Why AI for business means a revolution in efficiency

There is little question that AI technologies have for decades and, in a variety of ways, already transformed the labor landscape. We just need to consider for a moment how robotics has optimized productivity within so many industries. From the automobile assembly lines to Amazon, from customer service bots to remote-controlled systems, and so much more, AI has been automating routine and mundane tasks, allowing humans to focus on more complex and creative aspects of their work for decades. We know how this type of automation can lead to increased productivity and efficiency across industries. But at what cost? Will this not put more humans out of work? There is no question that new AI technologies will disrupt many businesses; and negatively. But for right now, let’s consider how many believe there will be just as much opportunity for individuals to adapt to the changing labor landscape.

For example, as AI continues on its current evolutionary trajectory, Ben Goertzel, CEO of decentralized artificial intelligence marketplace SingularityNET, believes that allowing AI to take care of the mundane chores and tasks that humans currently perform will free up our time to pursue other, more noble, objectives. Goertzel believes “there are far more rewarding things for human beings to do than [scrambling] around to get resources.” He envisions a time in the not-so-distant-future where humans will have ample free time to explore their own interests and live comfortably through a form of universal basic income (UBI) similar to that proposed by 2020 presidential candidate Andrew Yang. Okay, so we may see a utopian future with AI taking care of our mundane tasks and us living carefree lives. But until we get there (if we do at all), how, specifically, is AI benefiting us in business and industry?

Some believe that AI is already helping businesses perform better in a number of key areas:

The trends in business that we see today in AI are largely coming with the increase of efficiency and productivity for many firms. Through the distribution of AI to different open AI models, more companies are exploring the possibilities to have some form of machine learning in their operations. Many years ago, in trying to improve manufacturing and production, these improvements were related to the physical world. We now see a very similar phenomenon happening with service companies; they’re trying to use AI to enhance what they do. For example, marketing today is much more about digital interfaces because technology made it possible. Now with AI as part of the equation, it changes even more—interfacing with customers, profiling, the kinds of campaigns, and the algorithmic governance that we have.

There are many different areas within business and industry that have been affected by advancements in AI technology. The clearest example for improvement in businesses through AI incorporation comes with automation and efficiency. AI has been and will continue to enable businesses to automate routine tasks, and improve operational efficiency while reducing human error. This can occur through process automation in which AI technologies like robotic process automation (RPA) help reduce human manual labor with automated repetitive and rule-based tasks. Although this could easily allow employees to focus on more strategic and creative aspects of their work, currently there are emerging sophisticated forms of ANI (Artificial Narrow Intelligence) that will be able to assist with some of the strategic and creative aspects of work in both business and industry. Seen in this light, ANI is more of a facilitator of ideas, and its input may very well extend into more human-centered avenues.

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The automation of manual processes leads to increased speed and accuracy in task execution. This, in turn, could easily lead to workflow optimization whereby AI-driven workflow management systems can analyze and optimize business processes. Such AI-driven technologies can better identify bottlenecks, streamline workflows, and use the most appropriate resources for optimal outcomes, leading to an improvement in the overall operational efficiency within companies.

In industrial settings, AI technologies are used for the predictive maintenance of equipment and machinery. In other words, sensors and AI algorithms can predict when equipment is likely to fail, which allows for proactive maintenance and a reduction in downtime. As well, AI can enhance supply chain efficiency by optimizing inventory management, demand forecasting, and logistics. Predictive analytics and machine learning algorithms help businesses anticipate changes in demand and adjust their supply chain accordingly, which reduces cost, time, waste, and energy. AI also accelerates data processing and analysis, which enables businesses to extract valuable insights from large datasets. Machine-learning algorithms can then identify patterns and trends that may not be immediately apparent to human analysts and used to make more accurate predictions regarding all aspects of a company’s functions. AI technologies can also facilitate the automation of document processing tasks, such as data extraction and categorization.

Optical character recognition (OCR) and natural language processing (NLP) are used to automate the handling of unstructured data to increase efficiencies across the board.

In the services industries, chatbots have become so sophisticated and nuanced that they are in many uses involving customer service automation. AI-powered chatbots and virtual assistants automate customer interactions, which enhances responsiveness, ensures 24/7 support, and provides instant responses to queries. AI is employed in automating financial and accounting tasks, including invoice processing, expense management, and reconciliation, which reduces errors, improves accuracy, and speeds up financial reporting.

Within human resources (HR) throughout the world, AI is used in automating aspects of hiring and training, such as resume screening, candidate matching, and employee onboarding. Automated HR processes, which have been properly screened for improper biasing, save time and resources while ensuring a more objective evaluation of candidates.

And finally, in industries with significant energy consumption, AI can help optimize energy usage by analyzing patterns and adjusting consumption in real time. Smart building systems use AI to regulate lighting, heating, and cooling for energy efficiency. These applications of AI in automation and efficiency contribute to cost savings, improved productivity, and a more agile response to dynamic business environments—not to mention that it’s eco-friendly.