Artificial Intelligence (AI) is described as a revolutionary and game-changing technology. Amazon, Facebook, Google, and Netflix would not exist without AI and machine learning (ML). AI has been significantly used in various business sectors like banks, pharmaceuticals, automotive, and nearly all IT businesses.
As per the 2019 RELX Emerging Tech Executive Report, people are becoming more aware of AI’s benefits and utilization. Only 37% of Gartner’s 2019 CIO Agenda Survey respondents indicated they have used AI technology or will do so shortly. AI applications have benefited corporations, while smaller companies are still in the “pilot” stage in using AI or see it as a distant goal.
Why Should Businesses Choose AI?
While artificial intelligence has been a buzzword for decades, its uses in the commercial world have usually been restricted to large corporations. More and more firms are selecting cloud due to advancements and the relative simplicity of investment over the last five years. Whether it’s software-as-a-service or platform-as-a-service, it’s straightforward in 2021 for an SMB to construct a solid tech stack without breaking the bank.
Companies are investing in more than just cloud email servers now that costs are lower than ever. They’re also opting for the cloud to address other business operations.
Businesses have been reviewing their operations, and many have discovered that cloud automation has obvious practical implications in various everyday working procedures, not to forget cybersecurity and IT in general.
According to studies, AI does not always work best on its own. While AI technologies are excellent at driving or eliminating lower-level, repetitive activities, companies frequently realize the most significant performance gains when people and robots collaborate. To make the most of this robust technology, think of it as enhancing rather than replacing human talents.
What Are the Use Cases for Artificial Intelligence Adoption?
The most common scenarios in which AI for business is used are those in which data is readily available and, for the most part, simple to integrate into new systems.
The highest levels of adoption were reported in McKinsey’s 2020 State of AI survey among product- or service-development and service-operations functions. Here are some examples of applications:
● Development of a product or service: Product improvements based on AI; product feature optimization
● Manufacturing: Optimization of yield, energy, and throughput; predictive maintenance
● Operational services: Optimization of service operations; predictive service and interventions
● Human capital: Talent management optimization; performance management
● Sales and marketing: Customer segmentation; customer service analytics
● Management of the supply chain: Inventory and components optimization; logistics network optimization
The bulk of these scenarios use ERP in some way. For most businesses deploying new systems today, enterprise resource planning will be a cloud-based platform that integrates many apps and databases into a single system.
Using Dynamics 365 as an example, a company may use the ERP to integrate its relationship with customers, collaboration software, HR software, and other business operations into a single platform.
Following that, these workflows may be automated, and AI can be integrated into various current operations.
If present trends continue, we anticipate that AI usage will skyrocket over the next three years and beyond. Businesses aggressively use artificial intelligence and its accompanying technologies in response to current data utilization and remote working capabilities. Only 9% of firms do not believe that AI will alter their industry within the next five years. As more businesses understand the benefits of using AI, we will see more significant investment in the coming years from even the tiniest SMBs. The most crucial differentiators between those whose efforts will succeed and those who will not are a clear plan and buy-in from all stakeholders. If you want to use AI-based applications in your company, contact the ONPASSIVE team.