AI technology is one of the best innovations that companies have used to increase efficiency and productivity. AI capitalizes on data and cloud computing which helps in decision making, which affects the daily running of a business. Artificial Intelligence is a combination of tools and technologies used for sensing, understanding data, getting insights and doing tasks based on the knowledge obtained.
So far, we experience AI technology in a way every day in applications such as Siri and Alexa.
Research detects that the AI market is expected to have a compound annual growth rate of 52% in 8 years from 2017. There is no doubt that AI adoption is rising as companies seek ways to meet the market demands and beat the competition.
AI Technology is Enhancing Efficiency and Productivity:
1. Automation:
Automation is a big buzzword in businesses, especially in this COVID era as companies are turning to it to increase efficiency and processing speeds. Unlike human labour that cannot work round the clock, AI tools have been programmed to work 24/7 and outperform humans in many ways. Automation has mainly been used to save time on routine administrative tasks that are boring and time-consuming. Automation also helps managers to get critical information fast and make better business decisions. This, however, comes at the price of sharing sensitive information, which some companies are not willing to do.
2. Information Management:
Many companies spend a lot of money on research and looking for market information to remain relevant. Data needs time, which makes it expensive. When you use the traditional approach, it is hard to have accurate data as the market conditions and customer needs change every day. Luckily, with AI technology, you can access large amounts of data and process them in no time. This helps you generate insights fast while saving on your costs. It is also much easier to obtain accurate information as opposed to using traditional approaches. AI approaches help to streamline the process of identification, retrieval and use of information in the business. Timely access to information is essential to make the right decisions.
3. Strategic Alignment:
Through AI, large amounts of data can be processed simultaneously, which can help managers gain market insights in real-time, and that can help them when strategizing. Data-driven strategies are essential when it comes to increasing the efficiency and productivity of a business. In addition to that, AI technology can improve a company’s enterprise and operational visibility while matching them to preferences, goals, and needs.
AI technology tools can still use past data to make future predictions, which can help you align yourself well to beat the competition.
Things that require huge amounts of data analysis and variables such as software selection and assessment are great examples. They are things that have been very, very manual and high touch.
Also, as software becomes more and more complex, it is becoming more than the human mind can consider alone. Artificial Intelligence can take every variable and every product into account when making recommendations.”
4. Adaptability and Cost Savings:
When businesses utilize AI, they can instantly adapt to the changing market and environmental conditions without affecting productivity and costs. Many companies are using cloud computing, enterprise architectures, business-IT alignment, context modelling, etc., to increase their agility. AI can bind all those technologies while still helping companies with decision-making.
5. Mitigating Errors:
Unlike humans, who sometimes can give outcomes based on their emotions and feelings, AI tools do not have any of that, making them avoid mistakes that humans would otherwise make. AI technology will use the current data to make a decision. Even though AI tools are accurate, they may make a mistake when the data is not a representation of the entire population.
6. Improved Customer Experience:
AI is one of the best solutions a company can use if they want happy customers. AI tools use behavior data to give customers products or services that appeal and match their needs. Market departments can do more targeted marketing campaigns that are effective. AI chatbots have helped in recommending the language that best suits their audience. AI technology can group customer data according to location, social activity, favorite products, etc. To help businesses give customers relevant products and experiences. Many companies use this as a strategy, such as Spotify, to give users suggestions on what to listen to or Netflix recommendations on what to watch. The best part about AI tools is that they are readily available for customers and can act as real-time customer care. This helps companies not to miss out on some customers or deals.
Final Thought:
Many industries can embrace AI, including manufacturing, for accurate predictions, maintenance, personalized manufacturing, and to optimize their manufacturing processes.
There are many other ways that AI can increase efficiency and productivity. With time it will be mandatory for businesses to use AI tools to remain relevant. The best part is that there is innovation every day. And that means that maybe AI technology will solve all issues companies face.
