5 takeaways: Moving from hype to impact with AI

Generative AI is transforming businesses across every industry imaginable. From supercharging sales teams to streamlining operations or refactoring what customer interactions look like, AI’s integration into business processes is becoming a practical reality for all.  

In late April 2024, Reaktor and Fusion Ecosystem organized BLOOM, a day for decision-makers, leaders, and digital pioneers eager to harness the power of generative AI. 400 AI-curious minds came together in the heart of Helsinki for keynotes, deep dive sessions, and exchange of ideas and practical insights on all things AI. 

Here are our 5 takeaways from BLOOM:

1. Redefining business operations and workflows

AI is changing how we build businesses by integrating into and improving workflows. Generative AI can, for example, analyze customer behavior, preferences, and interactions to provide sales teams with insights or automate the processing of vast amounts of data to reduce the time teams spend on manual data entry or analysis.

Take, for instance, ABB: ABB wanted to improve the productivity of sales teams. The magic key was an AI-powered tool – enabling sales experts to cut down time spent on routine work. The new tool saves time and provides more accurate solution offerings to clients faster.

Similarly, Adidas has leveraged AI for more relevant and personalized content to its customers, improving loyalty and customer satisfaction. OP Financial Group developed a generative AI assistant to improve customer service and operational efficiency.

All three companies show great examples of how AI can transform traditional business functions – increasing operational efficiency while making room for innovation.

2. A need for change in mindset and operations

The full benefits of AI can only be realized when businesses undergo a fundamental shift in mindset and operations. Companies must transition from traditional working methods to more dynamic, AI-powered approaches. Doing so involves openly embracing innovation and being open to reshaping business processes around new technologies.

Also, integrating AI requires substantial changes in business operations, including adopting new tools and potentially altering the organizational structure to support AI initiatives better. Supporting the flourishment of multidisciplinary teams that bring diverse perspectives and expertise will also help leverage AI effectively and for wide use.

3. Navigating ethical and societal considerations

Deploying AI is not without its challenges, particularly regarding ethics and society. AI applications have to address privacy, data security, and bias issues to ensure that the technology we develop aligns with societal norms and values.

AI should be deployed in ways that benefit all segments of society. This includes ensuring that AI advancements don’t disproportionately benefit one group over another and addressing any potential job displacement. AI must contribute positively to society as a whole.

4. Future development and human interactions

As AI evolves, it’s anticipated to become more adept at understanding and anticipating human needs. Future AI systems might predict user needs before explicitly expressing them, enabling more proactive and personalized services.

Advances in natural language processing and machine learning could lead AI to interact with users more human-likely, making technology more accessible and easier to use for a broader audience.

5. Practical applications and real-world impact

A key focus of recent discussions has been on AI's practical applications and real-world impact. These discussions have highlighted actionable insights and strategies that organizations can implement immediately to realize tangible benefits from AI.

By translating theoretical knowledge into practical applications, businesses can reap the benefits of increased efficiency, reduced costs, and improved customer satisfaction. These are all very real impacts AI can have on everyday business operations.

Moving forward

Thinking about the future of AI in business, it’s important to keep reminding ourselves that this technology is not just about adopting new tools, but rather evolving with it to keep innovating and building new solutions that were once beyond reach. 

Our collective and ongoing process from hype to impact continues, as does our commitment to leveraging AI responsibly and effectively.