Here are the top 7 business benefits of Artificial Intelligence.
The deployment of artificial intelligence technologies is becoming increasingly commonplace within the operations framework of both small and large businesses.
Recent surveys show that more than nine in ten (91.5 percent) top businesses surveyed report having an ongoing investment in AI (NewVantage, 2020). As more and more businesses deploy artificial intelligence effectively, they are also starting to witness tangible benefits, and not just for productivity. If you need help with strategic deployment of AI in your enterprise, consider reaching out to managed IT services Joplin.
Productivity has definitely seen a boost with more than 54% of business executives in recent surveys unanimously stating that the adoption of AI has definitely helped (PWC, 2018). But there is much more to the benefits of AI for enterprise.
The latest statistics show that by 2021, as many as 15 percent of customer service interactions worldwide will be fully powered by AI (Gartner, 2019). That’s a whopping 400 percent increase from as recently as 2017.
Moreover, the 2020 Global AI Survey from McKinsey & Co. found that 22% of companies saying AI accounted for over 5% of their 2019 earnings before interest and taxes. Since then, AI’s capacity for revenue generation has only increased year over year with more businesses focusing on significant AI investments in the wake of the pandemic.
This upward swing is evident from the growth in the AI market. Globally, the market size of artificial intelligence was valued at $27.23 billion in 2019 (Fortune Business Insights, 2020). This figure is now projected to reach $266.92 billion by 2027—a nearly tenfold increase in eight years with a Compound Annual Growth Rate (CAGR) of 33.2 percent.
Top 7 Business Benefits of Artificial Intelligence
1. Business Model Expansion
AI is versatile in its applications for business model expansion. The more integrated data and analytics becomes in your business, you will start to uncover more and more business opportunities in various areas.
Potential example of this could be the enormous amounts of data collected by autonomous vehicles. This data could be leveraged to identify new streams of revenue such as those related to insurance. For more ideas on business model expansion, please refer to Private Cloud Solutions.
2. Gains in Efficiency and Productivity
As already outlined before, efficiency and productivity gains are probably the most dominant reasons for organizations to deploy AI in the first place. The technology is capable of operating at a meta-human level with the ability to speed up and scale at a level that is simply beyond human capabilities.
This is especially useful in taking care of vast amounts of mundane routine tasks that would otherwise require significant human resources and still be open to the scope of errors or time lags. By freeing up your resources from routine tasks, AI helps workers to move towards more rewarding tasks, especially the ones that require complex problem solving.
This helps organizations maximize the potential of high-value human resources while leveraging the best of technology to save on time, effort and costs. two of the most-often cited benefits of implementing AI within the enterprise. The cumulative impact is that the work gets done faster, more predictably, utilizes less resources, and with minimal scope of errors. Business Continuity services has more resources on how to leverage productivity gains with AI.
3. Better Delivery in Shorter Time
AI helps businesses to shorten development cycles. It can significantly cut down on the time required for moving from design to market. The shorter timeframe can enable businesses to get better, and more immediate returns on investment.
4. Human Error Minimization
Deploying AI in operational processes almost immediately translates to a significant reduction in the scope of errors with enhanced adherence to established protocols. The combination of AI and machine learning with a technology like RPA can help organizations almost completely automate routine, repetitive tasks. This can have a huge impact on processes such as financial reconciliation where any reduction in the scope of errors is welcome.
5. Positive Customer Experience
Delivering progressively better customer experience has become a key differentiator in ensuring the competitiveness of any business. This means knowing and anticipating customer needs even before they become aware of it. The deployment of AI can help you make your sales and marketing processes more intuitive. AI can play a significant role in making customer interactions feel more personalized and customized as per the needs of individual customers.
6. Enhanced Monitoring Abilities
AI technologies are capable of accurately processing enormous amounts of data while providing data-driven insights and analysis in real time. Real time analysis of data makes it feasible for businesses to venture into entirely new areas of business that require instantaneous decision-making.
The most relevant example of this would be the use of AI in smart factory floors. AI can be leveraged here to monitor all equipment on the factory floor, gather the status of all the equipment, analyze the data gathered from them and implement predictive maintenance wherever required. This helps companies avoid disruptive and potentially dangerous breakdowns and save on costs significantly.
Artificial intelligence benefits could also be used to alert the relevant people in case of any anomalies or abnormal behavior whenever it happens. This is a far cry from the uncertainties of relying on human supervision that ultimately relies on someone noticing an errant behavior in a vast operational space. AI can also be deployed for effective scheduling and maintenance of tasks and in use cases, such as, enterprise cybersecurity operations.
7. Better Recruitment Process
Artificial intelligence for business can also help organizations streamline their recruitment processes and increase efficiency. It can help you automate the analysis of candidate applications and even automate screening calls. This can significantly speed up the review process and eliminate human bias and errors.
Increased cost-efficiency in recruitment can be a boon for organizations going through a period of churn. A seamless recruitment experience can also help engender a positive experience in prospective employees, making them more likely to reapply for future openings.
Note: This is a post by James Richards.
James Richards is a serial jelly bean eater with over 30 years of experience in the Information Technology industry. Growing up around the first generation of home computers, he always had a strong interest in technology and is continually grateful to be in a profession that he honestly enjoys. James is a problem solver who’s vision to provide quality is the foundation of Stronghold Data. His goal is to deliver solutions for customers that truly impress them with the outcome. His authenticity and compassion for his team and clients extends into the community with his active leadership roles.