More and more businesses are becoming AI-driven today.
The reason is simple!
Artificial intelligence has transformed the way organizations do business. What was once the realm of science fiction has turned simple with AI: transforms data analysis and value creation in a company.
Professional services giant PwC claims AI could add $16 trillion to the world economy by 2030.
In the same time frame, McKinsey predicts it to be $13 trillion.
Quibble over a few trillion dollars if you'd like, but the fact is that AI has turned out to be an important technological advancement that enterprises will need to incorporate to beat the competition. A lot of industries are gaining benefits from AI including:
Healthcare: AI could impact every stage of the pipeline of healthcare. It acts as a catalyst for streamlining drug research, improving diagnostics, and making treatments highly efficient. More so, it takes a central role in enabling the elderly to remain independent longer - and this is an enormous change.
Cybersecurity: Organizations wishing to keep their data safe and sound will need to deploy AI-driven solutions. They can leverage these solutions to bring a major change in the way they handle data. The complex analysis turns simple and safe. Meaning that only authenticated users will be allowed to have a grasp on the data, reducing the chances of breaches to a minimum.
Energy: As energy grids age, smart grids that feature advanced AI will replace them. Such AI-driven solutions will not only analyze large streams of sensor data but also automate resource allocation decisions. The end result will be amazing. Organizations can seamlessly
integrate a more diverse set of energy generators with higher efficiency.
Impact of AI on Business
Companies worldwide are incorporating AI-powered solutions in their business. They are deploying a number of machine algorithms to identify trends, deliver insights and ultimately make faster decisions that potentially position them to be competitive in real-time.
The impact is such that in 2019 alone, AI-based companies garnered $18.5 billion in venture capital. With such remarkable returns, the business world will soon feel the impact, transforming the business landscape at a rapid rate.
While these companies have embraced AI in its entirety, there are some who have managed to create a difference by deploying AI-drive data-centric solutions. Apparently, these companies are using solutions with AI-data mapping functionalities to harness the power of the data at the speed of business. These transformative platforms enable non-techies users to onboard, track, and use a large array of customer data without the IT teams getting involved in weeks of custom coding. Meaning that the data analysis and value creation happen much faster. Plus, IT gets time to focus on more high-value tasks, kickstarting innovation forward.
Here are some of the benefits that organizations can savor:
Increased Productivity: While many think AI can replace manual intervention completely, the truth is the opposite. These solutions enable business users to be more productive by simply removing mundane tasks through automation. All the weeks that were spent in EDI mapping can be eliminated and business users can map and integrate data rapidly. By putting the onus on the non-techies, organizations can help their IT teams to focus on the role of governance and innovation. In short, by deploying AI-driven solutions, the productivity of both the non-technical uses and technical ones can be increased by leaps and bounds.
Improved Engagement and Value Creation: As per Gallup survey, 51% of employees in the US don't engage with their jobs. AI enables these employees to participate in important tasks such as data integration and real-time analysis. As soon as all the employees are investing in the business, the value generation rate will increase. This, in turn, impacts the value generated for every customer. Customer needs are met faster, leaving them satisfied and happy. Ultimately, organizations can become easier to do business with their customers or trading partners without investing either capital or resources.
Maximized Returns: The finance department of the organizations are impacted the most. With improved productivity, engagement, and value creation, companies can witness a direct impact on their revenue. Through AI-driven data integration applications and automated machine-learning, companies can make faster decisions and ultimately revenue.
