We’ve enjoyed reading the most recent Bain & Co Private Equity Report. One of the features that stood out most to me were the opportunities that generative AI and automation offer to businesses, particularly when looking to enhance the value of their business.
Report Contents
The report highlights the truly game-changing disruption that AI is causing for many industries and business functions. It’s a big deal because it’s changing how businesses work, for the better. Those that aren’t getting in on the action now may quickly be left behind.
For us at Vitr Tech, we look at AI and other automation tools as central to a business’s digital transformation strategy. According to the Bain & Co report, companies are jumping on these digital technologies to carve out a competitive advantage and significantly increase their value as a business. They’re using it to make smarter decisions, improve their products, and even make their operations smoother and more efficient.
How to use Generative AI?
The report highlights three important ways that companies are harnessing the power of generative AI:
- Within the portfolio. For example, developing new tools and products that harness generative AI to deliver results
- In due diligence / risk assessment. This involves the development of scorecard-based protocols to assess generative AI threats and opportunities. Such tools are relatively simple to produce and can support firms to rapidly assess opportunities and highlight risk.
- In back-office functions. This involves utilising technology to streamline or automate back office functions. This is where we believe the true value lies for SME’s within Australia. Cost-effective opportunities exist in the market now to harness software like Odoo v17 (with integrated AI throughout key functions) and other large-language model (LLM) tools. These tools are often subscription based and can make a material difference if you know how to set them up correctly for your use case.
The report suggests that to really benefit from these technologies, companies should focus on a few key areas where they can make the biggest impact. It’s not about using technology for the sake of it, but about choosing the correct tool to make a material difference to your company.
Relevance for SME/SMBs?
For SME’s, this is a golden opportunity. Digital transformation agencies such as Vitr Tech can help you navigate this complex environment to deliver cost-effective digital solutions. Such transformations can allow you to deliver outsized value without increasing your FTE or other expenses.
But we do know that change can be tough, and adopting new technologies is no exception. Managers often worry they don’t fully understand the new technologies, and that employees will find it hard to adjust to the new tools. That’s where good communication, training and partnerships come in. With support, businesses can rapidly adopt these technologies to improve operations, serve customers better, and dominate their markets.
If you’re curious about how to use digital tools such as Odoo or other AI-centric platforms to enhance your business operations, reach out to us. We can provide you a free digital transformation audit to identify opportunities to enhance your business. We focus on using cost-effective tools and strategies to deliver impactful change in your business.
