15 October 2018 by Spencer Symmons
The crux of artificial intelligence is the efficiency it provides. By taking a machine and giving it the ability to make decisions and carry out simple tasks, companies can save both time and money lost to humans carrying out menial objectives that can be done by a machine at 10 times the speed. Anything from creating a personalised customer service experience to detecting and evaluating risks within a supply chain network can be done by AI, so it’s high time you look into what it can do for your organisation.
We’ve all heard the stories that AI will replace our jobs and the country will be run by omnipotent robots – but we’ve also now heard that this isn’t the case as implementation will in fact create more jobs than it displaces. The key to successful AI use is in focusing on what it can do to fast-track processes, rather than fully automating them; systems work best within business when they are supported by human interaction. Gartner predict that 30 per cent of CIOs will list the use of AI as a priority by the year 2020, but what will it be used for?
Getting ahead of the curve
AI can take charge of a single process or it can transform the way an entire business works, but if you begin planning towards integration without identifying a specific need that the technology can satisfy then you’re destined to waste yet more resources. For a firm that is just taking its first steps into the world of artificial intelligence – perhaps you work within a stereotypically traditional sector that is often late to the party when it comes to tech solutions – using AI to get ahead of your competitors is likely to be the most effective way, and that requires data.
Big Data and AI go hand-in-hand
The importance of Big Data cannot be understated in this day and age. By harvesting the facts and figures from every aspect of your business – from the number of orders you receive on any given day to understanding social media sentiments – Big Data provides you with everything you need to make the decisions that can move your business forward. Why not let an AI system access the data for it to start making decisions for you?
Cognitive machines can carry out market analysis, both supplying you with and using data in order to make tweaks and changes depending on the landscape. In the world of retail for example, a machine could understand when a certain product is particularly popular or low in stock and order more from the wholesaler without human intervention. It works the same in other sectors – it’s about cutting costs and time without cutting corners, and AI opens up a whole new world of possibilities.
No time like the present
What are you waiting for? Artificial intelligence is the future of business growth so there’s not time like the present to get started. Arguably the biggest hurdle is the initial cost – in the world of business, it can be difficult to justify the expenditure when there may not be an immediate return on investment. Not only is the technology needed, but software engineers, data analysts and staff training elsewhere in the company will also play key roles in making the most of AI in the workplace.
What you will get in return, however, is a streamlined, extremely efficient and a fresh approach to your business strategy. The Fourth Industrial Revolution is only in its infancy, but it will play a huge role in how we approach workplace proceedings in the future. By starting your planning now, you can get in on the ground floor and get ahead of your competitors.
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