Introhive discusses how AI boosts TMT growth

As Artificial Intelligence (AI) continues to disrupt the TMT space, Claudio Costagliola di Fiore, Industry Lead TMT and Utilities at Introhive speaks to Lucía Camblor from TMT Finance to discuss the opportunities which AI holds to drive businesses growth.

Data hidden value

“Companies are sitting on a proverbial gold mine that is data and more specifically relationship data buried in the company owned systems and mailbox which are often underutilized or neglected,” says Costagliola di Fiore.

“More and more organizations are coming to understand that there are valuable insights hidden in the data which they generate during their business that could transform their companies and drive growth and the real opportunity nowadays for large and small companies comes primarily from exploiting this existing data.”

As the science of data analysis is growing at a fast peace, AI moves from being merely descriptive into becoming more predictive.

In a world where products and technology democratisation make it difficult for companies to differentiate, business can change that with the way they use their data to engage with customers, build and maintain close, lifetime and personalised relationships.

 “Every company’s most precious asset is locked in the relationship they hold with their customers. This data is often vaguely and inaccurately maintained in the company’s CRM system and for the most kept in their mailboxes and rarely utilized by the business,” adds Costagliola di Fiore.

“An area in which Introhive focuses the most is the B2B relationship data & insight, meaning with this the set of information related to all the contacts and interactions with other companies buried in the company mailboxes” says Costagliola di Fiore.

When this data is extracted, analysed and elaborated, it gets elevated into ‘intelligent decision automation’ engine giving extra skills to sellers to push to the next level their ability to drive successful business decision making and revenue growth. By making this information available in a structured and accessible way in the company CRM, which can be consumed by everyone in the organisation, and augmented via some form of AI processing, the data is elevated to a ‘relationship intelligence’ engine, explains Costagliola di Fiore.

Relationships intelligence can become the lead source of a competitive advantage, enabling better decision making and increasing the companies’ ability to drive successful customer engagement strategies and growth.

Who is capturing the main value?

Fintech has explored deeply the opportunities around boosting their data processing ability saving money leveraging machine learning to detect fraudulent and abnormal financial behaviours.

Also, telcoms have been early pioneers using AI in customer service & support with chatbots, call routing, chatbots response and voice recognition now commonly used, all aimed to cut costs and make the support more efficient and less heavy on organisations.

“Meanwhile the easy, most popular path to acquiring AI capabilities is using integrated cloud based AI capabilities on top of enterprise software (such as CRM) consequently, industry verticals inside the TMT space, with higher digital maturity, which tend to have a CRM enterprise solution and are adopters of cloud technologies, will be the first to pioneer AI,” says Costagliola di Fiore.

 “Companies within these industries will normally have the agility and expertise that will allow them to experiment with AI through short pilots, allowing them to quickly part the one that works for them and brings value,” he adds.

“These implementations are normally easier and shorter to deliver (the delivery could take 3-4 weeks’ time) reducing significantly the delivery risks and accelerating the return on investment; for instance this is how long Introhive Relationship Intelligence solution would take to be enabled on top of Salesforce or Dynamics CRM,” states Costagliola di Fiore.

However, in the most recent AI wave, both sponsors and strategics are converging realising that there is a greater opportunity in AI, not only to cut costs but to drive their business growth.

“With 60% of enterprises focusing on enabling AI on customer centric use cases such as sales and marketing, this is the space where our relationship intelligence solution can play a significant role,” says Costagliola di Fiore.

Utilising AI solutions keeps being a priority focus for the enterprises in the TMT sector.

“The real hype around AI and its enormous potential is about the ability to offer to companies insights driving decision-making; particularly in customer-centric sales use cases, this is justified when we examine the practical applications where large corporations (such as retail giant Walmart) were able to use customer insight analysis and AI to drive a 10%-15% increase in revenue, which is a well-planned ROI using data and AI,” says Costagliola di Fiore.