Skip to content
American ExpressAmerican ExpressAmerican ExpressAmerican ExpressAmerican Express
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
    AustraliaChange Country
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
    AustraliaChange Country
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
    AustraliaChange Country
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
    AustraliaChange Country
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
    AustraliaChange Country
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers
    AustraliaChange Country
  • Contact Us
  • Log In
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Amex Mobile App Features
      • Add Someone to Your Account
      • Moving Abroad? Transfer Your Card
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Membership Rewards & Travel
      • Add Someone to Your Account
      • American Express @Work
      • Online Merchant Services
      • International Payments for Businesses
      • Support 24/7
      • View All Personal Cards
      • Learn About Credit Cards
      • The Platinum Card
      • The Qantas Ultimate Card
      • The Explorer Card
      • View all Business Cards
      • Popular Business Cards
      • Manage Your Business
      • View All Corporate Cards
      • Corporate Payment Solutions
      • Corporate Purchasing Card
      • Book Travel Online
      • Book Fine Hotels & Resorts
      • Book The Hotel Collection
      • Destination Guides
      • Travel Insurance
      • Using Your Card Overseas
      • Card Member Benefits
      • Find a Travel Service Office
      • Global Business Travel Solutions
      • Small Business Travel
      • Foreign Exchange Services
      • Travelers Cheques
      • Qantas Credit Cards
      • Travel Rewards Credit Cards
      • Insurance Home Page
      • Insurance with your card
      • Other Insurance
      • Travel Insurance
      • Multi-Trip/Annual Policy
      • Single Trip Policy
      • Use Points for Gift Cards
      • Use Points for Travel
      • Rewards Changes
      • Membership Rewards Cards
      • Qantas Frequent Flyer
      • Explore Card Benefits
      • Amex Experiences
      • Refer Friends. Earn Rewards
      • Merchant Home
      • Accept the Card
      • Manage Merchant Account
      • Contact Us and FAQs
      • Corporate Cards
      • Purchasing Solutions
      • Customer Centre
      • Global Business Travel Solutions
      • Meetings & Events
      • International Payments for Businesses
      • Popular Small Business Cards
      • View All Small Business Cards
      • Manage Your Business
      • Business Credit vs Charge
      • How to Apply for a Business Card
      • Home
      • Issuers
      • Acquirers
      • Service Providers
      • Developers
  • Contact Us
AustraliaChange Country
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers

AustraliaChange Country
Small Business Cards
Cards
American Express® Platinum Business Card
American Express® Qantas Business Rewards Card
American Express Business Explorer® Credit Card
View All Cards
Compare Cards
International Payments
International Payments
American Express AccessLine™
View All International Payments
Manage Your Business
Business Benefits
Why Amex for your Business?
Business Credit vs Charge
Business Rewards
Business Cash Flow Management
Business Travel Rewards
Existing Customers
Order Cards for Employees
Corporate Card Programs
Cards
American Express® Corporate Platinum Card
American Express® Qantas Corporate Platinum Card
American Express® Corporate Gold Card
View All Corporate Cards
Compare Corporate Cards
Payment Solutions
Buyer Initiated Payments
American Express vPayment™
View All Supplier Payments
International Payments
American Express AccessLine™
View All International Payments
Trend & Insights
Business Trends & Insights
Products & Solutions
Service & Expertise
Existing Customers
Trends & Insights
Trends & Insights
Insights and Inspiration to Help Grow Your Business
Security
Managing Supply Chain
Managing Data and Trends
Managing Risks
Growth
Expanding
Adapting to Change
Future Proofing
Funding
Managing Cash Flow
Financing
Becoming More Efficient
People
Leading My Team
Managing Talent
Collaborating
  • Trends and Insights
  • Growth
  • Future Proofing
Business Class

27 August 2020

Staying Ahead Of Disruption With AI

Staying Ahead Of Disruption With AI

Twitter Icon
Facebook Icon
LinkedIn Icon

Summary

Increasingly, companies are turning to artificial intelligence, or AI, to sift through structured and unstructured consumer and market data to find insights that enable better decision making.

Twitter Icon
Facebook Icon
LinkedIn Icon

As AI services have grown in scope, scale and affordability, small and medium-sized businesses are applying them to everyday tasks to make operations less expensive and resource intensive. AI can also reveal opportunities for growth that are hidden in data.

 

Artificial intelligence: a quick primer

 

Pre-AI computer programs excel at crunching numbers and organising information. AI programs add a layer of insight to those numbers. For example, an online retailer can use information about customers’ past purchases to suggest other products they might enjoy. Alternately, an AI-enabled speech recognition call processing system can recognise customers by their voice, call up their recent transactions and anticipate questions they might have.

 

Machine learning is another term associated with AI. This is a specific form of artificial intelligence that gets smarter over time. For instance, the more data an online analytics tool equipped with machine learning consumes, the better it becomes at predicting customer needs. Similarly, a cybersecurity solution with machine learning can learn what constitutes a normal online exchange and detect when users behave suspiciously.

 

Robotic process automation (RPA) is another aspect of AI that can assist small businesses. RPA bots mimic human actions such as following up invoices or filling in standard forms . By automating theses mundane and repetitive processes, teams can focus on more meaningful work.

“RPA frees up time by eliminating repetitive administrative processes, often carried out by high-value employees, giving small businesses more opportunities to focus on the exciting parts of their business,” says Andrew Phillips, managing director and vice president, Australia and New Zealand at RPA firm UiPath.

 

How AI can help improve your business

 

Artificial intelligence can make your business more aware, agile and anticipatory. It can help you stay attuned to market signals and improve how you respond. It can assist you to appropriately size your business operations and provide insights so you can respond to changing industry demands. Its predictive capabilities can rapidly identify and help you to capitalise on emerging opportunities.

