Like so many areas of business, the art of strategic planning has been greatly altered by the introduction of new technology. Software applications and Artificial Intelligence (AI) have greatly improved our ability to project and make a strategic plan.
Three questions
I suggest you ask these three questions when making your strategic plan.
- How are changes in technology affecting your operations? When developing a strategic plan, be sure to consider how the use of artificial intelligence (AI) is impacting your operations. A recent report from the Harvard Department of Education looked at the use of artificial intelligence (AI) by generations. The report highlights that younger employees are using AI generative agents at work, with 65% of users being Millennials or Generation Z. In contrast, 68% of non-users are from Generation X or the Baby Boomer generation. Half of the surveyed teens also reported using generative AI.
- What differentiates your company? Personalization is your greatest asset. Make this a critical part of your strategic plan. Focus on your company’s unique expertise and skills. These allow you to offer value-added services and local visibility. Look at ways to improve bundling, assembling, repairing, and customer training. Utilize advanced technologies to enhance your personalized differentiators. Regulatory pressures and cost challenges will continue to slow the pace of competing online e-commerce verticals, as well as other evolving companies and AI-native startups. Leverage personalization to increase your market share.
- What matters most to your customers? What continues to set the distributor apart from Amazon, Granger, Home Depot, and other evolving companies? It is clear that customers still value trust, adaptability, and strong local relationships. In your planning, consider how you can focus on person-to-person availability in new ways that will generate greater profits for both parties. This includes using AI technology. AI can lower costs in areas like order automation, product information enhancement, marketing, and returns processing. It also improves customer personalization by providing timely insights into customer behavior changes. Be sure to make targeted investments in digital technology, particularly AI applications.
Make a plan
In conclusion, consider developing a plan that takes into account how technology, such as AI, is affecting your business while also prioritizing the needs of your customers.Success will follow!
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So good! Love this, Art. AI is definitely useful. What hit home is if we really listening to our clients and what they need. I am reading a book about really listening vs just assuming and acting upon what you are hearing them say. It is important to be of value in today’s world of technology. Our clients are doing their own research and if you aren’t asking whether through Q&A survey or in person, someone else will be.