All of us know how the Internet of Things has made it possible to turn everyday devices into sources of raw data for analysis in order to create business insight. Additionally, it has been observed that Artificial Intelligence (AI) is making analytics more productive and efficient at workplaces too.
Enterprises expect much more information to be generated in the years to come as compared to the data generated today.
It’s believed that AI is now starting to enter workplaces and corporate associations, and this change has made leaders rethink their business processes and functions. These days, startups are embracing AI technology to reduce manpower, increase work efficiency and save time. AI can generate insights, provide virtual and remote assistance, and analyze unstructured data generated by everyday devices. Experts predict that more than 62 percent enterprises would start implementing AI software in some way by the end of 2018 and a significant reason for this are a lot of advantages AI has provided to the enterprises.
According to a survey by Demand foundation, about 80 per cent of decision makers predict that AI will revolutionize marketing by 2020.
AI along with neural networks decipher discrete data in no time, and make sure a perfect solution is placed at the decision maker’s fingertips. The information being generated is always being upgraded, which also means the machine learning models too will be updated at regular intervals. The businesses would be able to access up-to-date information – breakthrough insights — which can be helpful for quickly changing business environments. Here are three most important ways in which AI benefits workplaces:
- Faster decision-making with more assurance: What if something goes wrong with the production plant in your industry, what could you fix ? I am sure the majority of the employees working on that plant would be clueless. In such instances, AI helps the maintenance team to determine what to fix first with confidence, as AI would automate and line up the decision-making processes for the maintenance team.
- Accessing insights from Big Data: An exciting opportunity after implementing AI on your workplace is AI’s ability to recognize and understand patterns in Big Data that people can’t.
- Protecting sensitive data: AI allows elimination of human error which in turn helps improve output and strengthen cyber security.
A noticeable difference has been seen in the roles of workers, after installation of AI. More focus is given on managing and on implementing strategic initiatives and at exactly the exact same time analytic tools automate and scale information to facilitate better decision-making.
• Creating new technologies related occupations: A report by Truly predicts that there’s an increase in demand for workers with AI skills over the last few years. Whenever there’s lack of job seekers who can meet that need, it gets the abilities more valuable for people who would possess them.
• Using machine learning to reduce active work: By allowing automation to complete their mission critical tasks, employees can free up their time for other essential tasks. According to a Digital Ocean report, 26 percent of developers are using AI-based tools in their work processes, and about 81 per cent are keen in getting educated about the automatic tools.
The same study also found that in 2016 around 5,190 workers perished due to workplace injuries. About 14 per cent automation could be saving lives as high as approximately 3,500 each year by end of 2030. Hence, instead of thinking how AI is taking jobs away, it’s time to think how many toxic jobs humans won’t need to do in the days to come.
These were some ways in which you can step up your businesses using AI. What are your ideas about AI? Have you implemented it in your business, already?