As we all know, AI use has exploded this year. As this tool becomes more popular, AI technology will eventually impact every industry. As an independent treasury strategist, I’ve been closely examining how AI will change things, especially for most of my clients in the propane and heating fuels industry. Here is some of the information I’ve found in my research.
Data access is integral to fast AI adoption
Analyzing large swatches of data is a great way to use AI. But you must be able to access your data to use this ability. In the payment processing industry, AI tools can analyze past transaction history for customer payment trends, churn rate, and payment history. Using this data, AI tools can be used to develop predictive models of how your payment processing could change in the future. Imagine how much easier it would be as an organization to plan if you had an accurate payment history forecast based on your previous payment data. It could be groundbreaking for many businesses! However, to utilize AI tools for this type of data processing, you must ensure your company has access to your past transaction history data. That’s one reason I prioritize data ownership for all my clients!
What do propane industry leaders think of AI?
In a recent interview with Butane-Propane News, several industry leaders were asked their thoughts on the propane market heading into 2024. Naturally, AI adoption came up, and some interesting insights were shared. Here are a few I wanted to highlight:
- Aaron Cargas, vice president of energy, Cargas had this to say about the use of AI in the propane industry: “Right now, AI helps customer service teams quickly draft customer communications, generate ideas for sales and marketing campaigns, and educate new and existing team members on energy processes. But in five years, we might see AI incorporated into demand forecasting, process optimization, and financial report generation.”
- Stuart Weidie, president and CEO of Blossman Gas, also shared his thoughts. He said, “Our company is deploying AI in multiple areas. We have found it [makes] a strong and positive impact. While the media hype associated with AI is overdone, its potential to have a positive impact on productivity should not be underestimated.
I enjoyed the comments from these industry leaders because they had a pragmatic approach. They didn’t see AI adoption as a doom and gloom industry shift but as another tool in their arsenal to help their businesses perform better. I have similar feelings. Right now, AI is still new, but we are starting to see the potential it has for businesses. We can’t be afraid of new tools. Instead, we have to see what potential AI will have and learn to use it to our advantage. I look forward to learning more about how AI tools can help improve treasury management strategies and payment processing tools in the coming years!
