor product launches and marketing campaigns, allowing them to preemptively counteract competitive moves and stay ahead in the market.
Capital Allocation and Financial Oversight
Optimizing capital allocation and improving financial oversight are crucial for business success. AI management tools in this domain help ensure that resources are used efficiently and financial health is maintained.
IBM Planning Analytics - Resource Allocation
This tool leverages predictive analytics to enhance financial planning, budgeting, and forecasting.
By analyzing historical data and market trends, it provides CEOs with more accurate financial forecasts, allowing for better resource allocation and swift responses to market changes.
For example, a company can use IBM Planning Analytics to predict sales trends and adjust production schedules accordingly, avoiding overproduction and stockouts.
Adaptive Insights - Precise and Adaptive Budgeting
This AI-driven financial planning and analysis tool enables precise budgeting and forecasting. It helps CEOs align financial plans with business goals by offering scenario planning and real-time financial insights.
For example, Adaptive Insights can assist a CEO in reallocating budget funds during a financial downturn to maintain critical operations without compromising financial stability.
SAS Predictive Analytics - Financial Forecasting
SAS provides advanced predictive analytics for financial forecasting. By analyzing large datasets, it identifies patterns and trends that inform financial predictions, reducing risks and improving investment decisions.
For instance, a CEO can use SAS to forecast revenue impacts from market fluctuations and adjust investment strategies to mitigate potential losses.
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Operational Efficiency
AI business management tools significantly enhance execution and operational efficiency by streamlining operations and automating repetitive tasks.
UiPath - Automation
UiPath is a leader in Robotic Process Automation (RPA), automating repetitive tasks such as data entry, invoice processing, and customer support.
By implementing UiPath, CEOs can free up employee time for more strategic activities, enhance productivity, and reduce operational costs.
For example, UiPath can automate the processing of thousands of invoices, ensuring accuracy and freeing finance teams to focus on more complex tasks.
Kinaxis - Supply Chain Management
This supply chain management tool uses AI to optimize logistics, inventory management, and demand planning.
Kinaxis provides real-time visibility and analytics to enhance decision-making.
For instance, a manufacturing CEO can use Kinaxis to predict inventory needs accurately, reducing both overstock and stockouts, thus saving costs and improving customer satisfaction.
Uptake - Asset Performance Management
Uptake is an AI-driven platform that specializes in predictive maintenance and asset performance management. It uses machine learning algorithms to analyze data from industrial equipment and predict when maintenance is needed.
Uptake enhances operational efficiency by reducing downtime and maintenance costs. It helps CEOs ensure that critical machinery and equipment are maintained proactively rather than reactively, minimizing unexpected failures and extending the lifespan of assets.
Vision, Product, and Business Model
In the realm of vision, product development, and business model refinement, AI tools for business support innovation through data-driven insights and automation.
IBM Watson Discovery - Research & Development
This AI tool analyzes vast amounts of research data to uncover insights that support research and development efforts.
By identifying new trends and opportunities, IBM Watson Discovery helps CEOs drive innovation and make informed decisions about product development. For instance, a pharmaceutical CEO can use it to analyze medical research and accelerate the development of new drugs.
Spigit - Harnessing In-house Collective Intelligence
Spigit facilitates idea management and innovation within organizations by using AI to crowdsource and evaluate innovative ideas.
It encourages a culture of innovation by enabling employees to contribute and develop breakthrough ideas. A CEO can leverage Spigit to harness collective intelligence and fast-track the most promising ideas from concept to execution.
Brightidea - Streamlining the Innovation Pipeline
Brightidea manages the entire innovation process, from idea generation to implementation.
It uses AI to track and evaluate new ideas, ensuring that the best ones are efficiently brought to market.
For example, a tech CEO can use Brightidea to streamline the innovation pipeline, reducing time-to-market for new products and maintaining a competitive edge.
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Team Leadership and Management
AI management tools enhance team leadership and management by improving employee engagement, supporting talent acquisition, and aiding retention efforts.
Microsoft Power BI - Performance Analytics
This business analytics tool provides interactive visualizations and business intelligence capabilities with an interface simple enough for end users to create their own reports and dashboards.
CEOs can use Power BI to gain real-time insights into team performance, project progress, and operational metrics.
For example, a CEO can track the productivity of various departments, identify bottlenecks, and make data-driven decisions to improve overall efficiency.
Asana - Project Management
Asana is a project management tool that uses AI to enhance task management, project tracking, and team collaboration.
By using Asana, CEOs can ensure that their teams are aligned with strategic goals and that projects are completed on time. The tool provides dashboards and reports that highlight project status, deadlines, and team workloads, allowing for proactive management and timely interventions.
Slack with AI integrations
Slack is a collaboration hub that integrates with various AI tools to enhance communication and productivity.
AI integrations in Slack can automate routine tasks, provide real-time updates, and facilitate decision-making processes. For example, CEOs can use Slack bots to receive instant reports on key metrics, automate meeting scheduling, and streamline communication across different teams, ensuring that everyone is aligned and informed.
Speak to a Journey expert today and understand what areas of your business can benefit from AI, and how Journey’s AI powered solutions can help your company achieve its most ambitious goals. Schedule a call today.
