According to PwC’s research, AI will have a $15.7tr potential contribution to the global economy as well as up to 26% boost in GDP for local economies by 2030.
Statistically, this shows that Artificial Intelligence is disrupting the existing business landscape. In fact, the impact of Artificial Intelligence can be seen in every industry, from finance to manufacturing to healthcare and more.
The advancements in Machine Learning (ML), deep learning, computer vision, and conversational AI are at the forefront of AI software innovations, establishing new frontiers in performance and productivity. Today, business organizations incorporate AI algorithms into softwares to facilitate business and IT process optimisations, predictions and recommendations, and to enable better customer relationship management.
Artificial intelligence offers the ability to automatically identify patterns and anomalies, and also extract insight from large streams of data. Now, enterprises can adopt AI technology into their business intelligence system to take advantage of its remarkable potential to streamline workflows, generate insights through data analysis, and provide timely access to information for intelligent decision making that influence business outcomes without manual effort.
Meanwhile, the process of integrating machine learning into existing business workflows seems quite daunting for enterprises. However, top AI-powered intelligence platforms such as Omnisci, SAP, AnswerRocket and Clearfind, among others, have provided more sophisticated platforms and solutions to better automate business intelligence and analytics processes. Consequently, business organizations can generate smart insight and make quick operational predictions with greater accuracy. Here are the superb ways AI is creating unique offerings for business organizations.
1. Enhanced Workflow management
Research from Accenture revealed that the impact of AI technologies on business is estimated to boost productivity by up to 40 percent by the year 2035.
AI algorithms that are developed through Machine Learning are designed to help streamline business processes for optimal efficiency and productivity. And as such, enterprises employ AI technologies in their business workflows – research, scheduling receipts, making payments, facility management and so on – in order to fundamentally change the way work is done.
Basically, AI helps to improve and better manage business workflows by offering automated processes and intelligent tools to reduce monotonous and time-consuming manual tasks. For example, machine learning can be utilized to automate and streamline repetitive project tasks to enable managers to improve data quality by delivering reliable project analysis free from human error, as well as channel their time and energy on new ideas, thereby reducing time and expense,
Moreover, AI helps to improve operations and compliance with regulations within organizations. More so, it can perform automatic audits and analyse enterprise data so as to provide automatic insights.
2. Intelligent Decision Making
Powerful AI and machine learning technology is used in analyzing streams of data to provide business organizations with deep insights to enable them make confident data-driven decisions and achieve the highest Return on Investment (ROI).
Typically, Artificial intelligence technology is used for decision making in organizations like manufacturing, health, finance, retail and more. AI can be employed in manufacturing firms to prevent equipment damages and device interruptions, for diagnostic purposes in healthcare, for detecting good and bad loan applications, and so on.
In addition, Artificial Intelligence helps to analyze data trends, provide forecasts, predict the user’s needs, provide information to the user in the most appropriate forms, as well as suggest the best course of action. Interestingly, prominent AI-powered intelligence platforms offer great insight to organizations to enable them make well-informed business decisions. For example, one of the top AI-powered intelligence platforms – Clearfind, helps to analyze an enterprise software ecosystem and uncover which products they should keep, assess, remove and consolidate, so as to make an intelligent decision.
Thus, AI helps enterprises to make quick and intelligent business decisions at the right time.
3. Improved cost optimization
The concept of Artificial intelligence has become more diverse with wide use cases. Now, enterprises leverage Artificial intelligence potentials to reduce costs. They utilize AI algorithms to optimize business processes in order to detect cost-drivers and eliminate unnecessary expenses.
AI helps business enterprises to collect and analyse data so as to identify cost-reduction opportunities. By utilizing AI to automate business processes, organizations can detect human errors that are not only disruptive but also wasteful and lower costs associated with complex processes. This way, enterprises can seize the opportunity to use their resources and machines efficiently to improve profitability and also stay ahead of competitors.
4. Better Customer experience
Of course, good customer experience is vital to the growth and success of a business enterprise. Therefore, the availability of AI- enhanced customer relationship management (CRM) and customer data platform (CDP) software brought AI to business organizations. Well, AI has the potential to deliver excellent customer experience.
Basically, AI can anticipate a customer’s behavior from the data it analyzes. technology tools enable organizations to gain a deeper understanding of what their customers want, how they feel, and what they are likely to do. And as such, it helps enterprises connect with their customers on a more personal level, thereby increasing trust and loyalty.
For instance, the software intelligence platform, Clearfind, analyzes millions of data to unlock an ocean of insights in order to offer great value to their customers. This powerful technology applies predictive analytics to produce real-time, actionable insights necessary to interact with customers and deliver content that’s relevant to a customer. These days business organizations leverage the AI potentials to improve customer experience, loyalty, brand reputation, preventive assistance, and even generation of revenue streams.
Undoubtedly, AI is continuously evolving and is set to revolutionize different sectors and industries.