In this article, let’s examine the benefits of artificial intelligence implementation for enterprises. Business process efficiency tends to top the benefits cited by enterprise users. But the value business leaders seek to gain from AI shifts depending on a company’s maturity in using AI technologies.
22% of businesses using AI said the technology accounted for more than 5% of their 2019 earnings before interest and taxes in 2020. – McKinsey & Co. Global AI Survey
Additionally, revenue generated by AI increased year over year in most business functions using AI technologies.
Companies earning the most from AI told McKinsey they planned to increase their AI investments in response to the COVID-19 pandemic.
Ten significant benefits of artificial intelligence for organizations.
Apart from the investment opportunities and its future prospects, there is plenty that AI can offer. We will explore the benefits of artificial intelligence in this section.
1. Gains in efficiency and productivity
“CIOs need to see where AI can help functions do more with less time and fewer resources, so they can [enhance] the experience for employees and users alike” – Bena Ammanath, executive director of Deloitte AI Institute
Two of the most often mentioned advantages of putting AI to work in businesses are efficiency and productivity increases.
At the same time, AI frees human employees to pursue more valuable tasks that machines can’t accomplish.
2. Personalized and enhanced customer experience
AI can lead to more customized and personalized interactions between organizations and customers.
Artificial intelligence coupled with big data analytics and machine learning algorithms can efficiently analyze a vast amount of data.
It can help business leaders and their team to identify meaningful patterns such as
- buying behavior
- credit scores
- spending habits
- risk profile
Businesses can design actionable sales intelligence to help them analyze a particular buyer’s pre, present, and post-purchase behavior.
Not just that, IT can work with clean data sets to create a more personalized customer experience.
Predictive intelligence can help companies engage their customers with the right type of content at the right buying stage. Such an engagement will improve the sales cycle.
3. Improved company performance
“As fast as business moves in this digital age, AI will help it move even faster” – Karen Panetta, Electrical and computer engineering Professor, IEEE and Tufts University
Artificial Intelligence (AI) is a known game-changer in the development world.
It reduces time to market and lowers the time it takes from concept to commercialization. This allows businesses to get faster financial payback on their investment.
4. New opportunities and business model expansion
“As you deploy data and analytics into the enterprise, it opens up new opportunities for businesses to participate in different areas.” – Chris Brahm, Senior partner at Bain & Company
Executives may use AI to explore new business models.
Autonomous vehicle firms, for example, could find additional revenue sources linked to insurance after collecting data.
In contrast, an insurance firm may leverage this data to enter fleet management utilizing AI.
5. Gain better market and customer insight
Customers are scattered across multiple locations, segments, and areas in this technologically driven market.
The majority of modern customers are available on social media.
With the help of data mining, AI, and machine learning, businesses can
- analyze multiple types of social media traffic
- explore growth opportunities
- rank and rate their customers
- create better marketing strategies
Predictive analysis can be applied to every data set that gets collected through
- system matrix
- web matrix
- social media channels
Predictive maintenance can be used to ensure seamless completion of automated process. This way it can do the relevant quality checks and curb overall operational costs.
An artificial intelligence solution clubbed with a machine learning algorithm will learn more from continuous data intake.
This will also help it to quickly adapt to market behavior changes.
6. Improved monitoring
Artificial Intelligence’s ability to crunch massive quantities of data in real-time allows businesses to deploy near-instantaneous monitoring capabilities.
For example, AI may utilize data gathered by industrial equipment to identify problems and forecast when maintenance will be required.
These features will enable manufacturers to prevent costly and time-consuming breakdowns.
AI’s monitoring abilities may also be applicable in industrial cybersecurity operations, where enormous data must be analyzed and understood.
7. Curbing cybersecurity threats
As businesses become more data-driven, qualitative data will become increasingly important for them to grow in the market. But with great data comes a greater risk of cybersecurity threats.
With the help of analytical and predictive AI, businesses can identify and neutralize these threats. How?
Well, Neural Networks can continually learn from massive amounts of raw data while performing multiple tasks in parallel.
They are robust computational systems with pattern recognition and predictive abilities. Their low fault rates, allow them to learn from unfiltered data.
Such capability enables them to prevent cyberattacks and anticipate why they might manifest.
8. Increased product quality and reduction in human error
“Organizations can expect a reduction of errors as well as stronger adherence to established standards when they add AI technologies to processes”. – Madhu Bhattacharyya, MD and Global Leader, Protiviti’s Enterprise Data and Analytics
Combining AI and machine learning with technology like robotic process automation (RPA) automates tedious rules-based activities.
This speeds up procedures, lowers errors, and may allow the AI-driven system to improve and take on more complex responsibilities.
AI’s application in financial reconciliation, for example, would provide error-free results, whereas the same procedure completed by humans is prone to errors.
9. Better talent management
“AI-enabled processes not only can save companies in hiring costs but also impact workforce productivity by successfully sourcing, screening, and identifying top-tier candidates”. – Katherine Jones, Independent Consultant
AI is being used to improve various talent management activities, including streamlining the hiring process and eliminating bias in corporate communications.
Businesses also utilize chatbots to give job seekers a customized experience, and mentor workers as natural language processing technology improve.
AI solutions are also being utilized to assess staff mood, identify and retain high-performers, and establish fair compensation.
10. Automating repetitive tasks
One of the major technological benefits that every industry can derive from implementing AI is the automation of their most crucial processes.
Amidst the chaos that the business landscape is experiencing while looking for constant growth opportunities, time is of the essence.
Advanced robotic process automation allows businesses to make room for more time, hence more opportunities, by automating routine cognitive processes.
Businesses are putting their resources into developing smart algorithms that can proficiently complete many repetitive tasks without breaking a sweat and allow organizations to create a more agile process.
Concluding thoughts: AI implementation will help businesses reap better operational results
Artificial intelligence holds the potential to change the way businesses operate. And this article was all about helping you understand the benefits of artificial intelligence to your business.
For companies that are looking to reap the rewards of implementing AI, the first step is to look for the process, area, or segment of their business that needs disruption.
Yes, AI is still an emerging tech.
Still, when merged with the likes of machine learning and data analytics, it can turn unused data to get insight into seasonal variations and market demand fluctuations.
Such an insight is much more helpful for businesses that want to curb their operational costs while creating better growth opportunities in their market segment.
If you plan to implement artificial intelligence into your business process, you will need to gain proper insight into the opportunities it might bring.
Rapidops can help you gain better leverage over your competition by pointing your next digital project in the right direction.
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