Make Your Business Game Even Better
- Dithanon Khrutmuang
- Nov 18, 2024
- 8 min read
Updated: Feb 27
If you, as a business owner or organizational leader, are looking to apply Data and AI within your organization because of the significant benefits of AI in providing accurate decision-making recommendations to you, or using AI to enhance customer experience and reduce unnecessary costs in the long term, but you might see it as complex and difficult, I urge you to think again.
Try to do business with AI as if playing your game, where you or your customers are the players, the ones controlling the gamepad to issue commands (Prompts) whether through chatting or speaking, as illustrated above.
When the command data from you or your customers is sent to the AI for analysis, the response will never be accurate and appropriate to your business context without your business data, which acts as the raw material for AI to learn from.
It's like the AI is similar to a PlayStation5 game console; without the DVD game that is your business, the AI will answer your questions broadly, not specifically targeting your business data. Therefore, the DVD game or your business data is the key to investing in AI systems because the context of each business is different, and your business's DVD game will definitely not be the same as someone else's.
And when everything is done correctly, no matter what you or your customers ask about your business, the answers or content, whether it be text, voice, images, or data visualization, will be displayed, similar to a TV showing the moving images of the video game you are playing.
The next question is, how can we start implementing AI in our business ?
If today you are an owner or a leader in an organization or a medium to large company, with annual revenues exceeding 10 million USD, a team of over 100 people, and if you want your company to grow, be profitable, and loved by customers, then what you definitely need to invest in is managing your business data to be ready for making the right decisions.
Moreover, bring AI into managing your own business platform. I would recommend that you invest in services like C3 and Palantir, which are leaders in this field.
This video demonstrates how C3 applies AI to business.
C3 processes and analyzes your organization's data, such as CRM (customer relationship management), ERP (Enterprise resource planning), etc., using AI. The end result is that you, as the owner, can simply chat with AI about business matters like predicting profits in the next two months, which products or services in my business are likely to grow, or which of my regular customers are likely to stop using my brand (Customer Churn), etc. Shortly after, AI will answer all your questions, either in text for you to read or through an AI friend advising you, making decisions easier, or even creating Data Visualization for easier business decisions like never before.
However, before you contact C3 or Palantir for their services, you should have an annual revenue of more than 10 million USD because the comprehensive AI investment in business is not cheap. I call these companies capable of full-scale AI investment "Unicorns," which have a significant budget for investing to enhance efficiency and reduce long-term costs.
Typically, Unicorns prioritize accelerating growth and customer satisfaction over profitability to gain a competitive edge before eventually focusing on profits.
But if you're not riding a unicorn, and if you're a small to medium-sized business owner, trying to emulate the use of AI technology and agreeing to use services from providers like C3 or Palantir might not be the best decision.
A more suitable option for a Camel rider would be to manage data and AI for the most critical aspects only, without needing to cover every business area. It should be a tool that is simpler, more affordable, but still effective enough for your decision-making as a business owner or leader.
For example, collecting customer data through CRM tools offered by various providers, such as Salesforce or Pipedrive. Visualizing data analysis through Power BI or Looker Studio.
Then, I took the data collected from the CRM and presented the data analysis results
through Power BI or Looker Studio to gain a deeper understanding of the customers.
Dithanon's InsightHow did business owners in the past make business decisions? Take my father as an example, who started our family business by building a resort in Thailand more than 10 years ago. Back then, the management of data collection, synthesis, and analysis was not supported by modern tools and AI like in 2024. Therefore, business decisions had to rely solely on experience and estimation. For instance, 10 years ago, my father wanted to build additional accommodations in the resort because he noticed a high number of guests the previous year. Deciding to invest more was a good move, but the lack of data affected the accuracy of assessing what type of accommodations guests preferred, whether it should be one-bedroom or two-bedroom, if a swimming pool was necessary or not, and what pricing strategy for the accommodations would make guests willing to pay and maximize the resort's profits. Whereas today, my business, which continues from my father's, can make precise decisions through Business Analytics using Data Science and Machine Learning (ML) |
This image illustrates the factors influencing a customer's decision to cancel a
booking made through an OTA. For example, you can see that on days when my
property has a high number of bookings (booking total), there is a high likelihood
that the rooms will be fully booked (Room total), and there is an increased chance
that customers will spend more within the resort (Total paid). This impacts my
decision to increase staff and food and beverage preparations in anticipation of busy
guest arrival days.
