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What Does AI-Powered Commercial Intelligence Look Like?

Knownwell

In a business landscape that is constantly evolving, the conversation around data-driven decision-making can no longer be confined to traditional resources like CRM systems or business intelligence tools. On the latest AI Knowhow, we delve into the vast potential of tapping into unstructured data and natural language as we venture into a new era of commercial intelligence for professional services companies.

The Expanding Landscape of Data to Fuel Business Decisions

Too often, businesses overlook the wealth of information embedded in unstructured data—emails, Slack conversations, and Zoom calls, for example—opting instead to concentrate on more structured data sources. This focus is understandable. Until recently, there was no good way to mine unstructured data for the same kinds of insights you can derive from structured data. AI, however, is set to change that.

As Courtney Baker, David DeWolf, and Mohan Rao discuss, integrating these unstructured data streams into a robust commercial intelligence framework can revolutionize business decision-making.

Understanding Commercial Intelligence

David kicks things off by breaking down what we mean when we talk about commercial intelligence. The phrase combines two fundamental concepts: the ability to learn and apply knowledge (intelligence) and the craft of doing business (commercial). When paired, it forms a dynamic approach to extracting and leveraging economic insights from and for B2B service organizations.

The Five Pillars of Commercial Intelligence

David outlines five critical components that comprise what we mean when we talk about commercial intelligence:

  1. Market Intelligence: Understanding market conditions, customer segmentation, and competition.
  2. Revenue Intelligence: Analyzing revenue streams to optimize sales and marketing efforts.
  3. Client Intelligence: Maintaining focus on existing customer relationships and satisfaction.
  4. Engagement Intelligence: Interrogating the service delivery process to ensure alignment with client expectations.
  5. Value Stream Intelligence: Optimizing internal processes that contribute to the delivery of customer value.

By understanding these components, businesses can transform unstructured data into actionable commercial intelligence.

In the current landscape, capitalizing on existing client relationships often presents more value than acquiring new clients. AI-driven platforms like Knownwell offer a way forward by helping organizations uncover insights from the massive amounts of unstructured data flowing through their businesses.

This provides a more robust, comprehensive analysis of client interactions and delivers more accurate assessments of the health of commercial relationships than tools they’ve had to rely on in the past, like NPS or customer satisfaction scores.

Guest Insights from Catalyte and the Impact of AI

Knownwell Chief Strategy Officer Pete Buer and Chris Sorel from Catalyte explore AI’s broader potential beyond just generative AI, focusing on productivity, customer engagement, and integration into business platforms. They highlight AI’s use in boosting business productivity and how companies can strategically align AI implementations with their objectives.

The rise of AI also prompts businesses to rethink risk management, security postures, and the inherent resistance to change within organizations. Leaders must challenge the status quo and embrace AI’s potential to become co-pilots in enhancing customer experiences and operational efficiencies.

One of the keys to unlocking buy-in from your team members is to find those “light bulb” moments where the benefits of utilizing AI become readily apparent. “I had that moment some years ago,” Chris says. “I had GPT write a class library to access some API and it took me a half hour instead of four hours. And I just had that moment of like, ‘Oh, I get it.’ And so I think that’s the trick, is finding what really resonates with them.”

What’s Your 9-1-1? A ChatGPT Diagnosis Turns Out to be a Life-Saver

Wrapping up the episode, Courtney and Pete dive into a recent New York Times story that shows Americans are increasingly turning to AI resources like ChatGPT for help diagnosing medical issues, sometimes to greater effect than medical practitioners. The story cites research that shows “about one in six adults — and about a quarter of adults younger than 30 — use chatbots to find medical advice and information at least once a month.”

The takeaway for business leaders? If people are willing to go to AI chatbots for help with something as sensitive and important as their own healthcare, you can bet they’ll also be willing to incorporate AI into their day-to-day work routines.

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Show Notes & Related Links

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