Eighteen months ago, you would be hard pressed to find an organization that had deployed an AI-based knowledge management system. They simply did not yet exist at an enterprise scale. There were certainly earlier generation products to assist with document management, content management or knowledge management but they were very expensive, did not include AI and frankly did not work very well—all which limited success and adoption.
With today’s pace of emerging technology and businesses trying to leverage every opportunity to increase efficiency, reduce cost and improve productivity, it shouldn’t be surprising that today you would now be hard pressed to find a Fortune 1000 who is not currently planning, budgeting, piloting or fully deploying an AI-powered knowledge system.
This transformation is affecting every industry. We are seeing new knowledge systems being adopted across nearly every vertical—CPG, Financial Services, Healthcare, Retail, Auto, Entertainment and more. In most cases, the insights teams within the organizations are leading the charge. The reason being is that they have more demands on time and higher expectations than ever before, and they are managing a mountain of data. You just cannot do what they are expected to do without the right tools. The prior generation of tools were too slow, inefficient and time consuming. With AI, there's a whole new generation of efficiency with ROIs as simple as allowing overworked professionals to keep up with demands and as extreme as the millions of dollars saved by avoiding redundant research.
These systems are helping insights teams effectively meet many challenges based on the intelligence that already exists within their company's files and systems. If you work for a Fortune 1000, you likely have terabytes of unstructured data sitting in shared file systems. Tens of thousands or more files that are PowerPoints, PDFs, Word Documents, Keynote, HTML, and video that sit on internal systems. The past status quo of searching for information has been difficult and wildly inefficient compared to how search with AI generates a tremendous benefit. These new systems are accelerating the speed that insights are gathered to meet the on-demand requests of internal clients and improve the competitiveness of the business.
Of course, just because everyone else is doing it shouldn’t be your reason. Though it probably means now is time to at least start exploring the tools that are out there. As is often the case, key technological advances drive the competitive landscape. Having no plans for keeping up with emerging technology when it takes off guarantees being left behind.
How to Evaluate & Implement AI-Powered Knowledge Management
Implementing a new system business-wide can be a daunting task. We developed this guide to provide a process for successful evaluation and implementation of AI-powered knowledge management options.