In another business that is an extension of the resort business, which is the
tent sales business under the brand Belly Thailand, I used a Decision Tree analysis to
determine whether to increase my tent production based on customer demand.
Because my risk is that if I produce too few tents, I might not meet the
customers' demand, but if I produce too many, it could affect the Free Cash Flow in
my business.
To the use of AI with your business data through AWS Bedrock, I will attach a link to an article explaining how AWS can implement AI into our enterprise data, or what is called AI Enterprise. https://www.powerladder.net/post/how-aws-bedrock-makes-your-business-difference
You will see that all the tools I recommended above are examples of technology tools that work together between Data and AI, which can be started at a more affordable price. You can control the costs yourself. Even though the functionality may not be as comprehensive as using services through C3 or Palantir, the advantages of being cost-effective and having easier cost control make it a good choice for small to medium-sized businesses that want to apply data and AI in business development. And this is what we call developing business like camel rider since camels can survive for long periods without food, withstand extreme heat from the scorching sands, and adapt to highly volatile weather conditions. They can survive and thrive in the most hostile regions in the world. This is analogous to running a business in the post-COVID-19 era because it is a business that can achieve a balanced budget and maximum cost-effectiveness based on limited resources.
Referencing : Alex Lazarow.harvard business review.https://hbr.org/2020/10/startups-its-time-to-think-like-camels-not-unicorns
Generally, the nature of a Camel is to try to generate profit in every investment, such as investing in advertising campaigns, as well as investing in data and AI, which must provide a quick return on investment.
Don't forget that every investment you make, no matter what it is, will have an impact on your ROI (Return on Investment).
According to the formula ROI = (Profit / Investment Cost) * 100%, this means that the higher the value of the investment compared to the profit in your business, the more it negatively affects your ROI. Remember, the higher the ROI in your business, the better.
Tips for Choosing the Right Technology for Your Business
Choose technology based on necessity, aligned with your business's key goals.
Explore how technology and data can enhance your business efficiency, whether
it's improving customer experience or making your decision-making process
more accurate, while also mitigating risks as much as possible.
If your business is a large enterprise, fully integrating AI into your operations
might be a good option. You can look for providers with expertise, such as Palantir, C3, or ServiceNow. However, if your company is small to medium-sized, I would recommend using AI only where it's truly necessary for your business. Or consider opting for Machine Learning (ML), which might be a better choice. Our Power Ladder is ready to help your business with both AI and ML working together in a hybrid approach.
Budget and value for money.
Assess the ROI using the formula I've given you to find the breakeven point where
you'll invest in technology and data. Some companies may have an unlimited budget and might only look into using AI. However, if your goal is to maximize the ROI for your business, you should consider a Hybrid approach, which uses AI along with ML, as it seems to be more cost-effective."
The backwardness in Old School Business
On the contrary, choosing not to invest in data management and AI seems like the worst move because neglecting technology and AI means that your business is starting to count backwards, or in other words, it's becoming an Old School Business, almost like you're choosing to ride a dinosaur.
Because if you ride a dinosaur, not only will the profitability of your business decrease in the long run, but customer satisfaction and your business's ability to grow will also not be able to compete with rivals in the market.
Therefore, it is crucial that you invest in data management and AI that suits your business's status.
Similar to the business game you are playing, you must choose investments in data technology and AI that are just right to keep your business going. However, if you choose to invest beyond what your business can handle, it's like playing someone else's game that is too difficult for you to pass. But in the end, if you choose not to invest or do nothing at all, letting your business remain the same, you might miss out on winning the prize in this business game.
Tell me what you need, and I will help you.
No matter which fantastic plan you choose, you will need an expert to manage, analyze, advise, and take care of your data or AI investment budget.
If you are a small or medium-sized business owner, don't worry about falling behind in developing your business with AI.
I am Dithanon Khrutmuang, a business owner who has already implemented data technology and AI in my own business.
This article was written by myself, Dithanon Khrutmuang, founder of Power Ladder, not AI. Although in reality, AI could describe its own capabilities.
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