Google, AI and Economic Recovery
During the lockdown, Google saw a 60% increase in internet usage and a 200% increase in searches for ‘online shopping’. Tech solutions are helping companies adapt to these behavioural changes to benefit their customers.
Landbot, for instance, reduced the pressure on emergency systems with chatbots that processed 280 million messages during the pandemic, whilst Ocado Technology supported its retail partners to deliver 40% more groceries.
Google’s commitment to investing in skills and sustainability, and helping governments use the right AI tools is accelerating change as we collectively focus on recovery.
Rajen Sheth, VP of product management at Google Cloud, believes that every organisation can be transformed with AI as part of this effort. He outlined in ‘Generating Value with AI’ that this will happen in two ways:
• By leveraging AI to solve common problems faced by businesses, such as the quality of customer service in contact centres (whether it’s industry-specific or a more general approach to all industries)
• By leveraging AI to solve unique problems faced by specific types of business
Embracing AI delivers a competitive advantage for organisations, and, crucially, the window of opportunity is closing for those who want to exploit AI to establish and maintain their position as a market leader. According to McKinsey, ‘Companies that fully absorb AI in their value-producing workflows by 2025 will dominate the 2030 world economy with 120% cash flow growth’.
Google offers several AI solutions that help solve common and unique business problems and can help improve operational efficiency and turn it into a competitive advantage:
• Contact Centre AI (CCAI): An organisation can easily plug this into its existing providers to take advantage of its current investments. CCAI assists live agents, helps expedite customer requests through virtual agents and offers a layer of valuable insights, as it did in Verizon's case.
• Document AI: Extracting structured data from unstructured documents means that customers can make better decisions for their business, such as processing invoices faster and more efficiently or, in the case of Mr. Cooper, speeding up mortgage processes to benefit customers.
Google also offers some industry-specific solutions, such as the following:
• Retail: Where customers are struggling to optimise the merchandising supply chain and product discovery phase to generate conversions, Google Cloud can help with demand forecasting, product searching and Recommendations AI, which leverages ML to match products to customers’ preferences.
• Financial Services: Google Cloud streamlines complex document management processes such as lending. One solution is Lending DocAI, which optimises mortgage processing for financial institutions by automating certain routine reviews. Another is Procure2Pay DocAI, which helps enterprises automate their highest-volume and highest-value business processes.
Every industry has its unique challenges with customer experience and service, but with the benefits of AI solutions from Google Cloud, organisations can not only overcome them but achieve and maintain competitive advantages in their respective markets.