Artificial intelligence can deliver tremendous business value — if deployed wisely. Here’s how to target your AI efforts to get the best return on your investment.
The gap between artificial intelligence (AI), as seen in the movies, and artificial intelligence, as seen in real life, is closing all the time.
Machines now routinely carry out intellectual functions like learning, perceiving and decision-making. Furthermore, AI technologies are significant contributors to digital transformation, with spending on AI software, hardware and services forecast to increase by nearly 20 percent in 2022. Organizations are using machine learning (ML), natural language processing (NLP) and predictive analytics to boost productivity and lower costs.
Interested in joining the artificial intelligence revolution? Here are three ways AI solutions can benefit your business.
1. improved decision making
Anyone can collect data. Figuring out how to mine raw data sets for insights to reach the best possible decisions is a whole other ballgame. AI-supported decision-making enables organizations to analyze more information than is humanly possible. In short, AI is fast and doesn’t get decision fatigue.
AI can process historical data on sales, business costs and customer satisfaction to identify patterns and predict future outcomes. When combined with Internet of Things (IoT) sensors, AI forecasts performance and maintenance needs for machines.
Companies can also use AI models to develop a standardized framework for evaluating their ESG (environmental, social and governance) impact over time. This application of AI could prove extremely valuable in the near future, with ESG assets on track to represent around a third of all global assets by 2025.
2. increased productivity and worker satisfaction
AI-powered automations can benefit the four major task-based components of running a modern business:
- customer Support
According to a recent McKinsey report, 30 percent of activities in 60 percent of all occupations have the potential to be automated. While AI automations may displace some workers, most jobs will be enhanced by the technology. In fact, research predicts that labor productivity in developed countries will increase by as much as 40 percent until 2035 due to AI solutions.
Automations also positively impact employee happiness — a critical factor in recruitment and retention. A recent Salesforce survey found that 89 percent of full-time employees who use automation in the workplace are more satisfied with their job as a result. Just over 90 percent said automations save them time and improve their work/life balance.
3. reduced cybersecurity risks
The global cost of cybercrime could hit $10.5 trillion by 2025. With the rise of remote working, cloud-based technology, 5G networks and IoT-connected devices, organizations are becoming increasingly vulnerable to expensive cyberattacks.
Help is at hand. Analytical and predictive AI processes anticipate how attacks can occur and what might motivate them. This intel enables organizations to preemptively stop cyber threats.
Using AI to quickly process large amounts of data and automate workflows also benefits security professionals. Security analysts often find themselves bogged down by too many alerts and need help deciding which to prioritize. Again, AI can’t replace human intelligence in cybersecurity, but it can free up professionals to focus on more strategic tasks.
Although AI can deliver many benefits to businesses, it must be used thoughtfully and strategically. Organizations often experiment with AI solutions but don’t fully integrate them into their operations. Consequently, they wind up spending a lot of money with little to show for it. Complex AI systems can also be more susceptible to security breaches. Finally, organizations face ethical and legal implications if they don’t employ responsible AI practices. Therefore, consider partnering with a knowledgeable technology solutions expert to ensure your AI projects have a positive impact and deliver true ROI.
Get in touch with Randstad’s IT Services today.