 

AI is probably already embedded in many of the tools you use each day, such as social media platforms on which you market your business and in your accounting software.

 

Here are some other common AI uses:

  • Analytics programs: AI is usually behind the ‘Recommended for you’ sections you are shown when you’re shopping online or streaming content. The AI tool uses previous purchases and shows you have watched to suggest a list personalised for you, using your past choices to guide its selection.
  • Chatbots: These always-on, virtual customer service representatives pop up and chat with you on websites and are programmed to act like a human – ‘Hi, I’m Joe. How can I help you?’ Chatbots can help businesses field incoming queries 24/7.
  • Cybersecurity: AI-based computer security solutions constantly scan networks for dubious activity. They’re smart enough to establish what normal baseline traffic patterns and behaviours look like and automatically track or shut down suspicious activity and accounts.
  • Data management: Inputting, standardising and reconciling data across different worksites, departments or lines of business can be tedious and time-consuming. AI-equipped solutions can automate these processes to reduce the time they take and boost productivity.
  • Data visualisation programs: Data visualisation tools use AI to quickly translate information into graphs and charts so key insights can be communicated at a glance.
  • Fraud prevention tools: These systems are designed to provide enhanced security and privacy. They can track your voice, vocabulary and other data points such as behaviours and speech patterns to verify your identity in seconds.
  • Inventory management solutions: AI tools can automatically detect shortages and reorder products on demand. They can also predict which products are likely to be best sellers and help your business stock and promote them.
  • Marketing tools: AI solutions can help you deliver personalised and targeted promotions to customers who are about to make a decision to buy the products and services your business sells.
  • Process improvement programs: These are designed to streamline and optimise internal processes and supply chain management programs. These tools track aspects of your day-to-day operations such as shipping, logistics and man hours to help the business work at peak efficiency.
  • Screening and diagnostics: AI tools can rapidly scan and process millions of items of information, so they are increasingly used to find product defects. Some programs are so advanced they’re being used to scan for medical conditions and provide self-repairing maintenance solutions.
  • Speech recognition: AI powers these conversations.
  • Virtual assistants: From smartphones to tablets, these vocal helpers help us plan our days and calendars. Each is an example of AI at its most advanced.

 

Robotic Marketer is a useful example of an AI-powered tool available to small businesses. This marketing strategy software is based on AI, machine learning and big data. It turns information about a company, its business goals and marketing objectives into an actionable marketing strategy. With the power of AI, businesses are able to update their marketing strategies in real-time to keep up with continuous changes in the market. Whether it is an economic crisis or a pandemic, the 'robot' is able to deep dive into big data on the current climate, competitor landscape, and best practices to provide a business with an in-depth 12-month marketing strategy in a matter of minutes.

 

Elker is another cutting-edge tool powered by AI that offers small businesses as advantage. Elker uses an artificial-intelligence engine to receive and route reported incidents – both positive and negative – safely and anonymously, using a traffic light system. It is a flexible, real-time mechanism, including a choice of a mobile app or web platform, that allows organisations to identify trends and resolve disputes before they escalate. It keeps the reporter and the person to whom it is reported safe. It supports workplace culture, reduces unnecessary staff turnover and provides access to strategic data for business decisions.

 

Specialist food wholesale business Soft Stuff is one business that has embraced the power of AI. Faced with challenging market conditions when COVID-19 hit, it used AI-powered business intelligence platform Sisense to analyse its data to identify issues and roadblocks and devise a new B2C model. Now Soft Stuff sells directly to retail customers and has expanded its product range to include meat, poultry, fish and dairy. Sisense’s analytics platform will continue to play a role in the business’s future decision making.

 

Factors to consider when choosing AI tools

 

There are lots of AI tools you can embed in your operations in minutes. Many run on virtually any IT setup. When you’re choosing AI tools for your business don’t forget to take into account:

 

  • Whether they are compatible with your IT system
  • Whether they seamlessly integrate into your IT environment
  • Contract and payment terms, including monthly service charges
  • Setup or cancellation fees
  • Customer service and support
  • Security and fraud prevention features
  • User experience
  • Back-office capabilities

 

AI and machine learning are now easier to implement than they have ever been. They can provide a convenient and cost-effective way to maintain service levels and increase productivity, helping to safeguard your business against disruption.

Twitter Icon
Facebook Icon
LinkedIn Icon
Want to Dig Deeper?

Get an American Express Card

  • Personal Cards
  • Credit Cards
  • Small Business Cards
  • Corporate Cards
  • Add Someone to Your Account

More Products & Services

  • Insurance
  • Accept the Card
  • Online Services
  • Book Travel
  • Business International Payments
  • Refer a Friend

Important Links

  • Frequently Asked Questions
  • Chip & PIN
  • ATM Locator
  • Accessibility
  • Safe and Secure

Company Information

  • About American Express
  • About American Express Australia
  • Careers
  • Contact Us
  • Site Map
  • Facebook
    • Personal Cards
    • Credit Cards
    • Small Business Cards
    • Corporate Cards
    • Add Someone to Your Account
    • Insurance
    • Accept the Card
    • Online Services
    • Book Travel
    • Business International Payments
    • Refer a Friend
    • Frequently Asked Questions
    • Chip & PIN
    • ATM Locator
    • Accessibility
    • Safe and Secure
    • About American Express
    • About American Express Australia
    • Careers
    • Contact Us
    • Site Map
    • Facebook

American Express
AustraliaChange Country
  • Connect with Amex on Facebook
  • Connect with Amex on Instagram
  • Tweet your questions to @AskAmex
  • Connect with Amex on LinkedIn
  • YouTube

  • Website Rules and Regulations
  • Trademarks
  • Privacy Statement
  • Security Alerts

Copyright © 2021 American Express Company