The rise of Artificial Intelligence is paving way the way for increased efficiency, productivity and innovation in a competitive market. But how exactly can AI help increase bottom-line profits?
By Ingvar Gudmundsson, CEO and Founder of SimplyBook.me
By 2035 AI is predicted to trigger a boost of $14 billion across 16 industries, in 12 economies. Unsurprisingly then, businesses are waking up to the potential of adopting AI technologies, particularly with regards to facilitating the automation of low value-added tasks such as administration.AI can ensure that organisations have access to the most up-to-date data and that employees are working from the most efficient and proactive platform possible Click To Tweet
AI has the potential to increase rates of profitability by an average of 38% and a study by Accenture has suggested that AI advancements could raise labour productivity by up to 40% by creating an efficient digital workforce which can be seamlessly integrated to existing operations. In doing so, AI has the potential to drive innovation in the economy and boost the bottom line profits of companies. For example, it can ensure that organisations have access to the most up-to-date data and that employees are working from the most efficient and proactive platform possible.By helping to eliminate human error and re-distributing laborious tasks, businesses can continuously re-skill their workforce Click To Tweet
For example, using AI to automate and prioritise routine decision-making processes can work to increase efficiency and boost profit streams. In industries where time means money, shortening the supply chain by just one day can generate savings of tens of millions of dollars for a fortune 100 company. Equally, AI technology can be implemented to track buying patterns and identify the most promising potential leads for companies to pursue, resulting in a higher conversion rate.Using AI to automate and prioritise routine decision-making processes can work to increase efficiency and boost profit streams Click To Tweet
In today’s business landscape innovation has become crucial to the success of all businesses, irrespective of industry, and the ability to prioritise and accelerate new developments is vital to securing a reliable and profitable revenue stream. AI technology helps to effectively understand patterns in big data that people cannot, working to facilitate innovation which removes redundant costs and increases profitability.
Despite its relatively recent adoption within the business landscape, profits from AI investment are already appearing alongside those of other digital technologies such as big data and advanced analytics. However, for AI to be effectively implemented and therefore have a significant impact on bottom line profits, organisations need to take a people-first approach when incorporating these technologies into their operations.AI technology can be implemented to track buying patterns and identify the most promising potential leads for companies to pursue Click To Tweet
In order to incorporate AI into established business strategies, employees need to adapt as their roles become increasingly intertwined with machine capabilities. This requires a degree of trust in the potential of AI and a willingness to evolve in the workplace. By embracing the opportunities that a hybrid workforce can bring companies will be able to harness the full potential AI technologies have to offer.
Whilst machine learning is a powerful tool it is crucial to remember AI’s biggest economic benefits come through complementing and enhancing the skills and abilities of the existing workforces. By helping to eliminate human error and re-distributing laborious tasks, businesses can implement programmes that allow a constant re-skilling of the workforce.To incorporate AI into established business strategies, employees need to adapt as their roles become intertwined with machine capabilities Click To Tweet
Successful implementation requires a practical and realistic approach, where employees and leaders alike take an open-minded view. In fact, instead of developing machines in-house, many early AI adopters have turned to external experts in order to find the right technologies to add value to their businesses. Ultimately, in a landscape where innovation drives success, companies simply cannot afford to overlook the potential value added by AI – it is merely a case of deciding in what manner and through which tools AI will fit best in to, and advance, your existing operations.AI has the potential to increase rates of profitability by an average of 38% Click To Tweet
Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio and @techtrends_tech on Twitter.
Also published on Medium.