How an AI Strategy Can Boost Profits for Business?
Artificial intelligence (AI) is slowly changing the business landscape. We are witnessing paradigm shifts in the way businesses operate and function, thanks to AI. With the ability of machines to learn and grow, such as us, we have opened gates to a flood of new applications that industries are leveraging to improve in several areas. Some businesses are accelerating their customer transformation experiences, so they can deliver high value to their customers and improve retention rates.
Other businesses have employed interesting applications of AI to improve their offerings and make the convenience of their customers a priority. With machines learning and becoming intelligent, automation has crept into businesses. We have limited the need for human intervention by offering the same capabilities to machines.
A new factor of business success, AI promises to bring businesses back to profitability. According to a survey conducted recently, about 23 per cent businesses around the world have one or more AI pilot projects, and about 32 per cent of respondents said they planned to adopt AI in the future.
Big and small businesses alike are weighing on their options and tailoring their business process to leverage AI in one way or the other. AI strategies are helping companies boost their profits.
WHAT DIFFERENCE DOES AN AI STRATEGY MAKE?
According to research by Accenture, businesses that apply AI in their processes successfully could increase profitability by 38 per cent by 2035. AI adoption is said to make processes smoother and seamless. This is the reason why AI can be linked to customer satisfaction and customer experience.
When AI is at the forefront of customer services, in the form of bots, companies save their man hours and leverage their ‘human’ intelligence for something more crucial. With the added efficiency of AI and error-free rates of operations, automation can become the deal.
Companies around the world are trying to identify the areas of their processes where AI could significantly improve their efficiencies and effectiveness. By doing this, companies want to achieve higher revenues.
In developing economies, AI can significantly boost labour productivity. With AI-enabled applications, software IT outsourcing service agents can reach their destinations faster. With AI-enables wearables, they can know which route is the best through real-time tracking and analysis.
THE INDUSTRY-WIDE IMPACT OF AN AI STRATEGY
According to research, three industries will benefit the most out of AI by 2035:
- Information and communication
- Financial services
Integrating AI into the legacy systems in information and communication will lead to economic growth. Companies in these spaces can save noteworthy amount on costs, time, and processes. In areas such as system security, cloud security, and network security, AI-enabled solutions will be able to monitor all information and detect attempts of a breach in real time.
With AI, it can become easier than ever to stop threats and breaches of data. With machines becoming intelligent and reading all incoming and outgoing data, organizations can save their critical information from getting leaked from inside.
AI in education will open gates for better and more effective learning platforms. Personalized learning can be made possible with AI and students can learn as per their individual preferences and speeds. The routine and mundane tasks in educational institutions can be offloaded to a machine. With this, instructors can focus on delivering education.
All these industries are eligible to derive massive value and profits from AI. In the food services and construction industries, forecasts can be leveraged with AI. These industries will enjoy improved insights and intelligence from AI.
The industrial Internet of Things is already disrupting manufacturing companies. With smart manufacturing, AI promises to streamline processes and drive better growth and revenues. The greatest gains can be seen in automating operations and eliminating manual needs in redundant work.
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