Artificial intelligence

Increase your chances of sustainable growth and exciting business success now. Regardless of whether you use machines, software or other systems, AI takes a lot of work off your hands and relieves your employees. This allows you to focus on exciting and creative core business tasks and ensure sustainable business growth.
 

Business growth:

- Increase accuracy, efficiency, productivity and turnover and reduce errors

- Rapid scalability for business growth without increasing headcount or resources

Competitiveness:

- Faster, more efficient service delivery than the competition

- More agile adaptation to changing market conditions

Customer focus:

- Increase in customer loyalty and customer satisfaction due to reduced response times

Increase in turnover
A direct positive correlation between AI adoption and business performance was demonstrated with 6.3% as an average increase in revenue (directly attributable to AI initiatives). Companies in the AI pilot and implementation phase report an average revenue increase of 4-7% from specific AI initiatives, while companies in the operations and optimization phase report an impressive 10-12% increase. Virtual agent use cases show an average revenue increase of 3%. Nearly linear relationship of high AI maturity and revenue growth & shows the clear potential of AI.

Cost benefits
Significant improvements can be achieved by investing in AI, especially in terms of operating costs: According to an IBM study, more than 85% of companies that use AI at an advanced stage record a reduction in operating costs.

Increase in effectiveness
On the one hand, AI expands the knowledge and self-confidence of teams, as specialist knowledge flows into the AI tools through AI development, allowing less experienced team members to benefit better from the collective knowledge of the team. On the other hand, AI supports company managers in decision-making processes by checking strategic assumptions on the basis of data.

At Conrad, AI plays a central role in our strategy, from improving customer service to optimizing our product recommendations. AI helps us to react faster to market trends and work more efficiently.

Our vision is to use AI innovations where they can sustainably and safely improve the procurement process. We are working on advanced solutions such as personalized shopping experiences and intelligent onboarding systems that will further increase efficiency and customer satisfaction on our sourcing platform.

An important question that arises with regard to the use of artificial intelligence is: Where can companies benefit most from artificial intelligence? Is it more beneficial to use AI to optimize the products or services offered or to improve internal processes? Basically, it is important to identify which products, services and processes are most valuable for the company. Targeted optimization of these aspects can lead to considerable added value for the company.

AI is primarily used for:
- Supporting processes
- Expansion of products and services