Value stream intelligence is an integral part of every agile organization. With its ability to reveal the exact places where service flow lacks or excels, it offers valuable insights into how organizations can continuously provide exceptional value to customers while improving existing products or services for a better future.
Artificial intelligence is the need of the hour. With artificial intelligence's global market size projected to reach USD 1581.70 Billion by 2030, the technology is enjoying its hype across the globe with multiple use cases and implementations in diverse industries.
All innovations that are generated or supported by artificial intelligence can be found in different companies. However, it is a challenge to leverage artificial intelligence as an innovation enabler to create business value at a large scale. Companies that transform into agile organizations are better positioned to integrate artificial intelligence capabilities into value stream management operations.
Integration of artificial intelligence into value stream management operations and identification of new value streams encapsulates several aspects. It has multiple benefits but also requires you to take a few steps. In this article, we will talk about how artificial intelligence can benefit teams to identify new value streams.
Benefits of Using Artificial Intelligence to Identify New Value Streams
Value stream is nothing but a set of actions that delivers value to your end customers. There are several ways through which artificial intelligence can benefit teams that identify new value streams:
1. Efficiently defining existing value streams, giving rise to new ones.
With value stream mapping, organizations identify the communication loopholes and bottlenecks that hinder the processes of continuously providing value to customers. By infusing artificial intelligence, teams are alerted proactively so they can identify the gaps and rectify them even before they become an issue.
When your existing value streams are delivering results as expected, your teams have the time to focus on innovation rather than on keeping the lights on – Innovation focus with Fail Fast, Learn Fast attitude can rise to new value streams.
2. Implementing ecosystem-driven risk management.
Risk management is a critical part of every business and doing it effectively adds value to the top line and bottom line. However, it can also be burdensome, making risk management operations like fraud detection defective and time consuming.
Integrating artificial intelligence into risk management operations can:
- Reduce customer headaches for identity verification
- Resolve issues related to fraud and streamline the whole process
- Receive real-time data into what’s happening
- Flag potential risk factors
- Implement centralized end-to-end security
All these benefits lead to better risk management. With enhanced visibility into risk factors, more value streams can be identified.
3. Reducing downtime.
Downtime can prove to be highly hazardous for businesses, which is why reducing it is critical to ensure high-quality customer experience. With artificial intelligence:
- Problems are identified in real-time and pro-actively healed.
- The least intrusive times for maintenance and repair are scheduled.
- Potential downtimes are flagged down well in advance.
Identifying new value streams is not only necessary to ensure agility but also because it is a powerful reminder of how your business impacts its customers. When we involve artificial intelligence in the mix, it makes the process faster and more efficient, assisting teams in driving more value for customers by identifying new areas. Connected devices driven by artificial intelligence can help identify new value streams and enhance the existing ones exponentially, adding more revenue channels for businesses.
4. Increasing scalability.
Integrating artificial intelligence into your value streams leads to the development of intelligent processes such as automated customer service through conversational chat bots or contracts powered by artificial intelligence. With such smart processes, bottlenecks in the existing value streams vastly reduce thereby freeing up time for teams to focus on value generating activities. Additionally, to identify new value streams, teams can get:
- Potential upgrade alerts
- Elimination of silos by the digitization of key interactions
Agility is essential to identify new value streams and management of the existing ones. However, that gets neglected as organizations move toward enterprise solutions with an increased focus on process adherence as opposed to value delivery, making scalability a challenging task. With artificial intelligence, the load on limited team resources is reduced, especially for value streams that require automation. Instead of all components working in separate ecosystems and in silos, artificial intelligence brings them together to improve communication flow and automate the critical junctures in value stream mapping. With this, the identification of new value streams becomes more streamlined. Artificial intelligence enhances the processes, also giving teams the opportunity to identify new value streams.
Tips to Use Artificial Intelligence in Identifying New Value Streams
The following tips can help you optimize the use of artificial intelligence in value stream identification:
1. Exhibit effective digital leadership. The digital vision of every leader will be successful throughout the enterprise not only when it cascades from the top down but also when the adoption is from the grounds up. For this to happen, your entire workforce needs to be bought into your vision of why, how, what! For leaders to create new value streams with the help of artificial intelligence, collaborations with IT and R&D departments are critical. Artificial intelligence can help integrate high-value use cases to quickly prototype or conduct PoCs for economic and technical feasibility leading into new value streams.
2. Build new value propositions. Identifying new value streams also involves the process of continually reassessing each and every dimension of your current business models. How can you deliver value in new ways? How can you further optimize the current processes? How can you leverage artificial intelligence to facilitate new ways of thinking among your workforce? Reassessing existing value streams with the help of AI can help ease the identification of new value streams with more precision and on time.
3. Improve customer engagement. Putting your customers at the center of value stream is crucial, as the ultimate purpose is to enhance customer experience. Use artificial intelligence to improve customer engagement and create opportunities for identifying new value streams with the help of customer inputs. Customer engagement can be vastly improved by incorporating conversational chat bots with Natural Language Processing / Natural Language Generation. To facilitate further value stream identification, you can also use AI to enhance engagement with other stakeholders.
4. Identify points of data-intensive and digital-driven disruptions. Use artificial intelligence to identify where data-intensive and digital-driven disruptions are occurring. Determining how these areas impact your core competencies can help reveal opportunities for improvement – these can lead to new value streams or vastly improve your existing value streams.
Artificial intelligence capabilities can simplify processes, optimize operational performance, lower costs etc. However, these benefits only remain relevant as long as the said AI capabilities are deployed effectively. Although most companies prefer to partner with service providers for leveraging AI, it is necessary to understand the underlying requirements of identifying new value streams .
Identifying value streams can be a challenging task, especially for companies that have yet to catch up with the digital transformation journey. However, as technology advances and we get more & more use cases of AI, value stream identification can become a much more straightforward strategy to execute.
Artificial intelligence can enhance collaboration between humans and machines, utilize data to offer unparalleled benefits toward customer satisfaction, and streamline processes that were earlier time consuming. Additionally, it can remove bottlenecks, eliminate silos, reduce customer wait times, and exponentially improve the customer experience.
Value stream management is an essential aspect of every business today. With artificial intelligence, companies can become hypercompetitive and generate new value propositions. They can integrate discrete use cases creating unique and powerful value streams, all with the help of artificial intelligence and related technologies like machine learning and deep learning.
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