Artificial intelligence (AI) has great potential and it helps you to gain large benefits in a competitively evolving market. AI has been driving business values significantly since the last few years. Organizations have realized the power of AI and they have started applying it to their businesses.
Deploying AI and analytics to your business process will not only increase the efficiency of your operations, but also speed up the delivery and minimize the costs. Implementing AI for business operations will help you to recognize the most revenue generating customers and it can also attract them by rewarding them with the best suitable pricing.
In a Harvard Business Review article, Accenture has discussed the following five specific areas of business processes poised for transformation:
AI helps in producing products as per the choices that customers make in real-time.
AI improves the speed and accuracy of executing a process, like detection of fraud in a bank transaction.
Poor scalability is a constraint that many organizations face. AI-based systems help in automating the process and processing it at a larger scale in a lesser time-frame.
An AI-enabled system can predict if a specific part needs maintenance on the basis of analysis of collected data. This helps in making a decision for preventing the damage in-time and avoiding downtime.
AI helps in providing customized and on-demand brand experiences to customers on a large scale. For example, a music company creates a unique playlist for listeners based on the usage of its app.
AI strategy and planning workshop
Artificial intelligence is transformational, and adopting this technology will enable companies to reshape their strategic vision so that they no longer rely on what they think is true, rather, leverage factual-based decision-making capabilities.
Let’s take a look at how AI enhances your business processes:
AI empowers your infrastructure with intelligence
AI has the ability to derive useful insights and intelligence from the gathered data. IoT sensors enable you to capture and collect data from your customers and business processes. And by appropriate analysis of that data, you can get better insights about your customers’ needs and buying patterns. This helps you to understand the latest business trends and stay ahead of your competitors. Thus, AI makes your system intelligent and gives you opportunities to boost your business.
AI enhances security
Securing a system is very important in order to avoid unnecessary hurdles and harmful attacks. The increase in the number of connected devices in these systems creates more targets and makes it prone to attacks. Many organizations have started using AI to boost their security systems and safeguard their business setup from potential threats. AI automates complicated processes to detect threats and respond to breaches in real-time, preventing probable damage.
AI increases the customer experience
With access to various digital services, customers have high expectations in terms of products and services that they purchase or tend to buy. It is really important to delight customers in order to gain business and faith so that they continue to do business with you.
Implementing a smart chatbot is very useful in this regard. It uses AI and easily guides your customer towards the desired area. AI has made it easy for customers to interact with interactive voice response (IVR) systems as it understands customer requirements and provides a personalized experience.
AI brings a revolution in business processes
The growing network of connected devices gives you greater capacity to collect, store and access data from various sources. This enables you to generate more ways to do business and transform your present business models. This leads to quicker time-to-market, use of minimal resources for operations and greater efficiency to handle the changes in market demands.
AI even has its application in machine vision. But there is more to it. Incorporation of cameras with the system increases its capability to analyze and derive meaning from images. AI is even very useful with respect to equipment management through predictive maintenance. Systems can analyze the stored data to predict the need for repair and detect anomalies to be addressed beforehand in order to avoid damage.
Cognitive AI - Harness the power of intelligent technologies
Modern enterprises own a huge volume of structured and unstructured data like never before. This data is gathered from emails, manuals, documents, social media posts, videos, images, audio recordings, customer feedback, industry reports and more.
Remarkable use cases to show how AI is benefitting big players
AI robots assist in building future cars
BMW, an automobile manufacturer utilizes the power of AI in advanced automation and adaptable assistance systems in production. It is using lightweight robots working with human personnel on the production line at its factory in Leipzig, Germany. BMW is also implementing AI in its future driverless cars. On the basis of AI capabilities, BMW has stated aims for its vehicles to achieve full “level 5” autonomy by the year 2021. This specifies that a vehicle will drive efficiently without any human help, given any road conditions.
AI is boosting production uptime
Procter & Gamble, a multi-national consumer goods corporation has successfully integrated AI and other technologies into its manufacturing operations. This initiative has assisted the company in cutting off unplanned downtime by 10 to 20%. The company has even improved its supply chain efficiency significantly.
The size of the global market for smart manufacturing solutions will surpass US$320 billion by 2020.
-TrendForce, a global provider of market intelligence on the technology industries.
The final say
While starting AI applications for your business, you must have a clear picture of the value that AI will add to your system. This will help you to know the exact areas in which you must apply AI and gain the best results and great values for your customers. It can be related to your business process, or it can be value that you generate from your customers. By utilizing the power and strength of AI, you can optimize your expenditure and minimize errors. AI is becoming a support system to solve business problems and AI solutions for business have now become a vital tool to improve efficiencies and cut costs.