Artificial Intelligence Boosting Enterprise productivity

access_time April 18, 2019
by   TechmavenitAdmin
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With the rapid technological advances being made in every sector, businesses are fast adapting to these technologies to generate higher productivity and business growth. A recent report by Accenture has revealed that artificial intelligence (AI) will prove to be the single biggest factor responsible for boosting economic growth and productivity in the immediate future. The report further suggests that companies are likely to witness an average increase of 40% in productivity growth with the AI implementation. Tata Consultancy Services’ Global Trend Study released in March 2017 showed that 84% of businesses see the use of artificial intelligence (AI) as essential to competitiveness. However, it must be realized that artificial intelligence can succeed only when it is effectively combined with human efforts. A study by University of London has shown that businesses will need to develop a fine balance of artificial intelligence and human intelligence, as different roles require a mix of the two. Let us now have a look at the manner in which companies could enhance their productivity with the adoption of AI tools. Routine Task automation Artificial intelligence could help replace humans with robots who can then handle many of the routine jobs being presently done by workers. These replaced workers can be entrusted with jobs that are more creative and innovative in nature, helping to raise the productivity quotient of the company. Recent research has show that artificial intelligence powered robots, will take over 80% of repetitive tasks currently being done by people leading to greater productivity. Better data interpretation Use of artificial intelligence helps enterprises take data analytics to a new level. Enterprises are in possession of huge volume data that cannot be analyzed manually and put to productive use. Thanks to artificial intelligence, enterprises now are able to analyze this huge cache of data and put it to productive use. Superior enterprise mobility The use of artificial intelligence tools help businesses increase enterprise mobility by allowing employees to work from home as also helping employers hire talent from anywhere across the globe. Employees can acquire skills and enhance their portfolio even without being physically present in office. All these lead to increase in employee and enterprise productivity. Better customer care Artificial intelligence helps enterprises take better care of their customers by having robots attend to calls 24 hours of the day. Customers who receive immediate answers to their queries consider it a good customer experience and will definitely become long-term repeat customers. Businesses benefit by having a long-term customer as customer acquisition expenses incurred on first time customers can be eliminated. Providing for quick decision making process Artificial intelligence will help company managements make better economic decisions using cognitive technologies to analyze the huge data at their command. Businesses need accurate insights for making right decisions and AI provides companies with an insight in to customer behavior, purchasing habits, search history etc. Better integration of business operations Artificial intelligence will help businesses consolidate and integrate the various business processes through ERP solutions. Enterprises have several business processes that are fragmented and non-cohesive. AI will bring cohesion in to the entire operations and provide for smooth business operations leading to greater productivity. Provide for better security Using AI tools, enterprises can monitor and predict cyber attacks and find loopholes that may exist in the security setup of enterprises. Artificial intelligence holds great promise with its ability to learn patterns of networks, devices, systems and decode deviations that could reveal if an attack is being considered and managements can then take preventive actions.

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