As an AWS consulting organisation, we see it time and time again – businesses relying on Excel spreadsheets to manage their operations. And why not? It’s a familiar tool, easy to use, and seemingly gets the job done. You’d be surprised at the number of organisations, even with a data platform in the backend and a visualisation tool to display it – what normally happens – export to Excel and start playing. That’s where the trouble begins.
Picture this: you’re tasked with making forecast predictions, but you’re juggling data from multiple sources, trying to consolidate it into your spreadsheet. It’s a manual, error-prone process, and the pressure mounts as you prepare for that all-important executive meeting. What if there’s an error in the spreadsheet that goes unnoticed? Suddenly, your entire forecast could be off, leading to costly mistakes and missed opportunities.
But it’s not just about the risk of errors. Without proper guardrails and controls in place, your data is vulnerable to manipulation and misuse. Compliance with regulations becomes a challenge, and ethical considerations take a back seat. Your business may be functioning, but it’s far from optimal, and the road ahead looks uncertain.
Enter the era of data transformation. Businesses are realising the need for data sovereignty, governance, and security. They’re breaking down silos and connecting disparate systems, all while ensuring that security is built-in from the ground up. With this foundation in place, they’re not just managing their data – they’re harnessing its power to drive strategic decision-making and fuel growth.
And at the heart of this transformation lies Generative AI (GenAI). With GenAI, businesses can go beyond traditional analytics to uncover hidden patterns and insights in their data, then create, explain or create reasoning on this newly learned/formed dataset. They can predict future trends, optimise processes, and enhance customer experiences in ways they never thought possible.
Let me share a few stories of businesses that have made this leap from Excel to predictability with GenAI:
- The Manufacturing Firm: This company was drowning in data from its production lines, suppliers, and distribution channels. They struggled to make sense of it all, often relying on gut instincts rather than data-driven insights. But with GenAI, they were able to analyse vast quantities of data in real-time, uncovering inefficiencies and optimising their supply chain. The result? Reduced costs (loss of downtime), increased productivity, and happier customers.
- The Financial Services Provider: Excel was their go-to tool for financial analysis, but it lacked the sophistication needed to handle complex risk models and regulatory requirements. By embracing GenAI, they were able to automate repetitive tasks, improve accuracy, and comply with ever-changing regulations. With real-time insights at their fingertips, they could identify potential risks and opportunities faster than ever before, giving them a competitive edge in the market. GenAI was also able to address internal operational efficiencies through customer experience leveraging retrieval augmented generation (RAG) of their documents through chat.
- The Retail Giant: Excel was holding them back from delivering personalised experiences to their customers. With GenAI, they were able to analyse customer data in real-time, predicting buying behaviours and preferences with incredible accuracy. This allowed them to tailor their marketing efforts, optimise inventory management, and ultimately drive sales and customer satisfaction. They brought the customer experience to the end user.
In each of these cases, the ROI of implementing GenAI was clear. From cost savings and productivity gains to enhanced customer experiences and competitive advantage, the benefits were undeniable. And as these businesses continue to mature in their use of GenAI, the possibilities for innovation and growth are limitless.
So if you’re still running your business on Excel, it’s time to consider the next evolution. With GenAI, you can transform your operations, unlock the full potential of your data, and drive success in today’s fast-paced, data-driven world.
