Artificial Intelligence (AI) is making waves in every industry on the planet. Retail, manufacturing, logistics and even healthcare industries are all applying AI strategies to simplify and automate certain human tasks. It is expected that AI will enter the mainstream in 2019 and it will reportedly contribute to $15.7 trillion to the global economy by 2030. These are interesting and quite overwhelming statistics, but how can a business use AI to add practical value?
AI and Machine Learning (ML) have played far-fetched, robotic-like roles in multiple sci-fi movies. However, in a day-to-day scenario, AI has a more behind the scenes role to play. AI is algorithms/software that can help simplify and streamline processes and tasks under the surface.
Here are some practical ways AI can add value:
AI technologies that are able to transcribe meeting minutes, organise email inboxes, send reminders, book meetings and perform other mundane human tasks will essentially save employees time. Employees will have more time available to spend on more important, value-adding tasks instead.
AI technologies are able to capture incredible amounts of data (about customers, machines, energy usage etc.) and analyse this information into valuable insights. This could help management spot trends and irregularities, solve problems and make better-informed decisions. Furthermore, AI technologies that can assist with inventory and supply chain management can help to automate and streamline tasks. As a result, jobs get done faster, more accurately and at a lower cost.
What do customers want? Apart from excellent products, they also want great service. AI technologies that can help you answer queries, provide quotes/invoices, and deliver products/services faster and more accurately, are sure to impress your customers and add value to your bottom line.