AI opens a new growth era for companies – customer benefit is the key

The discussion surrounding artificial intelligence has shifted in recent years from curiosity to concrete results. At the same time, Finland has been talking for two decades about stagnating productivity and the growing lead of competing countries. But could artificial intelligence finally reverse this trend? Alma’s Chief Digital Officer Tommi Raivisto and AI Finland’s director Karoliina Partanen discussed the impact of artificial intelligence on business growth and company productivity in Alma’s video podcast on sustainable growth.

The benefits of artificial intelligence are not evenly distributed

According to Raivisto, the most important thing is to understand that artificial intelligence is not hype but a concrete force for change. Benefits arise for those who invest and commit to the active use of artificial intelligence.

The time freed up or new capabilities enabled by artificial intelligence can be allocated in many ways: reducing costs, improving quality, speeding up operations, better serving customers, or conquering new markets.

“AI produces excellent tools, but improved competitiveness depends on how well we can adopt it at the individual, team, and organizational levels,” Raivisto summarizes.

Growth produces more value than improving efficiency

According to AI Finland’s research, companies that direct their artificial intelligence investments toward growth – new products, services, and revenue streams – are clearly more satisfied with their efforts than those focusing only on improving internal efficiency.

Partanen emphasizes the difference between focusing on improving the company’s own productivity or the customer’s productivity.

“The real breakthrough happens when a company succeeds in improving the customer’s productivity – not just its own,” Partanen says.

As examples, she mentions a food delivery service that removes everyday hassles and self-driving cars that can free consumers’ time for rest, work, or entertainment. According to her, these are genuine productivity leaps for consumers.

“Of course, benefits also come through savings, as they allow the organization to invest in learning, which hopefully leads to a kind of compound interest effect later,” Raivisto adds.

Success comes from the ability to be more efficient than competitors

Partanen describes the present moment as the threshold of a new productivity era, comparing it to previous technological revolutions such as the internet and computers.

“Social media did not increase productivity – on the contrary, for many it brought more harm than benefits. Artificial intelligence, however, can be the next great productivity engine,” she says.

The discussion raised the point that artificial intelligence can still be perceived as frightening in companies, with concerns about job security. However, Raivisto and Partanen see that artificial intelligence can equally create new job opportunities and open doors to innovative business models. Most companies do not develop artificial intelligence solutions themselves, but success comes from the ability to utilize AI tools available on the market more effectively than competitors.

Partanen highlights a worrying phenomenon: in many traditional companies, top management does not grasp the growth potential opened by artificial intelligence. At a roundtable in the manufacturing industry, she heard examples where management did not want to invest even modest amounts in new sensor technologies – even though they could enable entirely new service businesses.

“The lack of understanding of growth opportunities prevents new initiatives,” Partanen states.

Growth arises from customer needs

Both Raivisto and Partanen agree that the greatest power of artificial intelligence is enabling growth. Artificial intelligence multiplies opportunities, but the foundation remains the same: the company must understand what the customer’s need is and how to meet it.

Value for the company is created when artificial intelligence not only streamlines internal processes but also creates new value and makes the company’s customer more productive. The greatest growth opportunities are for those who dare to invest and develop customer-oriented solutions using artificial intelligence.

This article is a summary of the first episode of Alma Media’s Sustainable Growth Accelerator video podcast. The topic of how AI is changing competition and who will win in the new era is discussed in a total of three different discussions with AI Finland CEO Karoliina Partanen and Alma Media’s Chief Digital Officer Tommi Raivisto. Watch all episodes (in Finnish)

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