By: Rohil Sharma, CEO at Perpetuuiti
Artificial Intelligence applications are finding place across a wide spectrum of functions – from management and administration to engineering, manufacturing, retail, finance, IT and ITES or even science and medicine.
Artificial Intelligence (AI) has been on the radar of technology leaders for decades. However, AI has raced forward with great speed particularly in the last few years. Today we can see AI computing methods for automated perception, learning, understanding, and reasoning being used for a variety of day-to-day activities.
We make our travel plans using GPS systems that rely on AI to cut through the complexity of millions of routes to find the best one to take. Our smartphones understand our speech, and there are software programs that are getting better in understanding human intentions. In fact, AI algorithms can even help in detecting and analyzing the faces of individuals when their pictures are posted on social networking sites like Facebook. Most of the internet search engines like Google also rely on AI sub-systems. AI has become commonplace in our lives.
Isn’t it great that AI has become such an integral part of our lives, making things so much easier for us? If we look beyond the influences in our daily lives, AI techniques are playing a major role in the world of business. Most enterprises have started reaping numerous benefits from AI across different business activities. Whether it is about understanding customer behavior, creating marketing plans or managing employee activities, Artificial Intelligence can be applied almost anywhere. In fact, AI is already benefiting different kind of businesses across multiple sectors – from manufacturing to automobile, retail, finance, medicine, and so on.
The benefits of AI are multifold and every aspect of the market will benefit from the implementation of AI systems. Businesses can enjoy increased efficiency, lower costs and fewer risks, while virtual employees will learn company systems, without ever forgetting information. They will be able to complete simple tasks much faster than human employees and without the added risk of human error. Equally, workers within the business are freed from the most mundane and repetitive tasks. With AI systems taking over these mindless chores, employees are challenged and encouraged to take on more creative roles. This should improve quality of life and enjoyment of work, in turn decreasing staff turnover. Finally, increased use of AI is likely to lead to better customer satisfaction with products and services; an AI representative, for example, would be able to assist with a simple customer service call much faster than its human counterpart, as the company’s entire data base would be readily available.
Optimize Manufacturing Operations
Artificial Intelligence plays a crucial role in the field of manufacturing field. There are various AI tools like Robots , DSS, expert System, PLC (Programmable Logic Controller), CNC(computer numerical control), Vertical Machining Center (VMC), SCADA (supervisory control and data Acquisition) that are used in almost all the automobiles and other manufacturing industries.
In the auto sector, robotics can handle various operations such as machine tending, palatalizing, metal machining and plastic molding. Apart from this, robotics also helps in spot welding, arc welding. It can be used for fixing, press-fitting, inserting, disassembling the part.
Artificial Intelligence optimizes these functions beyond normal human capabilities and increases productivity by eliminating downtime due to unpredictable changes in the schedule. You can view past product runs and ensure efficiency by using the most optimal settings.
View Customer Insights
Advances in AI can significantly enhance customer analytics to give companies speedier insights into individual buying patterns and a host of other consumer habits. For example, high-tech data used for mining can give enterprises a precise view of how particular segments of the customer base react to a product or service and propose changes consistent with those findings. In short, understanding customer buying patterns and predicting their behavior can help companies react much more quickly to the evolving marketplace.
Ensure Efficiency in Financial Management
AI has also been recognized as a valuable addition to numerous business applications in the financial sector. AI has been widely adopted to increase efficiency across multiple functions – risk management, compliance, and securities trading and monitoring, with an extension into customer relationship management (CRM).
The other key areas in finance where Artificial Intelligence can be applied include credit authorization screening, risk assessment, project management and bidding strategy, financial and economic forecasting, risk rating of investments, detection of irregularities, price movements, prediction of default and bankruptcy and other aspects related to asset management.
Improve Decision Making
One of the biggest advantages that can be achieved with the help of AI is improving the quality of management decisions. As we have already seen in many industries robots do things faster, with no mistakes and tirelessly. A number of biases or inefficiencies that creep in due to uncertainties in human behavior can be avoided by making use of AI. People tire, they make mistakes, they complain, they get sick, they take vacations, etc.
However, with Artificial Intelligence, companies can take more logical decisions by removing such biases and human errors. Decision making not only gets free from biases, but will also be faster and more efficient.
The benefits of AI are only going to increase as we discover more and more value from its application in different aspects of business. Whether it is better than human intelligence or not could be debatable, but it is surely a force to reckon with. If applied judiciously, it can significantly impact any business. So, get ready as it is time to welcome ‘super intelligence’ for business!
Early adopters and fast followers will see the greatest benefits from AI technologies. By the time their competitors catch up, they will have been long enjoying cost saving and greater efficiencies. The most successful AI adopters will ensure that all parties involved are invested and collaborative. For AI to be truly mutually beneficial, the entire workforce must be on board and willing to work with the new technology. After all, just as with any new system or employee, the overall success is largely driven by management. AI and automation within a company will only be as good as the team looking after it. Before, during and after implementation, effective planning and upkeep of the systems is paramount.